Retail ecommerce sales is expected to grow up to $414 billion by 2018. There is no doubt that ecommerce offers extensive variety to shoppers along with an opportunity to seek the best deals.
This gives retail ecommerce sales a winning advantage over physical stores. However, consumers rely heavily on online reviews and opinions due to the inability to touch or feel the products before making a purchase decision. 81% of shoppers research online before making the buying decision, 70% visit user review sites, while 57% use social media platforms for recommendations.
Given the trends and the uniqueness of ecommerce business you need to know what your customers are talking about your brand. This makes social media monitoring critical for ecommerce brands to drive better customer experience and brand affinity. It can help deliver an outstanding customer engagement experience and maximize the lifetime value of a customer relationship. Let’s look at how social listening can help you gain insights across key business areas.
Understanding the pulse of the market
Whether you are trying to up your game or just starting out, social listening can help get the lay of the land. With millions of people updating, posting and tweeting their thoughts or actions a lot can be uncovered simply by listening. By closely monitoring the conversations across social media networks imagine the volume of conversations and information you can gain access to. It not only helps you ideate products, identify trends but also understand customer behavior and buying patterns enabling you to better position your brand.
Making customer-centricity part of your business DNA
To provide a compelling experience to your shoppers, you need to have sound customer intelligence. While big data can offer in-depth insights into customer behavior, the trick lies in mining this massive volume of data to yield the desired results. It is critical to identify and analyze relevant social data in order to cater to the specific needs of customers. Moreover social listening also helps you engage with your customers outside conventional touch points making it more personal and effective.
Identifying the right influencers to make a powerful impact
A recent study by Twitter shows that 40% respondents purchased an item online after seeing it endorsed by an influencer on YouTube, Twitter, Instagram, or Vine. Social influencers are driving purchase decisions, in fact the number of millennials relying on their opinion is increasing by the day. Social monitoring can help you identify, connect, and engage with such influencers and convert them into your brand advocates.