Social channels account for less than 1% of total shopping sessions, but of all the social sites connecting or leading consumers to goods and services, research shows that Facebook drives the most traffic, accounting for 60% of social sessions.
Facebook produces more than three times the number of social shopping sessions — about 4.31 million — compared with other social networks, such as Polyvore with 1.41 million sessions. It also produces 10 times the number of orders, according to RichRelevance data.
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It’s not even Thanksgiving yet, but that’s no matter. The holiday shopping season starts earlier and earlier every year: Walmart is starting Black Friday on Thursday this fall – smack dab in the middle of turkey dinner.
In preparation for all of the holiday shopping buzz, we’ve collected 15 interesting facts and statistics about how social plays a role in people’s shopping habits. Whether it’s finding a cool, new product you never knew you needed on Pinterest or asking Facebook friends for purchasing tips, social networks, both established and up and coming, are helping drive both online and in-store purchases.
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David Selinger, CEO of RichRelevancesays that social shopping accounts for less than 1% of the total online shopping sessions but hey, that’s still money in the bank, right? So, his company put together this lovely, holiday-themed infographic that shows how the top social shopping channels stack up.
The first thing you’ll notice when you review the panels is the inclusion of a site we don’t often talk about – Polyvore. This social site asks user to curate sets of products from a variety of online retailers. The example you see on the right is someone’s idea of a cool living room. Click on the objects and you get a detail page including the price and where to buy it. One more click and you’re on the site that sells it.
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As soon as a shopper lands at BuildABear.com, the site’s recommendation engine technology has a sense of who the shopper is. It knows how she landed on the site, what device she’s viewing the site on, where she’s located, whether she’s visited the site before and, if she has, what she has looked at and bought. With each click through the site, the engine presents her with suggestions based on its insights into the shopper and what similar consumers typically buy, says Bryan Sawyer, the retailer’s e-commerce director.
While the retailer had used a product recommendation engine for years, it was only in June, when it began working with RichRelevance Inc.‘s recommendation technology to dig deeper into individual shopper’s characteristics that the retailer began seeing significant results from its suggestions, Sawyer says. Since then Build-A-Bear Workshop Inc. has posted strong “double-digit” sales growth online thanks largely to BuildABear.com doing a better job upselling and cross-selling merchandise, he says. And since June the retailer’s web site has outperformed its stores in terms of the ratio of shoes sold per stuffed animal sold, a key metric the retailer regularly tracks.
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With 96 mobile subscribers for every 100 people on the planet, the uptake of smart mobile devices by generations X and Y has led to the widespread assumption that all efforts involved in reaching these ‘digital natives’ should be directly channeled through mobile tech. But the dramatic increase in the role that mobile technology plays in our lives has also given rise to concern that diminished face-to-face interaction will contribute to increased social isolation.
Mobile technology shouldn’t be about eliminating human interaction in our everyday lives; instead, it should be about enhancing human resources and relationships. The retail industry is at the forefront of innovating technology that caters to society’s changing patterns of behaviour, and for good reason. Research by John Lewis shows that mobile now accounts for more than 40% of traffic to johnlewis.com, with traffic up over 115%, year on year…
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Throughout Monday’s plenary sessions, a key message from panelists was the need for directors to blend quantitative—harder—data with qualitative—softer—complements. For example, a focus on shareholder return but with a stakeholder view, the intersection of situational awareness and the ability to use intuition, or the need to harness qualitative data with application of context. In an interview with Jeffrey M. Cunningham, managing director and senior advisor of the National Association of Corporate Directors, RichRelevance Co-founder and CEO David Selinger shared how directors can bring big data into the boardroom.
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The oldest and largest marketing data aggregator, Acxiom, recently opened up its database to let individuals see and edit the data that the company has collected about them. Data scientists and marketers have been viewing the data and, often, chuckling at its inaccuracy.
Following its spring acquisition of recommendations engine Avail, ecommerce personalization and shopping media company RichRelevance has acquired the assets of data analytics startup Precog, for an undisclosed sum.
Founded by former Amazon exec David Selinger in 2006, San Francisco-based RichRelevance currently has close to 200 customers including Walmart, Target and Marks & Spencer. Precog CEO John De Goes, along with members of that company’s senior engineering team, have joined RichRelevance.
Darren Vengroff, chief scientist & VP of product at RichRelevance, also a former Amazon engineer, spoke to AdExchanger about the acquisition.
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