Social Shopping Webinar

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Social Shopping

Text of Social Shopping Webinar

  • 5 Social Shopping TrendsShaping the Future of EcommerceMay 26, 2010

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    The leader in social commerce, focusing exclusively on retailWith over 1000 clients, the most widely deployed customer ratings platform in the worldMost robust product offeringTechnology platform complimented by human support

    Lauren Freedman,President, the e-tailing group, Inc.Pehr Luedtke,CEO, PowerReviews, Inc.The Voice of Cross-Channel Merchandising15 years ecommerce consultingAuthor, Its Just Shopping50+ years traditional retail and catalog experienceFortune 500 client projects ranging from strategic planning, merchandising, marketing, to technology development and messagingProprietary research studies on mystery shopping, merchandising and consumer behavior

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    Webinar Agenda

    The e-tailing group Trend TrackerWhy the consumer voice? Why now?2010 Social Shopping Study Results

    Social Commerce Success PlannerQ&A Session5 Social Shopping Trends Shaping the Future of Ecommerce

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    The e-tailing group Trend TrackerSocial shopping from the merchant perspective

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    Beyond the merchandising standards ratings/reviews occupy a prominent place on the product page while social and sharing tools quickly see escalated penetrationSource: 2009 e-tailing group Mystery Shopping Survey The Merchant Adoption Curve

    Feature200920082007Product page Recommendation98%95%96%Zoom89%90%86%Alternate views76%68%66%Ratings/ Reviews74%58%50%Share67%28%N/AColor Change 64%* 60%* 57%*Link to SocialNetworking Site60%N/AN/AStreaming Video Product Demo 55%N/AN/ABlog36%26%10%

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    Source: 2009 e-tailing group Mystery Shopping Survey Reviews ranked in top 1/3 of features; social via sharing gains prominence

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    Source: 2009 e-tailing group Mystery Shopping Survey Today 78% employ Facebook fan pages, 65% use customer reviews,and 64% are publishing via Twitter Many merchants are already employing social tools on their sites

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    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

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    5 Social Shopping Trends Shaping the Future of Ecommerce2010 Social Shopping Study Results

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    Survey ObjectivesUnderstand category-centric behavior relative to overall trust and online shoppingExplore customer utilization of social media to assess perception, interest, and propensity to buy based on engagement with these newer toolsTrend customer reviews and social shopping monitoring changing and evolving consumer behavior since the initial jointly sponsored survey in 2007Assess merchant perception relative to consumer interest level in social media tools

    Survey Methodology*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.

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    5 Trends in Social ShoppingControl 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

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    Control rests with consumers1

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    Online research puts the consumer in control of the research experienceYear-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.

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    Most consumers satisfied with available info82% report being somewhat to very satisfied with information when researching online

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    Personal research drives confidence83% 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

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    And saves significant time79% report saving somewhat to much more time doing their own research online compared to more traditional in-store research

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    Most shoppers spend a significant amount of time researchingThe 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.

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    Research starts with search, but happens on brand/retailer sites2

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    4Search continues to be the starting point for research; social media not top of mindA majority of shoppers (57%) begin research with a search engine; yet one-fifth choose either the brands site or a retailer.

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    Search is a conduit; research takes place on brand and retail sitesPast search, retailer and brand sites were named as the top places where shoppers will typically research products online.

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    Consumers expect social tools3

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    The basics continue to be importantConsumers expect social tools in the online shopping process, engaging mostly with the basics.

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    Consumers are more engaged with the #1 social tool, reviewsCompared 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%.

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    Consumers are taking more time to researchCompared 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%.

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    Consumers demand a more comprehensive and credible review experience

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    Consumers seek a variety of voices4

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    Friends and likeminded consumers are more influential than experts

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    Consumers trust reviews to corroborate other research/voices

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    Traditional ecommerce merchandising & customer service also serve as a voice to validate research

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    Facebook is the social platform for researching/shopping5

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    4After basic social shopping tools, Facebook features show the most potential to inform buying behavior

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    50 or fewer friends34%The driver of Facebook relevance in social shopping is the friend voice

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    Facebook provides an opportunity for frequent social engagement

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    The e-tailing group checklist for facilitating trustThink 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

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    Social Commerce Success PlanDeveloping your social commerce strategy

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    1. Build the foundation for trustInitiate the conversation, focusing on the fundamentals: Customer reviews Q&A

    Eliminate factors that degrade trust:Focus on content volumePresent balanced perspectivesIdentify verified users

    Minimize the friction between engaging with content and purchasing a product

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

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    3. Accelerate trust through the collective voicePeople Like Me Staff ExpertsCommunity Experts Facebook Friends Brand Experts

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    PowerReviews Social Commerce SuiteRetail SiteFoundationFocus on the #1 tools with the greatest impact on buying behaviorFindabilityMake it easy for shoppers to find and quickly navigate your contentCollective VoiceGive researchers access to all of the voices they trust in one placeCustomer 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

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    Whats next?Social commerce becomes Open commerce.User content invigorates the entire organization.

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    Q&A

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    Thanks for coming.

    To request a demo/social commerce consultation:webinar@powerreviews.com

    To contact your speakers directly:Lauren: lf@e-tailing.comPehr: pehr@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

  • Confidential, p.*(blank slide)

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