Online retailers must use social media to create memorable online shopping experiences in today's digital age. Retailers often believe that social media is not a way to make money. However, there are clear opportunities for revenue from branded, strategic, and innovative social media activities. It's similar to walking down Main Street, looking at local shops, as consumers scroll through posts on Facebook, Tumblr and Instagram. They are more likely than others to click on an advertisement, pin, or post that interests them, as well as to visit a store with interesting window displays.
Social media can be used to convert conversations into sales with features like "Rich Pins" and "Buy Button" which are currently being tested by Facebook. ChannelAdvisor's Multichannel E-commerce Survey of over 200 US and UK retailers who sell products online found that the top three goals of social media for retailers are increasing brand awareness (70%), reaching a new generation (41%), and driving conversions (40%). If properly implemented, social media can help retailers increase their revenue.
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Social media: Be a strong voice
Department stores used to rely on elaborate window displays to display seasonal products and to encourage customers to come into the store to make purchases. This same concept has been reformulated to be more visually focused in the digital age of social media. Retailers have the opportunity to use social media platforms to make a strong brand through consistent, compelling product imagery.
Pinterest allows retailers to quickly update their product offerings and create branded boards. Pinterest allows users to create Rich Pins, which include pricing and quantity information. This allows them to click on the item they are interested in and go directly to the retailer's site to buy that item. These pages showcase products and are delivered directly to the customer.
Transform inspiration into purchasing
Different social media platforms offer different benefits for retailers. Online retailers need to ensure that their brand presence is present on as many social media platforms as possible. This will help drive sales and build brand awareness. Facebook's recently launched Facebook Buy Button feature allows consumers to shop directly at a retailer from within Facebook. Tumblr and Pinterest are more suited to selling products than Twitter and Facebook. They have strong visual display capabilities and can spot trends and engage potential customers. No matter what platform you use, social commerce is growing. Nearly a third of US retailers who participated in ChannelAdvisor’s Multichannel E-Commerce Study reported that they use social media for promotions and/or discounts.
Social media retailers have made it a priority to ask customers to share their content. Customers can use this call to action to encourage their friends and followers to share the content, which could attract new customers. It is important to follow a clear formula when sharing a post. A simple example is offering 10 percent off your next purchase if you "share" a post. This creates a ripple effect of continued sharing that spreads the retailer's brand and products. Maintaining social engagement and building customer relationships will help retailers stay active online. This will allow them to connect directly with those who matter most to their business.
Get ready for the next generation in social commerce
A business can reap great benefits by staying on top of social media trends that are retail-focused. Visualization is the current buzzword in online retail. Consumers will be more attracted to brands that are visually appealing on social media. Tumblr, Pinterest, Instagram and Tumblr all offer customers a user-friendly platform to view the products they are interested in firsthand. Twitter is making great strides in being more visually appealing. Social media will continue to grow in value as a tool for retailers with the addition of buying options such as Rich Pins on Pinterest or the upcoming Facebook Buy Button.
Mobile optimization is an important factor for today’s consumer. It provides an additional level of accessibility, usability, and efficiency. ChannelAdvisor's Multichannel E-Commerce Study revealed that online retailers are well aware of the potential benefits of mobile. 86 percent of respondents stated that they expect mobile traffic to increase in the next two-years. Many e-commerce transactions are done via tablets or smartphones. Customers may be discouraged from making purchases on mobile devices, which could lead to a decrease in return visits. This is particularly true when you consider the combined potential of mobile and social commerce. The introduction of the Facebook Buy Button is a great opportunity for online retailers to increase their customer base, as Facebook's Q2 2014 Earnings Report indicates that almost 400 million people access Facebook exclusively via mobile.
To ensure that their messages are heard in the online marketplace, retailers must be accessible to customers on all platforms of technology. Social media, when used strategically, can be used to help online retailers further develop their brand personality, engage consumers directly, expand their reach beyond traditional marketing methods and sell to new customers.
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