Wednesday, January 25, 2012

Infographic: The Psychology of Social Commerce

The infographic below highlights the power and potential of social commerce with some great take away statistics and insights. Six universal traits that have been seen in shoppers and are now being seen in social commerce. Read more below.
  • Social Proof: 81% of customers reach out to friends and family members on social networking sites for advice before purchasing products
  • Authority: 77% of online shoppers use reviews to make purchase decisions
  • Scarcity: 77% of people like getting exclusive offers that they can redeem via Facebook. We assign more value to products that are less available
  • Like: 50% of shoppers have made a purchase based on the recommendation of the people they follow(and like) on social networks. We follow those we like and do the things they do
  • Consistency: Purchases made from the brands we trust reinforce our future shopping patterns
  • Reciprocity: We have an innate desire to repay favors in order to maintain social fairness, whether those favors are invited or not
The practical utility of looking at social commerce through the lens of social psychology is that is provides brands and retailers with a strategic approach to doing social commerce.

Rather than deploy social shopping tools based on a whims or sales pitches, the 6 social influence heuristics provide a framework for six distinct shopper-centric social commerce strategies, with their associated tools and which can be adopted and developed based on their fit with broader marketing strategies.
  • The Social Proof Strategy
  • The Authority Strategy
  • The Scarcity Strategy
  • The Liking Strategy
  • The Consistency Strategy
  • The Reciprocity Strategy
Read more here & here

Graphic via Tab Juice
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