How is Social Media Affecting the Buying Process

HOW IS SOCIAL MEDIA APFECTING THE BUYING PROCESS Social Media has become a massively important part of people's lives across the globe. Boosted by the growth of the smart phone, users' have become more and more focussed on individual moments, which they can share. Sharing, posting and chatting with friends has become an almost constant activity as people all over the globe snack on miniature content whenever they like. As a by-product of this, social media has a significant effect on retail, online and in store. So how can brands use this to their benefit? WHERE DOES SOCIAL FEATURE IN THE BUYING PROCESS RECOMMENDATIONS PROMOTIONS “have you tried this?" "new summer sale here" REFERRALS "my favourite is this one" 15,100,000 in 8 in consumers go to social media channels before making a purchase in 8+ in of consumers are more likely to of consumers rely on social net- make a purchase works based on social media referrals to guide purchase decisions WHO HOLDS THE POWER OF SOCIAL INFLUENCE 81% of US respondents said that friends' social posts directly influenced their purchases compared to 78% who said that companies' social posts impact their purchases 32% of women say they're influenced by special offers on Facebook compared to 29% of the same on Twitter 62% of online shoppers are more likely to return to a retail site that offers a social community. 30% of consumers are more likely to respond to brand offers when they have been reposted by a friend WHO IS LEADING THE SOCIAL REVOLUTION 38.000.000 107 587- 13 lo 80 year olds in the U.S. said their purchasing decisions were influenced by social media active social media users are 12% more likely to shop online than average internet users MILLENNIAL a person reaching young adulthood around the year 2000. / DEPINITION of millennials say consumer opinions found on a company's website haye a greater impact on purchase decisions than recommendations from family and friends 51% of millennials feel that brands should 64% provide more ways to share their opinions online of millennials say that it is convenient to have a smartphone or tablet to research or purchase a product or service on the go. 60% of millenials will share their location 56% to receive coupons from nearby businesses The annual purchasing power of millennials is estimated to be $170 BILLION This shines a light into the growing influence this generation will continue to have over the world's economy HOW ARE BRANDS AFFECTED BY THIS REVOLUTION of survey respondents say they would be inclined to become active participants in online communities that share information about their favourite products 41% of smartphone owners, use them whilst in store 76% CONCLUSION Social media as part of the Mobile is extremely important Mobile apps are the Therefore mobile apps must buying process is commonly to all demographics, best route to mobile find a way to be more social accessed via mobile but most to young people ши SOURCES: Knowledge Networks, HubSpot, SproutSocial, MarketingProfs, Forbes, Business2Community, Nielsen, Bazaarvoice, ComScore donky ч-