Social Media Continues to Influence Spending
According to digital analyst comScore social media continues to have a big impact on holiday spending. Online spending has been hitting record highs this holiday season as more people are taking advantage of the convenience it offers and the discount promotions they find through social media. Between
December 4th and 7th 13% of respondants to comScore’s survey said that they read a consumer review of a product on a social media portal that influenced their buying decisions. 11% said that they took the advice of expert reviews found on social media sites like Facebook and Twitter before making their purchase and 7% revealed that they are fans of a company’s Facebook page so that they can get updated on deals. Twitter was used slightly less, with 5% saying that they follow a company on Twitter to get special offers. In all, 28% of U.S. consumers’ holiday shopping was influenced in some way by social media.
Many companies are tying promotions between their online e-store and their social media portals. Fans of companies on Facebook and followers on Twitter are being given exclusive access to specials, such as discount codes to use on the company’s web site. This is a great way for companies to maximize their ROI from social media. By giving people a reason to follow them on sites like Facebook and Twitter they are gaining a perfect target audience to which they can promote special offers and see, and track, almost immediate online sales resulting from those promotions.
E-commerce spending in in general has seen an increase, with nearly $16 Billion being spent online in the first 36 days of the holiday season, 3% higher than last year’s figures. The week ending December 6th had $4.6 Billion spent on the web making it busier than any online shopping week from 2008 or 2009. Even more impressive is that December 7th was likely they busiest online shopping day ever in the UK, although official numbers havn’t been reported yet.