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Social Shopping: Friends Don't Let Friends Buy Alone

Date post:17-May-2015
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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.
  • 1. Social Shopping:Friends Dont Let Friends Buy Alone Veronika Sonsev, CEO of inSparq

2. Marketing landscape has changed2 3. So what should you do? 4. Go social! Cost effectivemarketing Engages yourmost loyalcustomers Deliversimmediate results 5. Fab.com Success Story ~ 15% of Fabsdaily traffic comesfrom Facebook ~ 5% comes fromsites like Twitterand PinterestSource: WSJ. February 2012 6. Eventbrite Success Story Every link sharedon Facebookgenerates $2.52 inticket sales Facebook sendsmore traffic thanany other source,including GoogleSource: TechCrunch. October 2010 7. Research confirms social works 8. 23% of shoppers share over half the time 23% 9. Even more want to share83% of onlineshoppers say theywant to shareinformation abouttheir purchases Source: Digital Buzz, March 2010 10. They share because they thinktheir friends would like it 11. 94% bought a productrecommended last year94% 12. Recommendations increaselikelihood to buy Customers are 71%more likely topurchase a product ifreferred by a socialmedia channel Organically customersare only 7% likely topurchase a productSource: Hubspot, January 2010 13. Word of mouth drives sales Word of mouth is the primary factor behind between 20% and 50% of purchases Source: McKinsey, April 2010 14. 64% would share more if they were incentivized to do soThe Power of Social Referrals 15. Top rewards that motivate #1 Cash Back 84% #2 Discounts 72% #3 Free Shipping 65% 16. So how do you get started? 17. Your social commerce toolbox Sharing Widget & Tell-a-Friend User Reviews Loyalty Programs Social Media Sweepstakes 18. Tool #1: Your Sharing WidgetFully integrated with the social media avenues customers most! 18 19. Sharing Widget Results 300% uplift inshares Over 50% CTR onshares Built database oftop 5% mostinfluentialcustomers 20. Tell-a-Friend Product Goal: newsletter sign ups Action: created a contest to spread the word20 21. Tool #2: User ReviewsThe Stats:70% of Americans say they lookat reviews before taking the nextstep to conversionThe Action:Bazaarvoice installed reviewson the website and deemedloyal reviewers as Black BookInsiders 22. User Reviews Results 200% in conversion among customers who engage with reviews 300% in revenue per visitor 250% in average order value 23. 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 24. Loyalty Program Results Increase traffic 60% M/M 45% of email subscriptionsconvert to loyalty program Loyalty members viewedpages 16X more than non-rewarded users 50% buy every month Like, Tweet, +1 2000X moreSource: Punchtab, 3 months 25. 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 26. Social Media Sweepstakes Results 21% coupon redemption 4,000 new Facebook fans Generated $30,000 in revenue 250% ROI net of all campaignand marketing costs Source: Hautelook, 7 days 27. Empower your customers and see your business grow! Its that simple. 28. Thank You! 28

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