Following up Tuesday’s post Social Media Helps You Sell More was news from emarketer that Web 2.0 users spent about $27 billion online in the United States in the second quarter of 2007, according to comScore’s “Web 2.0 in Retail Today” report.
From the report:
comScore reported that social networking site traffic rose 33% to 81 million unique visitors in August 2007 versus August 2006. Blog traffic grew 23% to 28 million unique visitors, while online video site traffic increased 20% to 93 million.
Data from an “Mplanet” survey indicate that retailers who do not market on social networks might be missing an opportunity.
A majority of respondents who were interested in social networking said they would be receptive to finding out about upcoming sales or discounts on products (51%) and downloading coupons (51%). Nearly three out of 10 (29%) said they would buy products on social networking sites.
For retailers gearing up for the holiday season, the difference between a red Christmas and a black Christmas might well be whether you have added any Web 2.0 features to your web site like product reviews. Those have not invested in these types of features will lose market share this holiday season
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You are so right in what you say in this post. I almost never buy from sites or businesses without reading a couple reviews first…If they are actually at the site I am buying on I am 10x more likely to just stay there and buy…and reviews def. do sway my opinion and impulsiveness to buy.
Great post thanks!