Social Media And E-Commerce.

Online retailers these days are really excited about Social media and how to take benefits from social media. Online merchants are rushing

into using Social Media as the next big marketing thing and yes it is showing some promise.Online retailers these days are trying to build a
social community around their products and thus making their consumersas product evangelists and driving more traffic to their stores.

A recent study done by Compete which evaluated online shopping trends,The study gives great insights about Online Shopping and Social Media
and especially about Facebook and Twitter.According to the Compete Online Shopper Intelligence study, consumers engage more on social networks like Facebook and Twitter  if there are incentives like coupons and deals.

Here are some key take away point from the study done by Compete.In the study, Around 68 % of shoppers  said that they visit retailer
Facebook pages and Twitter feeds in order to learn about promotions and sales.  Many retailers now offer Facebook Fans exclusive discounts
and coupon codes for online and in store purchases.

 

Online retailers can attract more consumers to their stores if they provide their consumers and their friends  with some special coupons
and deals.The most important point from the study is : “Give them a highly compelling reason to visit—provide shoppers with discount coupons and let them spread some love of coupons"

Posted via email from ShopSocially Blog

Booz & Co Report : Social Commerce will be a $30bn market.

Retailers should jump in soon and learn by doing.

Booz&Co recently published a report on Social Commerce titled Turning "Like" to "Buy" Social Media Emerges as a Commerce Channel

Link to the complete report: http://www.booz.com/media/uploads/BaC-Turning_Like_to_Buy.pdf 

Summary:

Social Commerce revenues are set to grow six folds from $5bn currently to $30bn within 5 years. This estimate is only for hard goods and does not include services. Social media has already revolutionalized the way people communicate and connect with each other. Now it will rapidly transform the way people shop as well. 

 

 

There are opportunities to use social commerce at every step of the purchase funnel - awareness, consideration and conversion and also within post purchase components of loyalty and services. As with every other initiative, measuring the success is key.

Awareness

While most companies are focusing on the awareness stage, it seems to have limited value in spurring social commerce. 71% users said that "liking" a company on Facebook has is not correlated to purchasing from that company

Consideration

Some companies are building applications to entice users to leave social networking site and visit their own site. However, companies can and should do more in the consideration stage.

Conversion

This is where social commerce can have the biggest impact. Influencing shoppers via friend recommendation represents a huge opportunity. 81% of teenage girls rely on their friends and peers for trend information and 45% get opinions from friends before buying clothing and footwear.

Events is another such category. Fans would be more likely to attend an event if they know that their friends are attending that event as well.

Loyalty and Service

Companies should give their customers a chance to advocate on their behalf. Provide them both an incentive an opportunity to spread the word and become a loyal customer.

Measurement

It is critical to determine the right metrics and measure them continously.

Four Imperatives for eTailers

1. Jump in soon and learn by doing.

2. Develop a strategy for getting the data you need.

3. Define what the customer experience should be.

4. Integrate social commerce into an overall multi-channel strategy.

 

Jai Rawat, CEO, ShopSocially

Posted via email from ShopSocially Blog

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Booz & Co Report : Social Commerce will be a $30bn market.

Retailers should jump in soon and learn by doing.

Booz&Co recently published a report on Social Commerce titled Turning "Like" to "Buy" Social Media Emerges as a Commerce Channel

Link to the complete report: http://www.booz.com/media/uploads/BaC-Turning_Like_to_Buy.pdf 

Summary:

Social Commerce revenues are set to grow six folds from $5bn currently to $30bn within 5 years. This estimate is only for hard goods and does not include services. Social media has already revolutionalized the way people communicate and connect with each other. Now it will rapidly transform the way people shop as well. 

 

 

There are opportunities to use social commerce at every step of the purchase funnel - awareness, consideration and conversion and also within post purchase components of loyalty and services. As with every other initiative, measuring the success is key.

Awareness

While most companies are focusing on the awareness stage, it seems to have limited value in spurring social commerce. 71% users said that "liking" a company on Facebook has is not correlated to purchasing from that company

Consideration

Some companies are building applications to entice users to leave social networking site and visit their own site. However, companies can and should do more in the consideration stage.

Conversion

This is where social commerce can have the biggest impact. Influencing shoppers via friend recommendation represents a huge opportunity. 81% of teenage girls rely on their friends and peers for trend information and 45% get opinions from friends before buying clothing and footwear.

Events is another such category. Fans would be more likely to attend an event if they know that their friends are attending that event as well.

Loyalty and Service

Companies should give their customers a chance to advocate on their behalf. Provide them both an incentive an opportunity to spread the word and become a loyal customer.

Measurement

It is critical to determine the right metrics and measure them continously.

Four Imperatives for eTailers

1. Jump in soon and learn by doing.

2. Develop a strategy for getting the data you need.

3. Define what the customer experience should be.

4. Integrate social commerce into an overall multi-channel strategy.

 

Jai Rawat, CEO, ShopSocially

Posted via email from ShopSocially Blog