CRM software providers crowdtap published an infographic (below) this month to share some emerging trends in the ability of social media to influence consumer behaviour. After surveying over 3,000 US customers in 2013, and again in 2014, they found that social media is increasing its value to businesses who want to influence buying decisions throughout the holiday season.
A few things caught my eye:
1. Amazon reviews are almost as trusted as peer recommendations. I was a little surprised to see the difference between trusting a peer and trusting an online review was only 5 percentage points. I suppose this speaks to the importance of hearing directly from an existing product owner, rather than just trusting somebody in your network who you happen to already know who may not actually own the product.
2. Facebook dominates. If your business is only going to participate in one social media activity, you better make it Facebook. The survey results suggest that people are turning to Facebook, more than any other social network, to research gifts, look for promotions, and share their purchases. The only category where Facebook finished second was “gift inspiration” – losing the top spot by only one percentage point to Pinterest. Twitter seems to be rounding out the bottom of each of these categories. Perhaps this could be due to the transient nature of the messages, and also because Twitter relationships are often centered around topics of interest rather than trusted personal connections.
3. People are shopping at your competitors, right from within your store. The survey results suggest that 50% of the people physically walking into your store will whip out their device and check a competitor’s price to see where you compare. I do this. I do this all the time. I expect this trend to continue to grow year-over-year.
4. Social media supplants TV as the most popular source for “inspiration”. For the first time, we’re relying on social media to provide us with gifting ideas more than any other medium; overtaking traditional television’s historical dominance in this area. This could be a symptom of the declining TV viewership numbers across every age demographic – with the largest decline in television consumption belonging to the 18-24 segment.
How does social media impact your holiday shopping behaviour? Check out the following infographic, and let me know what you think.