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5 Social Shopping Trends Shaping the Future of Ecommerce

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Title: 5 Social Shopping Trends Shaping the Future of Ecommerce


1
5 Social Shopping Trends Shaping the Future of
Ecommerce
May 26, 2010
2
Lauren Freedman, President, the e-tailing group,
Inc.
Pehr Luedtke, CEO, PowerReviews, Inc.
  • The Voice of Cross-Channel Merchandising
  • 15 years ecommerce consulting
  • Author, Its Just Shopping
  • 50 years traditional retail and catalog
    experience
  • Fortune 500 client projects ranging from
    strategic planning, merchandising, marketing, to
    technology development and messaging
  • Proprietary research studies on mystery shopping,
    merchandising and consumer behavior
  • The leader in social commerce, focusing
    exclusively on retail
  • With over 1000 clients, the most widely deployed
    customer ratings platform in the world
  • Most robust product offering
  • Technology platform complimented by human support

3
Webinar Agenda
  • The e-tailing group Trend Tracker
  • Why the consumer voice? Why now?
  • 2010 Social Shopping Study Results
  • Social Commerce Success Planner
  • QA Session

5 Social Shopping Trends Shaping the Future of
Ecommerce
4
The e-tailing group Trend Tracker
Social shopping from the merchant perspective
5
The Merchant Adoption Curve
Beyond the merchandising standards
ratings/reviews occupy a prominent place on the
product page while social and sharing tools
quickly see escalated penetration
Source 2009 e-tailing group Mystery Shopping
Survey
6
Reviews ranked in top 1/3 of features social via
sharing gains prominence
Source 2009 e-tailing group Mystery Shopping
Survey
7
Many merchants are already employing social tools
on their sites
Today 78 employ Facebook fan pages, 65 use
customer reviews,and 64 are publishing via
Twitter
Source 2009 e-tailing group Mystery Shopping
Survey
8
Why the consumer voice? Why now?
  • The information about products, categories and
    brands available online is growing exponentially
  • With so much content available, consumers now
    have to edit in order to make the right
    shopping decisions for their needs
  • Considerations relative to trust come into play
    as more social options exist for sharing and
    gathering information
  • While the media fuels adoption of new
    technologies, customers will have the final say
    on which merchants and information they will
    ultimately trust

9
5 Social Shopping Trends Shaping the Future of
Ecommerce
2010 Social Shopping Study Results
10
Survey Methodology
  • Survey Objectives
  • Understand category-centric behavior relative to
    overall trust and online shopping
  • Explore customer utilization of social media to
    assess perception, interest, and propensity to
    buy based on engagement with these newer tools
  • Trend customer reviews and social shopping
    monitoring changing and evolving consumer
    behavior since the initial jointly sponsored
    survey in 2007
  • Assess merchant perception relative to consumer
    interest level in social media tools

In March 2010 PowerReviews and the e-tailing
group fielded an online questionnaire to over
1,000 consumers (50 male/50 female) who shop
online four or more times annually, spending over
250 via that channel.
10
11
5 Trends in Social Shopping
1
  • Control rests with consumers
  • Research starts with search, but happens on
  • brand and retailer sites
  • Consumers expect social tools for their research
  • experience, engaging mostly with the basics
  • Consumers seek a variety of voices throughout
  • the research experience
  • Facebook is the social platform for
    researching/shopping

2
3
4
5
12
Control rests with consumers
1
13
Online research puts the consumer in control of
the research experience
Year-over-year the percentage of overall shopping
that involves researching products online remains
strong as currently 50 say it is a factor at
least half the time.
14
Most consumers satisfied with available info
82 report being somewhat to very satisfied with
information when researching online
15
Personal research drives confidence
83 are somewhat to much more confident about
making a purchase decision when they conduct
their own research online vs. speaking to a
salesperson in-store
16
And saves significant time
79 report saving somewhat to much more time
doing their own research online compared to more
traditional in-store research
17
Most shoppers spend a significant amount of time
researching
The time spent researching depends on shopper
personality types but the majority (60) report
spending a week or more researching an
information intensive product prior to purchase.
18
Research starts with search, but happens on
brand/retailer sites
2
19
Search continues to be the starting point for
research social media not top of mind
4
A majority of shoppers (57) begin research with
a search engine yet one-fifth choose either the
brands site or a retailer.
20
Search is a conduit research takes place on
brand and retail sites
Past search, retailer and brand sites were named
as the top places where shoppers will typically
research products online.
21
Consumers expect social tools
3
22
The basics continue to be important
Consumers expect social tools in the online
shopping process, engaging mostly with the basics.
23
Consumers are more engaged with the 1 social
tool, reviews
Compared to 2007, shoppers are reading more
customer reviews to be confident judging a
product with people reading 8 or more up 77 over
2007 and 16 or more up 140.
24
Consumers are taking more time to research
Compared to 2007, shoppers are taking more time
with people spending 10 minutes or more up 28
over 2007 and people spending a half hour or more
up 83.
25
Consumers demand a more comprehensive and
credible review experience
26
Consumers seek a variety of voices
4
27
Friends and likeminded consumers are more
influential than experts
28
Consumers trust reviews to corroborate other
research/voices
29
Traditional ecommerce merchandising customer
service also serve as a voice to validate research
30
Facebook is the social platform for
researching/shopping
5
31
After basic social shopping tools, Facebook
features show the most potential to inform buying
behavior
4
32
The driver of Facebook relevance in social
shopping is the friend voice
50 or fewer friends 34
33
Facebook provides an opportunity for frequent
social engagement
34
The e-tailing group checklist for facilitating
trust
  • Think trust and the influence of all
    merchandising and marketing programs on how
    consumers will react and respond
  • Ensure your site is a destination that serves the
    information hungry shopper well
  • Present a product page complete with strong
    descriptions, in-depth user-generated content,
    rich media and recommended products
  • Nurture user-generated content and present the
    whole picture to garner the greatest trust among
    your customer base
  • Monitor and embrace social media in order to
    understand customer behavior that sets the stage
    for future selling efforts

35
Social Commerce Success Plan
Developing your social commerce strategy
36
1. Build the foundation for trust
  • Initiate the conversation, focusing on the
    fundamentals
  • Customer reviews
  • QA
  • Eliminate factors that degrade trust
  • Focus on content volume
  • Present balanced perspectives
  • Identify verified users
  • Minimize the friction between engaging with
    content and purchasing a product

37
2. Make content easy to find and consume
  • Findable through SEO Easy
    to consume

38
3. Accelerate trust through
the collective voice
Facebook Friends Brand
Experts
People Like Me
Staff Experts
Community Experts
39
PowerReviews Social Commerce Suite
Foundation
Collective Voice
Findability
Focus on the 1 tools with the greatest impact on
buying behavior
Make it easy for shoppers to find and quickly
navigate your content
Give researchers access to all of the voices they
trust in one place
Retail Site
  • Customer Reviews Q A
  • Drives the highest level of community generated
    content
  • People like you integrated into review
    collection process and display
  • In-Line SEO Review Display 2.0
  • Leverage customer voice and long tail keywords
    by making social content searchable
  • Quickly summarize and add credibility to content
    with Review Snapshot Review Faceoff
  • People like you Facebook Like Button
    Brandshare
  • Turnkey integration of 3 most influential voices
    into your site
  • Automatically display content from likeminded
    users, friends, and brand experts

40
Whats next?
Social commerce becomes Open commerce.
User content invigorates the entire organization.
41
QA
42
Thanks for coming.
  • To request a demo/social commerce consultation
  • webinar_at_powerreviews.com
  • To contact your speakers directly
  • Lauren lf_at_e-tailing.com
  • Pehr pehr_at_powerreviews.com
  • To download a copy of this webinar, visit
  • http//powerreviews.com/5trends
  • Also, dont forget to come see us at IRCE in
    June!
  • Booth 628

43
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