How Shared Social Media Opinions Affect Retail Shopping & Buying

I came across a cool video that shows the extent to which consumer comments in the social media affect and influence other consumers. The message is about customers who are eager to tell the world about their purchases and tout their degree of satisfaction.  The video also shows how much they trust other consumers' opinions (over advertising) for making buying decisions.  It’s a good object lesson for online retailers who need to compete in today’s marketplace using social tools to gain information from their audiences. Released on YouTube in 2010 by IBM, the 2009 video, Online Shopping Is Modern Retail, shows the tremendous influence of social media in consumer decision making and purchasing.

To whit:

83% of online shoppers said they “want to share information” about their purchase;

84% of online shoppers said they would trust user reviews over a critic’s opinion;

3X - Shoppers were three times more likely to trust peers’ opinions over advertising;

80% of the highest performing businesses use consumer insights to better themselves.

The statistics may have changed since 2009, but the raison d’etre for social media hasn’t. Turn down your sound and open your mind:

Takeaway: If you want to be competitive -- and haven’t already done so -- add social components to your marketing mix.  Social media is your opportunity to engage with the consumer and find out what he/she says about your (and your competition's) products and services. Pay close attention to the insights and opinions you find presented. Then gear your sales, marketing, and even product development to what you learn from the powerful, influential social media network. 

I'd like to hear how your company uses social media for marketing. Send me a comment, below. Gilon

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Gilon Miller, CMO

About Author

Gilon is a seasoned marketing, sales and business development executive with over 15 years of experience in the software and Internet business. He is the Founder and CEO of GuruShots. Previously, Gilon was the CMO of Upstream Commerce, VP of Marketing at iMDsoft and Director of Global Marketing at SAP. He earned an MBA at the MIT Sloan School of Management and a BS in Electrical Engineering from Tufts University.
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