The rise and relevance of social media within retail continues un-abated, with news and developments on a near daily basis at the moment.
Here's a summary of the most interesting recent social media news...
The Answer to the Ultimate Question of Life, the Universe, and Everything..
Retail Customer Experience reports that somebody (well http://www.hitwise.com/ digital marketing intelligence provider) has finally managed to calculate the value of of a Facebook Fan to a retailer.
It's 20. ( not 42 surprisingly).
That’s the number of additional visits Hitwise analyst Robin Goad said a retailer receives for every Facebook fan it acquires. Goad explained “We took the top 100 retailers ranked in the Hitwise Shopping and Classifieds category and benchmarked visits to those websites against the number of fans those brands had on their Facebook page”. He said Hitwise then used its Search Sequence tool to see the propensity of consumers to search for retail brands after visiting Facebook.
Very interesting statistic for those still doubting the value of a social media strategy in driving real sales.
Collaborative Consumption
As I've reported in the past, as we become ever more demanding, our purchase decisions are becoming increasingly collaborative as we rely on reviews, recommendations, group buying, and similar to help us make the right choice.
John Lewis is rarely one to miss a trick, and The Retail Bulletin reports that JLP has launched a product review service on its website. The system enabling customers with a JL account to write comments on products and to rate them one to five.
In an additional smart move John Lewis said that nearly 100 partners (staff) have also been writing reviews, using their product knowledge and expertise to help customers choose the best products for their needs, Andrea McDonnell, commercial director at John Lewis wisely oberving that “As a multichannel retailer it is a challenge to recreate the instore experience online. We have already introduced made-to-measure services, 'how to' videos and buying guides, and the launch of product reviews is a really exciting next stage."
The retailer is hoping to have 130,000 reviews by the end of the year with new comments coming from both customers and Partners.
On a similar note, Debenhams report that they have acquired 12,000 of those all important 'brand advocates' following its introduction of a new social media advocacy programme which encourages customers to become advocates of the Debenhams brand by promoting positive retail experiences via social media channels using an automated referral process. These 12,000 have in turn made recommendations to over 1.5 million friends and followers, a massive win.
And Finally... Still Plenty To Do..
Whilst all that might sound like UK retailers are embracing the potential of social media to help grow sales and loyalty, research says different.
A new study which looked at the online sales channels of the UK’s top 100 retailers, has revealed that many top retailers still have inadequate social commerce solutions.
According to the research, carried out by,One iota, only one e-retailer – ASOS – offers a fully transactional Facebook shopping experience to its customers. This is despite 75% of the top 100 retailers having Facebook pages... (which conversely means 25% of our top retails don't even have a FB page...!)
Speaking of the findings, Damian Hanson, co-founder and CEO of One iota, commented: “Our research shows that many retailers still aren’t up to scratch in terms of their e-commerce strategy. Each Facebook fan translates into 20 extra visits to a brand’s website in one year – retailers need to wake up to the opportunity that social commerce is offering them.By engaging with customers in an environment where they spend a growing proportion of their time – on Facebook or on their mobile phones – retailers can maximise the opportunity to sell and open up new revenue streams.”
Hanson added: “It’s clear that retailers need to innovate in order to compete within the marketplace, but progress appears to be slow. E-commerce, and in particular social and mobile commerce, is a necessity for brands and retailers, particularly in the current economic climate.”
And on the bombshell.. (a ha)... Let me know your thoughts- who do you think is doing social media, or indeed not so well, what more do you think retailers could be doing in this space? (E.g. GAP's recently reported innovative tie in of print media to social media in the September issue of Glamour magazine- with a Facebook icon embedded in its ad in the mag that will allow readers to use a Glamour digital app to scan it, launching Gap's mobile FB page?)
Here's a summary of the most interesting recent social media news...
The Answer to the Ultimate Question of Life, the Universe, and Everything..
Retail Customer Experience reports that somebody (well http://www.hitwise.com/ digital marketing intelligence provider) has finally managed to calculate the value of of a Facebook Fan to a retailer.
It's 20. ( not 42 surprisingly).
That’s the number of additional visits Hitwise analyst Robin Goad said a retailer receives for every Facebook fan it acquires. Goad explained “We took the top 100 retailers ranked in the Hitwise Shopping and Classifieds category and benchmarked visits to those websites against the number of fans those brands had on their Facebook page”. He said Hitwise then used its Search Sequence tool to see the propensity of consumers to search for retail brands after visiting Facebook.
Very interesting statistic for those still doubting the value of a social media strategy in driving real sales.
Collaborative Consumption
As I've reported in the past, as we become ever more demanding, our purchase decisions are becoming increasingly collaborative as we rely on reviews, recommendations, group buying, and similar to help us make the right choice.
John Lewis is rarely one to miss a trick, and The Retail Bulletin reports that JLP has launched a product review service on its website. The system enabling customers with a JL account to write comments on products and to rate them one to five.
In an additional smart move John Lewis said that nearly 100 partners (staff) have also been writing reviews, using their product knowledge and expertise to help customers choose the best products for their needs, Andrea McDonnell, commercial director at John Lewis wisely oberving that “As a multichannel retailer it is a challenge to recreate the instore experience online. We have already introduced made-to-measure services, 'how to' videos and buying guides, and the launch of product reviews is a really exciting next stage."
The retailer is hoping to have 130,000 reviews by the end of the year with new comments coming from both customers and Partners.
On a similar note, Debenhams report that they have acquired 12,000 of those all important 'brand advocates' following its introduction of a new social media advocacy programme which encourages customers to become advocates of the Debenhams brand by promoting positive retail experiences via social media channels using an automated referral process. These 12,000 have in turn made recommendations to over 1.5 million friends and followers, a massive win.
And Finally... Still Plenty To Do..
Whilst all that might sound like UK retailers are embracing the potential of social media to help grow sales and loyalty, research says different.
A new study which looked at the online sales channels of the UK’s top 100 retailers, has revealed that many top retailers still have inadequate social commerce solutions.
According to the research, carried out by,One iota, only one e-retailer – ASOS – offers a fully transactional Facebook shopping experience to its customers. This is despite 75% of the top 100 retailers having Facebook pages... (which conversely means 25% of our top retails don't even have a FB page...!)
Speaking of the findings, Damian Hanson, co-founder and CEO of One iota, commented: “Our research shows that many retailers still aren’t up to scratch in terms of their e-commerce strategy. Each Facebook fan translates into 20 extra visits to a brand’s website in one year – retailers need to wake up to the opportunity that social commerce is offering them.By engaging with customers in an environment where they spend a growing proportion of their time – on Facebook or on their mobile phones – retailers can maximise the opportunity to sell and open up new revenue streams.”
Hanson added: “It’s clear that retailers need to innovate in order to compete within the marketplace, but progress appears to be slow. E-commerce, and in particular social and mobile commerce, is a necessity for brands and retailers, particularly in the current economic climate.”
And on the bombshell.. (a ha)... Let me know your thoughts- who do you think is doing social media, or indeed not so well, what more do you think retailers could be doing in this space? (E.g. GAP's recently reported innovative tie in of print media to social media in the September issue of Glamour magazine- with a Facebook icon embedded in its ad in the mag that will allow readers to use a Glamour digital app to scan it, launching Gap's mobile FB page?)
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