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Facebook Publishes New Report on the Key Factors Influencing Online Purchases

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Facebook has published a new research report, in conjunction with Kantar, which looks at how the evolution of digital media has disrupted the modern shopping process, and what retail brands and marketers need to plan for within their process.

That, of course, has been further exacerbated by the pandemic, with an increasing number of shoppers turning to online discovery and buying channels in place of physical stores. And while that’s been a necessity over the past 12 months, it’s also awakened many consumers to the convenience of such, which will lead to a lasting, accelerated shift towards online spending, which all retailers need to note.

Facebook’s research report is primarily focused on users in Hong Kong and Taiwan, but the results have implications for all regions and consumers, with a range of key notes and pointers on the rise of eCommerce, changing expectations in product discovery, and the shifting role of brand relationships within this process.

You can check out the full report here, but in this post, we’ll look at some of the key notes.

First off, Facebook notes that the rising adoption of online content formats has also lead to new opportunities for product discovery and exposure.

“New digital formats, especially video and live content enable new ways to engage online audiences and keep them coming back. As video formats proliferate, from over-the-top video viewing to livestreams, the overall digital environment will become more immersive than ever.”

We’ve already seen platforms like TikTok and Facebook incorporate new forms of live-stream shopping, where products discussed within the broadcast can be purchased, then and there, within a few clicks. The report suggests that formats like this will become more popular over time, providing a more immersive, engaging aspect to the online shopping experience. 

The report also looks at the key drivers of purchases, noting that ‘convenience’ remains the key driver – an area that online brands still need to address.

Facebook consumer report

As per the report:

“Given that the main driver of shopping online is convenience, this is an indication of how much further online shopping channels have to go before being a reliable replacement for offline shopping. Consumers have high expectations and are not willing to lower them when online shopping.”

In line with this, the report also notes that even the slightest inconveniences in the purchase process can lose you sales.

“In Hong Kong, fuss-free checkout is a basic requirement. 1 in 3 will abandon their carts if checkout involves too many steps, while another 1 in 3 expect the payment authentication process to be fast and require no action from them. In Taiwan, as mobile catches up with desktops as the dominant mode of shopping, the availability and ease of mobile payment modes will be critical.”

Being able to physically look at an item, and take it home with you then and there, remains a key consideration, and a key value point for physical shopping. New developments like AR are seeking to bridge this gap, along with processes like live-stream shopping, but the responses here underline the need to ensure your purchase process is as seamless and integrated as possible, to reduce that gap wherever you can.

A key benefit of online shopping, however, is the capacity to compare prices, and get the best deals in fewer steps.

“As shoppers become more affluent and sophisticated, so do their consideration factors. Beyond price, globally consumers are prioritizing factors such as convenience, shoppability, and assortment when selecting a retailer. Mature consumers have developed more complex consideration factors, not only looking for the cheapest products but, more subjectively, the “best” products.”

Which points to benefits for shoppers, but for brands, that may not be the best news, because as the report also found, brand loyalty is also waning.

“According to Nielsen Global Consumer Loyalty study, it is found that only 8%of consumers consider themselves committed loyalist to their favorite brands. With the variety of choices presented in consumers’ lives today, coupled with rising spending powers relative to product costs, brand switching becomes effortless and less risky.”

In line with this, the report also notes key factors for improving brand loyalty, which should be factored into all brand-building and customer service strategies.

Facebook consumer report

“It’s crucial for brands to meet each driver to arouse brand love amongst shoppers and to reignite opportunities for re-purchases, right after the first purchase is being made. By getting key drivers right, it will also improve brand-shopper relationship where brand love will blossom from thereon.”

In summary, consumers have more choice than ever, and in order to make them come back to your brand, convenience and service remain key, even in an online shopping environment.

The full report runs over four separate blog posts, and includes a range of additional insights into changing consumer behaviors. It’s worth a read if you’re looking to build your online brand and selling process.

You can check out Facebook’s full “Shopper Journey Disruption” report here.

Socialmediatoday.com

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How to Successfully Use Social Media: A Small Business Guide for Beginners [Infographic]

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How to Successfully Use Social Media: A Small Business Guide for Beginners [Infographic]

Are you a small business owner or marketing manager, just getting started on building your social media strategy? Need to learn the basics before launching your first social media campaign?

In this infographic, Sprout Social shares social media tips broken down as follows:

  • Who uses social media?
  • What does social media do for you?
  • Define your goals
  • Targeting your audience
  • Choosing a platform
  • Social media metrics

Check out the infographic below to learn more.

How to Successfully Use Social Media: A Small Business Guide for Beginners

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Moore Digital Names Two Executives To Serve Nonprofit Fundraisers 02/07/2023

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Moore Digital Names Two Executives To Serve Nonprofit Fundraisers 02/07/2023

Moore Digital, which assists nonprofit clients with fundraising, has named Adva Priso as chief strategy officer and Bonnie Huey as senior vice president of
digital media.

They are joining a team of “more than 70 top digital experts from across the for-profit and nonprofit industries, including strategists,
media planners and …



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Pinterest Now up to 450 Million Active Users, Posts Solid Numbers in Latest Performance Report

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Pinterest Now up to 450 Million Active Users, Posts Solid Numbers in Latest Performance Report

Pinterest has posted its Q4 and full-year earnings for 2022, showing steady increases in both users and revenue, as it continues to build out its various offerings.

First off, on users, Pinterest added five million more active users – most of them coming from Europe – within the final measurement period of last year.

That’s a good sign for Pinterest, which actually lost users in early 2021, after the COVID-induced boom in eCommerce activity of the previous year, which saw the platform post record high usage numbers.

Many analysts and businesses seemed convinced that the COVID boost to online shopping would hold, even after the pandemic ended. That lead to companies like Meta, Google, Amazon and Twitter investing big into commerce solutions – but many of the staff they put on were eventually culled in the most recent round of lay-offs, because once physical stores re-opened, people actually did go back to shopping as normal, as opposed to continuing to rely on online options.

Pinterest felt that the most, but now, it’s steadily building back up again, as it continues to refine its solutions around evolving shopping behaviors. Which includes video content.

Pinterest’s big winner on this front has been Idea Pins, its Stories-like option which presents uploaded video in a swipeable, full-screen display.

Pinterest Ideas Festival updates

The emphasis on this format has helped boost the platform’s appeal with younger audiences, with Pinterest reporting that Gen Z was the fastest-growing demographic on the platform, increasing double digits year over year.

“Gen Z sessions grew much faster year over year than sessions from older demographics, while nearly half of all new videos pinned in Q4 were from Gen Z users.”

Pinterest also says that sessions continued to grow faster than MAUs, an indicator that it’s driving better engagement overall, while it also increased its overall video supply by 30%, another marker of the popularity of Idea Pins.

Because you can’t post video as a native pin anymore, only in Idea Pins (or paid ads), underlining the focus on the format, and Pinterest’s evolving usage.  

On the revenue front, Pinterest posted a 4% year-over-year increase, after bringing in $877 million Q4.

Pinterest Q4 2022

As you can see in this chart, Pinterest’s revenue is climbing steadily, though its revenue splits remain concerning:

Pinterest Q4 2022

Or maybe you see this as an opportunity, with Pinterest still able to potentially eek out a lot more revenue from regions outside of the North American market. Definitely, it’s got some work to do in that ‘Rest of World’ bracket.

But Pinterest is still developing, and is still expanding its ad and business offerings into new regions. So there is, indeed, potential there – yet the size of the gap here is a concern.

Still, there is growth, slowly but surely, and maybe, if you’re a believer, you can see more ways for Pinterest to generate much bigger revenues moving forward.

Pinterest remains focused on shopping, and highlighting relevant products to users, with its ever-evolving recommendation engine providing better content matches to more users every day. It’s also investing in live-stream shopping, a trend that all platforms hope will catch on in western markets, while it’s developing more presentation tools for Idea Pins to capitalize on that engagement.

In combination, these approaches are working – but at the same time, usage growth in your local market may have stalled, going on these charts.

And of course, while overall growth is interesting, what marketers want to know is whether their customers are there.

For this, you can use Pinterest Trends, which enables you to search for the most popular Pin trends by region.

Pinterest Trends

Tap into these with Idea Pins and you’ll likely be on the right path, based on these latest insights from the app.

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