Slickdeals Announces New Retail Insights Report – “Embracing Social Commerce: Strategies, Successes, and Future Investments Among Retailers”
Slickdeals, the leading crowdsourced social shopping platform, announced its co-sponsored report Embracing Social Commerce: Strategies, Successes, and Future Investments among Retailers. Researched by WBR Insights, the report examines how social commerce, or the alliance of social media and ecommerce, is creating a new online shopping dynamic.
According to the report, 75% of companies surveyed say that they will either increase their investment in social media marketing within the next 12 months, or will maintain the same level of investment. 89% of the companies surveyed are either currently utilizing social commerce, implementing social commerce, or planning to do so in within 24 months at the latest.
Read More: Predictions Of AI AdTech In 2020
Developing a meaningful customer engagement strategy is a challenge that 44% of companies struggle with the most. At the same time, 38% of these organizations are seeking to build a reputation that consumers recognize and trust, meaning that they are trying to build on the emotional bond that their brands have already created.
“For over twenty years, Slickdeals has been the place where millions of transaction-ready consumers come to socialize about shopping. As the only platform where consumers research, socialize, and purchase the best deals on their favorite products, we’re able to connect brands with engaged and highly valuable consumers,” said Tom Straszewski, Senior Vice President, Sales and Business Development at Slickdeals.
Still of debate among respondents is attribution, a means to determine how brands calculate value. Researchers asked respondents which method of attribution they favor: 34% assign attribution to the last click and 33% assign attribution to the first click, while 31% assign it to time decay, which is an algorithm-based method for measuring how long social media content lasts.
Added Straszewski, “We see that those who invest more heavily in social commerce tend to look more at first click versus last click attribution, given that a consumer’s first click represents the beginning of their overall engagement with a brand and, thereby, the most meaningful step in the customer journey. Often, that first click comes from social commerce sites like Slickdeals.”