Bazaarvoice recently published the Social Commerce Trends Report for 2012. Key findings below are based on a presentation at the company’s social summit.
1. Social is a paradigm shift
Thanks to the emergence of digital media channels, the way people shop is fundamentally and irreversibly different from a few years ago. We’ve moved on from brand-controlled messages to a world of empowered consumers in a channel-agnostic marketplace.
This brings with it new rules and metrics for acquiring, retaining and interacting with customers.
The power of selling has been with the seller because of the broadcast model and advertising culture. Over the last few years, technology has changed. The customer is now exercising this power.
Search is still a critical mechanism for the web, but time spent on search is up just 1%, compared to a 50% increase in time spent on social networks.”
To take advantage of this, brands must ensure there is a consistent customer experience across online, instore and mobile channels, and social must be a part of every aspect of the business.
2. Social data reveals the why behind the buy
Opinions from friends are still the most trusted source for purchasing decisions – 90% of consumers now trust peer recommendations compared to 14% that rely on advertising.
With the growth of social, consumer conversations are now available online giving businesses access to new data and an opportunity to align more closely to the needs of customers.
Listening to people in social media is fantastic because the comment is made at the moment of high engagement. What you learn through this kind of medium cannot be gathered through research.”
Understanding trends in consumer data allows businesses to become more customer-centric, which is proven to drive sales, decrease returns and support costs, inspire product innovation, and power effective marketing.
3. Becoming customer-centric demands cultural and organisational transformation
Social media brings companies closer to their customers; the real people who shop for, buy, and use their products and services.
The shift in power from broadcast to fragmented media, from brand to consumer, from paid media to earned media, collectively requires a new focus for businesses: an obsessive devotion to understanding and delighting customers.
This calls for an organisation-wide cultural shift at every level.
See the full report by Bazaarvoice
About the author
Paul Bryan is Director of User Research and Design Strategy at Usography Corporation.
Email: Paul [at] usography [dot] com