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Social Shopping: Friends Don’t Let Friends Buy Alone Veronika Sonsev, CEO of inSparq

Social Shopping: Friends Don't Let Friends Buy Alone

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This presentation shows how retail could benefit from social commerce strategies and provides concrete examples of solutions retailers can implement in order to grow customer referrals. It was first given at the Daily Deal Summit in NY on April 18, 2012.

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Page 1: Social Shopping: Friends Don't Let Friends Buy Alone

Social Shopping: Friends Don’t Let Friends Buy Alone

Veronika Sonsev, CEO of inSparq

Page 2: Social Shopping: Friends Don't Let Friends Buy Alone

Marketing landscape has changed

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Page 3: Social Shopping: Friends Don't Let Friends Buy Alone

So what should you do?

Page 4: Social Shopping: Friends Don't Let Friends Buy Alone

Go social!

Cost effective marketing

Engages your most loyal customers

Delivers immediate results

Page 5: Social Shopping: Friends Don't Let Friends Buy Alone

Fab.com Success Story

~ 15% of Fab’s daily traffic comes from Facebook

~ 5% comes from sites like Twitter and Pinterest

Source: WSJ. February 2012

Page 6: Social Shopping: Friends Don't Let Friends Buy Alone

Eventbrite Success Story

Every link shared on Facebook generates $2.52 in ticket sales

Facebook sends more traffic than any other source, including Google

Tech Crunch October 2010

Source: TechCrunch. October 2010

Page 7: Social Shopping: Friends Don't Let Friends Buy Alone

Research confirms social works

Page 8: Social Shopping: Friends Don't Let Friends Buy Alone

23% of shoppers share over half the time

23%

Page 9: Social Shopping: Friends Don't Let Friends Buy Alone

Even more want to share

“83% of online shoppers say they want to share information about their purchases”

Source: Digital Buzz, March 2010

Page 10: Social Shopping: Friends Don't Let Friends Buy Alone

They share because they think their friends would like it

Page 11: Social Shopping: Friends Don't Let Friends Buy Alone

94% bought a product recommended last year

94%

Page 12: Social Shopping: Friends Don't Let Friends Buy Alone

Customers are 71% more likely to purchase a product if referred by a social media channel

Organically customers are only 7% likely to purchase a productSource: Hubspot, January 2010

Recommendations increase likelihood to buy

Page 13: Social Shopping: Friends Don't Let Friends Buy Alone

“Word of mouth

is the ‘primary

factor’ behind

between 20%

and 50% of

purchases”

Source: McKinsey, April 2010

Word of mouth drives sales

Page 14: Social Shopping: Friends Don't Let Friends Buy Alone

64% would share more if they were incentivized to do so

The Power of Social Referrals

Page 15: Social Shopping: Friends Don't Let Friends Buy Alone

Top rewards that motivate

#1 Cash Back – 84%

#2 Discounts – 72%

#3 Free Shipping – 65%

Page 16: Social Shopping: Friends Don't Let Friends Buy Alone

So how do you get started?

Page 17: Social Shopping: Friends Don't Let Friends Buy Alone

Sharing Widget & Tell-a-Friend

User Reviews

Loyalty Programs

Social Media Sweepstakes

Your social commerce toolbox

Page 18: Social Shopping: Friends Don't Let Friends Buy Alone

18Fully integrated with the social media avenues customers most!

Tool #1: Your Sharing Widget

Page 19: Social Shopping: Friends Don't Let Friends Buy Alone

Sharing Widget Results

300% uplift in shares

Over 50% CTR on shares

Built database of top 5% most influential customers

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Goal: newsletter sign ups

Action: created a contest to spread the word

Tell-a-Friend Product

Page 21: Social Shopping: Friends Don't Let Friends Buy Alone

Tool #2: User Reviews

The Stats: 70% of Americans say they look at reviews before taking the next step to conversion

The Action:Bazaarvoice installed reviews on the website and deemed loyal reviewers as ‘Black Book Insiders’

Page 22: Social Shopping: Friends Don't Let Friends Buy Alone

User Reviews Results

200% in conversion among customers who engage with reviews

300% in revenue per visitor

250% in average order value

Page 23: Social Shopping: Friends Don't Let Friends Buy Alone

Tool #3: Loyalty Programs

The Thwipster Loyalty Program:

Thwipster incentivized behaviors that would lead to increase traffic, email acquisition and sales

Customers could trade points for:

• discounts• free shipping • $ off orders

Page 24: Social Shopping: Friends Don't Let Friends Buy Alone

Loyalty Program Results

Increase traffic 60% M/M

45% of email subscriptions convert to loyalty program

Loyalty members viewed pages 16X more than non-rewarded users

50% buy every month

Like, Tweet, +1 2000X more Source: Punchtab, 3 months

Page 25: Social Shopping: Friends Don't Let Friends Buy Alone

Tool #4: Social Media Sweepstakes

The Contest: ‘Instant-win’ coupon promotion to engage fans and attract more users

The Action:• Instant-win promotion

on their Facebook Fan Page

• Users needed to become a fan in order to redeem their instant-win coupon

Page 26: Social Shopping: Friends Don't Let Friends Buy Alone

Social Media Sweepstakes Results

21% coupon redemption

4,000 new Facebook fans

Generated $30,000 in revenue

250% ROI net of all campaign and marketing costs

Source: Hautelook, 7 days

Page 27: Social Shopping: Friends Don't Let Friends Buy Alone

Empower your customers…

…and see your business grow! It’s that simple.

Page 28: Social Shopping: Friends Don't Let Friends Buy Alone

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Thank You!