Social Commerce: Expert opinion Comparison Usage. Whitepaper 2017

Transcription

1 Social Commerce: Expert opinion Comparison Usage Whitepaper 2017

2 The Fashion industry profits heavily from Social Commerce Background Store windows are no longer the first point of contact for the latest fashion that s an outdated concept. These days people spot, share and shop trends via social media. That s called Social Commerce and can be defined as the active participation of customers in marketing and selling a product. Whether by reviewing a product or by sharing snaps of a recent purchase, the customer is providing companies with plenty of largely free publicity. That Social Commerce works particularly well within fashion is no surprise. Runway pictures are hash-tagged, street styles are recommended designers and sellers are delighted, and at times provide incentives to recommend products on social media. This type of marketing has become a must in an ever more connected world. Users are made into customers, even those that aren t actively shopping. This Whitepaper provides insights on how experts rate the importance of social media for marketing purposes and the type of content that has an impact. More at Statista.com 2

3 Companies can profit from Social Commerce, if it s well thought through Key Takeaways 1. No Social Media, no trend: this view is especially prevalent among digital natives 2. Fashion images are more likely to generate sales than any other product category 3. Trust in companies already grows with 2 to 3 online reviews 4. Fewer but more relevant hashtags generate more traction than heavily hashtagged posts 5. Social Media interactions create trust especially in China 3

4 No social media, no trend: this view is especially prevalent among digital natives Expert opinion How important is social media for marketing fashion trends?¹ years 81% 19% years 62% 28% 6% 4% 50+ years 56% 39% 3% 2% Very important Somewhat important Less important/unimportant Unsure 1: N=133 Source: Statista survey among industry experts (February 2017) 4

5 Fashion images are more likely to generate sales than any other product category Consumer View Do images you look at on Social Media channels inspire or influence your purchases in the following categories?¹ Fashion 66% Gifts 61% Home Decor 58% Food & Drinks 58% Accessoires 57% 1: N=2,017 consumers aged over 18 Source: Marketing Week; Aimia 5

6 Trust in companies already grows with 2 to 3 online reviews Consumer View How many online reviews do you need before you trust a business?¹ 36% 28% 22% 4% 6% 4% 1 2 to 3 4 to 6 7 to to or more 1: 1,062 consumers; United States Source: BrightLocal 6

7 Fewer but more relevant hashtags generate more traction than heavily hashtagged posts Consumer View Average interaction per brand post on Facebook by number of hashtags¹ to 2 Hashtags 3 to 5 Hashtags 6 to 10 Hashtags 10+ Hashtags 1: N=200,000 brand posts on Facebook Source: Socialbakers 7

8 Social Media interactions create trust especially in China Country comparison Percentage of shoppers that are influenced by reading social media reviews, comments and feedback¹ 63% 40% 38% 37% 33% 1: N=10,154; selected countries listed Sources: PwC; Research2Insights; Others 8

9 About the Digital Market Outlook 9 markets, 34 segments, 50 countries Further Data Contact This paper provides insights on Social Commerce in the fashion context. Further information on e-commerce topics can be found via Statista s Digital Market Outlook. The Digital Market Outlook provides direct access and download of revenue forecasts, user count & penetration, as well as crosscountry comparisons. It includes data on 9 digital markets, Digital Media, Digital Advertising, e-commerce, eservices, Smart Home, FinTech, ehealth, Connected Car, etravel and covers 50 countries worldwide. The e-commerce market includes data on Fashion, Electronics & Media, Food & Personal Care, Furniture & Appliances and Toys, Hobby & DIY. The Digital Market Outlook is exclusively available on statista.com and is included in Statista Corporate Account and Statista Enterprise Account. Tobias Bohnhoff Head of Market Analytics Tobias.Bohnhoff@statista.com Tobias Bohnhoff studied Geography and Innovation Management. He gathered deep knowledge of digital transformation processes and innovative business models in numerous research and consulting projects before he started to build up the Digital Market Outlook team at Statista. More at Statista.com 9

10 Imprint Statista Johannes-Brahms-Platz Hamburg Disclaimer This study is based on survey and research data of the previously mentioned sources. The forecasts and market analysis presented were researched and prepared by Statista with great care. For the presented survey data, estimations and forecasts Statista can not assume any warranty of any kind. Surveys and forecasts contain information not naturally representing a reliable basis for decisions in individual cases and may be in need of further interpretation. Therefore Statista is not liable for any damage arising from the use of statistics and data provided in this report.