The advent of social media has helped Ecommerce businesses to communicate and connect with their customers. It has also helped them to streamline their marketing efforts. While everyone acknowledges these benefits, online retailers have struggled to tangibly determine whether anyone has noticed their marketing efforts. The following tools help retailers track their social media efforts effectively.
TweetReach is an excellent twitter analytics tool that helps to measure the effectiveness of social media conversations. This is intended for Twitter, and helps retailers identify the number of users who received their tweets, users who influence conversations about their products and brands etc.
Argyle Social is a social marketing dashboard that helps to view publishing data, social analytics and engagement. With this tool, retailers can publish posts to different social media, schedule and follow up posts, create custom URL’s and most importantly manage all their social media properties.
TwentyFeet helps to aggregate all the social media statistics from Facebook, Twitter, MySpace, Google Analytics etc. in to a single location.
Sysomos is a Business intelligence app that helps retailers listen to the conversations happening in different social media platforms. Retailers can use the metrics to track and measure campaigns real-time and will help them identify the influencers and conversations that build up social relationships.
Twitter, the micro-blogging site said on Monday that it has teamed up with American Express to provide its users and opportunity to buy products directly from its website. Named as ‘Pay-By-Tweet’, the new service will let users buy selected products by sending out messages that have less than 140 characters.
This integration of a payment mechanism in its website will help Twitter to become the leader among the social networks, where others have struggled to integrate a payment processor, hampering a prospect of having an ecommerce element in their website.
“We’re turning a tweet into an actual transaction,” said Leslie Berland, head of digital partnerships and development at Amercian Express. Read more
So you’ve gotten lots of “likes” and “tweets” for your online store, but business has not really improved that much. Now what? If this were, say, a Soprano family enterprise, you could cozy up to your enemy’s enemy, knowing they could probably be turned into a friend. Instead, it’s just another fraught day at the online store.
Improving business is tied to knowing, not just your friends (and enemies), but their friends…and those friends’ friends. The key for online merchants is to understand both the social networks and online social activities of your site visitors and customers, says the executive of Chicago start-up The Echo System, which focuses on growing “return on social” (ROS), short for “return on social media.”
Sharing on Social Media
ROS riffs off of the phrase “return on investment,” (ROI) that perennial worry of all business owners. And, just like ROI, you need to know ROS to figure out how to improve the bottom line.
Social (at least in the online context) means a lot more these days than just “liking” and “friending” people, all the while tweeting about a one-day-only sale. For instance, it can mean examining the friends of those folks who “like” your store (they all have some), and what those friends of friends like, and whether your tweets are being re-tweeted, and by whom, says Lance Neuhauser, CEO of The Echo System. Read more
A sputtering economy isn’t slowing the growth of e-commerce. In fact, new data from comScore shows $44 billion in business now moving through U.S. e-commerce channels, up 17 percent from a year ago. More, the last three quarters show accelerating year-over-year growth.
Of course, e-commerce is a beneficiary of economic belt tightening, but there are much bigger factors at play. Economic pressures are combining with technology-driven disruptions to create a perfect storm of online opportunity. These disruptions are nothing new; what is new is the pace at which they are happening. Big, established retail players are having trouble adapting to this accelerating pace of change, while nimble start-ups feed and thrive on it.
I see three megatrends driving e-commerce change that I call the Three P’s: Personalization, Pinterest and iPad (well, iPad almost starts with a P). Together they ensure that U.S. e-commerce will continue to experience double-digit growth and pass the $100 billion mark in less than five years. Read more
Unless you’ve been living under a rock for the last few years, you have probably already heard about the new sensation that’s been spreading across the internet like wildfire – Pinterest.
What is Pinterest?
Pinterest is a new social network whose main feature is its ability to act like a digital scrapbook, bulletin board, or wish list. While there are several other websites that offer extensive image sharing capabilities, Pinterest has developed this as its main competitive edge against other more popular social networks. In fact, it has been so successful in carving out a niche for itself that in two short years after launching its private beta, it has skyrocketed. It is now ranked among the top 10 social sites, and is estimated to be worth around 500 million USD.
The company was conceived a while back in 2009. It officially launched its invitation-only beta in 2010. Right from the start, Pinterest’s client base has always been mostly composed of women. Its first frequent visitors were mostly interested in the recipes and stylish home decors they found on the site. This core group of people then spread the word to their friends, who in turn told theirs, and so on. Pinterest owes its marketing success to the quality of its content and the power of referrals. On July 2011, only 13 months after its launch, the company had already its 1 millionth unique visitor. This rapid growth has often given it the reputation of being the fastest growing internet site in history. In truth however, it is only second to yet another internet sensation – formspring. Read more
Brands using Pinterest to drive traffic to ecommerce sites are reaping the rewards, with the one-year-old social network already driving more revenue per click than Facebook and Twitter.
Analysis from Convertro, which tracks the marketing performance for its clients across various channels, including Facebook, Twitter and Pinterest, found that Pinterest was generating up to four times the revenue per click as Twitter and 27% more than Facebook.
The research found that Pinterest is the fastest growing social media traffic source for ecommerce websites in terms of revenue, having grown from 1.2% of social media revenue in quarter two of 2011 to 17.4% in quarter one of 2012. Read more