The impact of social networks on purchase decisions

We love statistics here at Chatterbox Labs and wanted to share some with you.

Consumers right now are utilising social networks increasingly to inform their buying decision. They research brands or products, read reviews, share info with friends and are in general on a very individual path to purchase. Social networks influence their purchasing decision in many ways to such an extent that 54% of information used in making the decision is via sharing on social networks. The content they see and use is generally from brands they trust or friends and family - this content removes risk to an extent from the decision they are seeking to make.

This isn't just a few enthusiastic users either; 46% of the global Internet user population (and this stat is from 2013!) said social networks influenced their purchasing decision. Put these stats together and it’s a powerful message for marketers to understand and do something about.

Social is influencing 46% of the global internet population on how they spend their money to such an extent that 54% of the information used in a buying decision is found there - these are some powerful stats?

Chatterbox Labs built our Path 2 Purchase product using our patent pending NLP Framework because we saw into the future of consumer buying habits. Our clever algorithms are honed, trained and re-trained to find the key information in a mass of big data making it easy for our partners to identify and then action in real time. Consumers are found on their path to purchase at the individual message level amongst billions of conversations that are taking place every single day. Driving brand awareness through audience segmentation and ultimately mining new sales and revenues is what differentiates Chatterbox Labs from the crowd. You can't apply a rule and a catch all bucket for consumers on their purchase journey in real-time, finding the consumer in the moment of purchase requires a statistical machine learning approach to ensure scale and immediate engagement results in closing the sales loop.