Businesses looking at leveraging the newly introduced “Buy Now” option in Twitter and the “Shop Now” call to action in Facebook could strengthen the Social Commerce strategy this Holiday Season with the five key insights from a report by eMarketer based on a poll conducted in August 2014 by Harris Poll for DigitasLBi. According to the Poll, five percent of the US adult internet users had made a purchase on a social network such as Facebook, Twitter or Pinterest.
Here are Five Key Insights for Brands and Businesses to drive Social Commerce Strategy and generate revenue from the Social Media efforts:
- Highlight the secure feature in every landing page and check-out page or social media post with a “Buy Now” feature for greater conversions and ensuring that the customer completes the desired action. The key reason consumers stay away from Social commerce is due to the risk sharing personal financial information. 42 % of the users have polled that the likelihood for making a purchase would increase if they knew their credit information was secure.
- Customers are seeking assurance that their purchase information will not be shared. As high as 38% said that the likelihood of making a social commerce transaction would go up if they are sure that the Purchase information will not be shared, however it does not deter them from making a purchase on social media site.
- Customers would like to complete the transaction within the Social Media Network. This is particularly relevant for 18-34 yrs old who would like to complete the transaction within the social network.
- Price Point is a major factor and as high as 42 % of 18-34 demographic are likely to purchase products for less than USD 25.
- Include Hashtags in your communication and link them to a discount offer. Hashtags that offer specific discount influences purchases according to 42 % of the 18-34 demographic.
If you would like a Social Commerce Strategy for your Business, please fill out the attached form. The First Ten entrants will receive a complimentary Strategy Plan.