Power of Social Media: The Multiplier Effect On Ecommerce Sales
Social media sites have seized our lives so much so that it is difficult to believe that 15 years ago there was no Facebook or Twitter. It has had a tremendous amount of influence on our culture, lifestyle, businesses and the world at large.
Today, millions of us are active on social media - from Facebook to twitter to Instagram. It has revolutionized the way we socialize and communicate online. Social media has paved a novel way for the businesses and consumers to interact on web. It is a powerful tool that influences the human impulses that leads to purchase decisions. The social media sites are perceived to be 'social' in nature. This means that people are online to share posts and updates on their lives and views respectively. This is a forum where they interact with friends and family, it is not a place to shop.
However, the ecommerce industry has figured out a way they can utilize this channel. They have come up with different approach that ensures that the needs and interests of the consumers are met. It is not only about reaching out to the potential target audience but also how they nurture their interests in the products and services.
The first step towards successful social media marketing is to determine the objectives behind participation and the outcome that is expected. Though sometimes it is difficult to come up with measurable outcomes through this channel. The companies are usually unaware of how their online interaction with customers will impact their business.
The eCommerce industry must ensure that their promotional updates help in educating, informing and entertaining the audience. Since it's a social platform, the idea is to keep it that way by making it interactive and contextual.
Here are a few ways of how a great strategy on social media can impact the consumer purchase journey by influencing their habits and purchase decisions.
High business exposure and brand recognition
Though sites like Facebook, Instagram or Twitter have little direct impact on sales. They are a great medium for building brand awareness. This awareness can indirectly affect the sales. Social media's viral nature and the ability to spread the message in a matter of seconds help in keeping a brand's product 'top of mind' for customers. The more a retailer opens up about its brand on these social media sites, the more people can—and will—talk about it with their friends and family.
Hence, posting interesting and relevant information on a regular basis can help retailers create a good base of fans and followers. The continuous interacting with the online audience can also help in growing more awareness and in turn positively affecting sales.
En route to customer relationship management
The ability to interact with the company has a huge effect on the consumer's attitude. This also acts as a platform for the retailers to build a strong relationship with their consumers. Presence on social networks not only strengthens the existing relationships but also helps them in building new ones. Listening and responding to your consumer's needs and feedback will get you in their good books. This will help in generating consumer loyalty.
Today, consumers are just a click away from choosing another brand or product hence it is important to increase and strengthen your customer loyalty base.
Consumer opinion gaining high prominence
The shopping behaviour is somewhat influenced by certain social media activities such as staying updated on the current product trends and fashion. Consumers find these sites and information quite inspiring and they are constantly turning to it to read reviews and comments. Now, they also get on these sites to make purchases. Buy buttons have been installed by many retailers that take them directly to their online webpage. This has helped the businesses in driving sales. Advertisements posted online on media sites do influence the consumers to an extent.
However, most of them are desensitized to the ads since they experience it across channels. They are more reliant on word of mouth such as feedbacks or reviews from their friends, families or current and old buyers of the brand. Consumer opinions online make a huge difference in convincing them to purchase the product. With social media connecting the family, friends, loyal consumers and potential buyers who provide these valuable word-of-mouth endorsements, this strategy has become increasingly important to businesses.
Market insights – grabbing up the market share
Providing responsive consumer service and consistent value is the key to success. In order to ensure you deliver this, you have to listen to the opinions expressed by your consumers on social network. You need to listen to what they are saying about your brand, product and service. By listening and tailoring your products and service to their needs is a way of letting them know that you care about what they want. Brands that are not pro active on social media also benefit by just being present.
They get to hear suggestions and advice from consumers online, which helps them to draw market insights and work on them. Social media sites are not directly responsible for huge increases in sales however they have the multiplier effect, which in turn helps in driving sales. They are significant platforms for building brand recognition, interacting with customers, and influencing the purchasing decisions of consumers in the long run. Do not miss out this opportunity to be a part of the social media circle.
Reach out to us together we can plan an awesome strategy that will help you increase the buzz around your brand and connect with your future buyers.
Maximum Value. Achieved.