Social Media's Influence on Holiday Sales
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Social media plays a key role in the digital revolution and retail landscape. A partnership between Euromonitor International and Twitter analyzed Twitter users' holiday shopping journeys, finding that most used Twitter for research, reviews and deals. The majority of purchases were planned in advance. Post-holiday, Twitter was used to share about gifts and conduct further research. Retailers are advised to leverage partnerships and insights to proactively engage customers on social media platforms like Twitter.
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Social Media's Influence on Holiday Sales
- 1. SOCIAL MEDIA AND RETAIL INSIGHTS HEAD OF RETAILING, EUROMONITOR INTERNATIONAL MICHELLE GRANT JJ HIRSCHLE RETAIL INDUSTRY DIRECTOR, TWITTER CONSULTING PRACTICE MANAGER – INNOVATION, EUROMONITOR INTERNATIONAL ZANDI BREHMER
- 2. SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION TWITTER’S CONNECTION TO RETAIL TWITTER’S ROLE IN HOLIDAY SHOPPING Source: ThinkStock
- 3. © Euromonitor International 3 Still early innings for the digital revolution globally… SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION 0 2 4 6 8 10 12 14 16 18 20 2010 2015 2020 US$Trillion Global Retail Sales by Channel M-commerce E-commerce In-store
- 4. © Euromonitor International 4 …but Asia Pacific is leading the way SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION 75 80 85 90 95 100 Middle East and Africa Latin America Eastern Europe Australasia Western Europe North America Asia Pacific % of Sales by Channel in 2020 In-Store E-commerce M-commerce
- 5. © Euromonitor International 5 Research • Inspiration • Recommendations • Reviews Selection • Platforms for small businesses • Long tail products Purchase • Enabled for transactions • Work arounds Post Purchase • Customer support • Sharing Social media plays a key role in the digital revolution SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION
- 6. © Euromonitor International 6 0 10 20 30 40 50 60 70 80 China India Mexico Japan UK USA %ofRespondents Interactions with Brands via Social Media Liked or Followed a Brand Purchased through Social Media Social media’s role in the revolution varies greatly by country SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION Emerging Markets Developed Markets
- 7. © Euromonitor International 7 Where is social media headed in the digital revolution? SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION Brand building Personalization New platforms
- 8. SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION TWITTER’S CONNECTION TO RETAIL TWITTER’S ROLE IN HOLIDAY SHOPPING Source: ThinkStock
- 9. Twitter is your connection to consumers Reach x Relevance = Results
- 10. Twitter is the ideal place to connect with shoppers that matter to retailers Source: Twitter Retail User Research, March 2015 $308 vs. $253 for non-users Higher shopping budgets for next 6 months 6.9 times vs. 4.3 times for non-users Higher shopping frequency in past month 3.6 times vs. 1.0 time for non-users Higher online shopping frequency in past month
- 11. Twitter drives in-store and online sales for retailers Source: Datalogix ROI Studies (N = 18), 2013 – 2015 Twitter has delivered 18 DLX ROI studies to date across apparel, big box, and specialty retailers 8.52 AVERAGE ROAS 3.15% AVERAGE SALES LIFT
- 12. SOCIAL MEDIA’S ROLE IN THE DIGITAL REVOLUTION TWITTER’S CONNECTION TO RETAIL TWITTER’S ROLE IN HOLIDAY SHOPPING Source: ThinkStock
- 13. © Euromonitor International 13 Euromonitor Consulting & Twitter Partnership EUROMONITOR CONSULTING & TWITTER PARTNERSHIP OBJECTIVE Create a roadmap of the Twitter holiday shopper’s journey to identify insights for retailers during the 2015 holiday season.
- 14. © Euromonitor International 14 Euromonitor Consulting & Twitter Solution EUROMONITOR CONSULTING & TWITTER PARTNERSHIP Online Surveys Online Bulletin Boards Retailer Visits
- 15. © Euromonitor International 15 Twitter holiday shopping journey EUROMONITOR CONSULTING & TWITTER PARTNERSHIP
- 16. © Euromonitor International 16 Two thirds of Twitter shoppers planned in-store purchases ahead Impulse purchases are increasingly led by mobile deals/coupons and social media inspiration – especially as buying behavior shifts to more online purchases. IN-STORE PURCHASE PLANNING 2% 5% 10% 27% 66% 75% 0% 20% 40% 60% 80% Other I typically never plan my shopping Gift ideas sparked by social media Mobile deals/coupons Gift ideas sparked by spotting a product In-store deals/promotions EUROMONITOR CONSULTING & TWITTER PARTNERSHIP 33% 67% Unplanned Planned INFLUENCERS OF IMPULSE PURCHASE
- 17. © Euromonitor International 17 Twitter was a critical tool for the majority of Twitter shoppers EUROMONITOR CONSULTING & TWITTER PARTNERSHIP 84% of Twitter shoppers used Twitter while planning their holiday shopping 1 2 3 4 Look for retailer deals / coupons Read product reviews Gather gift ideas Compare prices In-store, the same activities are completed with a stronger focus on savings, primarily searching for retailer deals/coupons and comparing product prices.
- 18. © Euromonitor International 18 Shoppers revealed Twitter is used for much more than customer service EUROMONITOR CONSULTING & TWITTER PARTNERSHIP “For the Fuji Instax camera my daughter wanted ... I perused several Fuji Twitter accounts for model details, where to buy, ideas for use and the great photos it takes! I was sold and she got it for Christmas.” -KC
- 19. © Euromonitor International 19 Post-Holiday, Twitter shoppers shared out about gifts received, conducted gift/product research, and wrote reviews EUROMONITOR CONSULTING & TWITTER PARTNERSHIP 19% 22% 25% 26% 26% 27% 29% 30% 0% 20% 40% Crowdsource opinions on gifts given Crowdsource opinions on gifts received Interact with customer service about gifts purchased/received Write a retailer review about gifts purchased/received Share about gifts given Write a product or gift review Conduct product research or look up instructions on gifts given/received Share about gifts received POST-HOLIDAY TWITTER ACTIVITIES
- 20. © Euromonitor International 20 Retailer tools still useful – but compete for attention; social media already a part of daily life 2% 2% 23% 25% 26% 39% 39% 40% 41% 45% 46% 46% 57% 60% 75% 84% I did not download any apps Other Reviews Work Out / Exercise Retailer Promotions/Deals Books / Reading Maps or Travel Communication Retailers Banking or Personal Finance News / TV / Sports Channels Photo / Photo Editing Music / Radio Station Email Games Social Media EUROMONITOR CONSULTING & TWITTER PARTNERSHIP APPS DOWNLOADED ON NEW DEVICE 23% of respondents received a new mobile phone or tablet as a gift
- 21. © Euromonitor International 21 Twitter’s unique real-time updates and search ability makes it a user-friendly social media tool for shoppers ONE WORD THAT BEST DESCRIBES TWITTER’S ROLE IN YOUR LIFE EUROMONITOR CONSULTING & TWITTER PARTNERSHIP
- 23. © Euromonitor International 23 Get ahead of the holidays in 2016 EUROMONITOR CONSULTING & TWITTER PARTNERSHIP
- 24. © Euromonitor International 24 1 2 3 Leverage the power of partnerships to build your social media strategy SHIFT FROM REACTIVE TO PROACTIVE ACQUIRE INSIGHTS TO BUILD YOUR STRATEGY LEVERAGE TWITTER TO INTERACT DIRECTLY EUROMONITOR CONSULTING & TWITTER PARTNERSHIP
- 25. GENERAL INQUIRIES For general inquiries about this research or the affiliated release event, please contact: LIZ MILLER INTERNATIONAL BUSINESS DEVELOPMENT EXEC Tel: 312.477.8367 LIZ.MILLER@EUROMONITOR.COM HEAD OF RETAILING, EUROMONITOR INTERNATIONAL MICHELLE.GRANT.@EUROMONITOR.COM @EMI_MICHELLEG MICHELLE GRANT JJ HIRSCHLE RETAIL INDUSTRY DIRECTOR, TWITTER @JJHIRSCHLE CONSULTING PRACTICE MANAGER – INNOVATION, EUROMONITOR INTERNATIONAL ZANDI.BREHMER@EUROMONITOR.COM ZANDI BREHMER CONTACT DETAILS