Businesses often think about social networks as purely a marketing and branding tool. Consumers look at them as a communication and relationship mediums. But, recently released information is showing the extent that they may be an actual revenue stream.
• In 2013, that number is expected to hit over $14.2 billion and reach $30 billion by 2015
• This year, over 167 million consumers will make an online purchase and in 2016 that number will be over 192 million
• One in five online consumer said they would make a purchase within a social network
• 12% of consumers have purchased a product because of information they found on Twitter
• 60% are willing to post about products & services through Facebook if they get a deal or discount
What Does This Mean To You?
Social commerce puts even bigger importance on your social reputation. What people say about you will definitely affect shopping patterns if they are looking at these comments. As a business you’ll need to maximize the impact of positive comments and mitigate the effect of negative ones. Extending your e-commerce efforts to social networks not only gives your brand another avenue to increase your footprint, it allows you to target your message as well. By effectively using networks and targeting capabilities you can keep your message in front of your best prospects and link them to your social offerings to make a purchase.
How important might social commerce be to your business?
In Broward & Palm Beach Counties:
• Nearly 60% of adults made an online purchase in the past year
• Almost 30% spent a total of $500 or more on digital purchases
• Half have visited a social network in the past month
For more information on making the most out of your social offerings, please contact your Sun Sentinel representative or:
Advertising Marketing Manager
Source: OnlineMBA.com; Kalena Jordan, SearchEngineCollege.com; sitepronews.com; The 2012