Reports on social media engagement’s affect on business are not only interesting but their insights are also extremely useful for your small business. 8th Bridge presents its free social commerce retail report, in which they analyzed the top 200 retailers on Facebook.
Why do people Like?
If you’re a graphs and pie charts kind of person, this report will not disappoint. This graph on the left is highlighted in the report and if you think about it, it makes sense. People who buy quality items that they’re happy with are more likely to Like them and want to share with their friends. It sounds funny to think of the trivial things people will want to share with their friends but looking at my wall in the past hour, I can see friends who have Liked a purse, shoes and a PC tablet.
Facebook might have a greater influence on purchases than you might think. 25% of respondents in the report have shared a product on Facebook and 16% of respondents made a purchase based on a recommendation from Facebook.
Why should you care?
So far and using only this sample, 35% of people are more likely to buy items that have been Liked. As more retailers take advantage of social media mediums, I expect this number to grow. Especially with the explosion of online coupons and deals (like Groupon) used to attract and retain loyal customers.
In the end, social media done right will encourage sharing that will help your SEO. Positive word of mouth is also a benefit that will boost your credibility and brand reputation – something that you can’t put a price on!
If you haven’t gotten it yet, this report is definitely a must read if you own a business!