The shortest distance between a consumers wallet and a retailer is the smartphone already in their hand. The increasingly prevalent mode of making a purchase is happening on consumers phones; ‘in’ moment; when they are out and about and the thought pops into their mind or at home sat on the sofa. The consumer preference for mobile use and their interaction with social networks has unleashed a number of innovations; the latest of which is the BUY button.
Social commerce appears to be on the rise; evidence is appearing of consumers embracing the ability to quickly transact at the click of a button. No longer are you redirected to a payment site to tap in your credit card number and CVC code (not easy on a mobile device); see what you like and click the button and your purchase is complete. Shopify just posted a 93% jump in revenue for Q3 having given access to all their merchants to buy buttons for Facebook, Twitter and Pinterest demonstrating the potential for growth at an early stage.
Allied to a new survey of US consumers from Citi Retail Services demonstrating consumers are not just following retailers online but being active with them; interacting via social channels. 60% of respondents said they would be quite happy to make a purchase through social media; 62% said they have interacted through commenting, liking or reposting content from a retailer on their own personal feed.
When it comes to thinking about making a purchase – respondents said that the following social media apps/sites are influential in their decision of what retailer(s) to give their business to:
Consumers are already digitally “live” on social media, using it as a preferred channel for routine web access. By making it easier for customers to research, find and purchase products directly from leading social media sites, retailers are adapting to the latest expectations for a holistic omnichannel experience.
Consumers are using their mobiles ‘on the go’ and increasingly at home to research and find products to buy. They are using social channels as the gateway to the web; and expressing opinions, discussing with friends and family and now with buy buttons finding it easy to make a purchase. The next big challenge for retailers is to work out how to meet the consumer in real-time; when ‘in’ moment or expressing a level of intent within the social network of choice. The brands or retailers that work out how to deliver a level of personalization far beyond that delivered today are the ones who will win in the long term.
We find this intent in real-time and provide this information for our partners to monetize. We believe that ‘intent’ aligned to a frictionless purchase process is going to see social commerce become one of the largest channels to market; allowing retailers to meet their consumers ‘in’ moment.
About Chatterbox Labs
Chatterbox Labs are a Data Science company operating in the areas of Machine Learning & Natural Language Processing (NLP) technology. Having spent 6 years in academia completing our multi-lingual machine learning technology framework and product suite, we are commercially exploiting the $116bn market opportunity including monetising real-time short-form social data in global markets. Our patent pending technology is disrupting commerce markets by pinpointing the ‘in’ moments on the consumer path to purchase. Chatterbox Labs’ leading product, Path 2 Purchase, monetizes real-time data streams to cut through the noise in billions of online conversations and pinpoint high value in-moment buyers across their path to purchase.
For more information please contact Andrew Watson, VP Strategic Alliances, Andrew@chatterbox.co or visit our web site www.chatterbox.co