We have written many articles on social retailing and how the social networks are changing how we make a purchase decision.
If you are a retailer the first step is to make yourself visible on the social networks. eMarketer reported that an August 2008 survey of Web merchants sponsored by Internet Retailer found that, of the 39.3% of retail respondents that use social networks, 32% have a page on Facebook, 27% on MySpace and 26% on YouTube.
At first glance these numbers look impressive, but the flip side is that 60% of retailers surveyed do not have a presence on a social networks. These ratilers are missing out on huge segments of the population. For example some 85% of Generation Y (those born after 1979) respondents to a PriceGrabber survey said they participated in social networking, and 57% reported involvement with blogs.
If you are a retailer that does not have a blog or a presence on a social network, it is going to become increasingly difficult to reach shoopers online like Gen Y members.
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Great insight into the power of social media marketing for retailers. For more info on social media marketing and the industry check out: http://venpop.com/2011/interview-with-clay-mcdaniel/