This is one of the findings by 8th Bridge in its Social Commerce IQ™ Retail 2013# report -- their annual analysis of how over 800 retailers are using social commerce to improve the shopping experience.
From the report summary of findings:
This year shows significant adoption of curation & social discovery features on ecommerce sites.
86% of retailers planning site redesigns for 2014 are planning to add social shopping features and 10% of the retailers covered in this report already support it.
Other key findings:
- Facebook still drives the most traffic and conversions, about 200 times that of Twitter for comparison. 78% of top retailers buys Facebook ads to compensate for a 27% decrease in engagement.
- Facebook's Social Login, when well executed, helps brands personalize ads.
- Socially engaged customers, still in the minority at about 15%, deliver a 16% lift in revenue and have a a 24% higher life time value.
- On-site social discovery can double time on site and is being embraced by large retailers with Walmart, Target, Amazon, and eBay launching social discovery and curation features. The opportunity is to combine social network data with user feedback on site (“love”, “want”, reviews, ratings, comments, and purchases).
- Brands are still not harnessing the power of social data. Only 27% are collecting customer Likes and they are not benefiting from the insights and personalization that can be gained from understanding their customer’s interests.
- Pinterest’s Pin It button overtook Facebook’s Like button on the product page with 62% of the companies using the Pin It button versus 59% using the Like button. Even though Pinterest has an impact on purchasing by helping combat showrooming, and driving personal picks and deals, it is still not delivering significant upstream traffic to retailers' sites.
- Sports Brands: The NBA, NHL, and WWE are in the Top 10 for the most posts on Vine and are also in the Top 10 for the most followers.
In calculating the SCIQ scores, 8th Bridge took into account:
- brand awareness on social networks
- social upstream traffic
- website social lift
- Social CRM
Download the report here.
Valeria is an experienced listener. She designs service and product experiences to help businesses rediscover the value of promises and its effects on relationships and culture. She is also frequent speaker at conferences and companies on a variety of topics. Book her to speak here.