The Week in Retail: The Evolution of Social Networks

//The Week in Retail: The Evolution of Social Networks

A few months ago, Greg Pouy, a digital marketing strategist, created a very informative presentation on The Future of the Luxury Shopping Experience.

This week, Greg explores the evolution of social networks in a recent CMO commentary. Puoy says that messaging apps are growing in use and effectiveness, social media is a must, and digital wallets are the wave of the near future. Social networks have become mostly advertising platforms with a decreasing organic reach. Usage has changed with the arrival of Vine, Snapchat, What’s App and Viber. Also, social network platforms now have to compete globally. Brands that don’t use social media to communicate with customers will quickly become outdated as new features of Messenger will provide real-time business to customer interactions. The entire piece is a must-read for digital marketers. (CMO.com)

The customer journey is becoming increasingly non-linear. Retailers need a better understanding on the path that a consumer takes to purchase. In the Customer Experience Optimization report, 600 digital marketers and ecommerce professionals were asked if and how they build a single customer profile. 45% responded that they are not using a single customer profile. The organizations that use a single customer profile are collecting behavioral (81%) and transactional (78%) data to optimize their customer experience. However, they are considerably less likely to collect social (32%), attitudinal (29%) or job-related information (28%) for the same purposes. (Econsultancy)

Forrester Research Inc. suggests that retailers should not target millennials (people born after 1980) but rather older shoppers because they have money to spend. This goes against the latest craze of recommendations to target millennials. When reaching their consumers they must also consider new technologies that promise to customers shop more easily or aim to help retailers improve their businesses. Technological advances such as self-checkout tools that reduce store expenses will help retailers gain an edge over beacons and other technologies aimed at millennials. (Bloomberg)

 

2017-10-03T20:06:15+00:00 April 17th, 2015|Articles|