How Retailers And E-Commerce Sites Are Driving Sales By Getting More Social 

The concept of “social commerce,” or the use of social media or social features to drive sales at online and offline stores, has never quite fulfilled its ambitions.

Customers referred by social networks to e-commerce sites are seeing higher “conversion rates,” meaning that it has become more likely that they will actually buy something, according to recent Monetate data. But simply going after sales doesn’t get at the real value of social networks to retailers.

Social networks are strongest as sources of retail inspiration and product discovery. Social media is where people come across new sellers and products.

In a recent report from BI Intelligence, we analysed the data and spoke to leaders in the social commerce space to understand how their companies are adding value at different stages of the retail and e-commerce “purchase funnel,” the long process that leads to a retail sale. At the bottom of this post, you can see a graphic from BI Intelligence showing what the purchase funnel really looks like.

Some of the latest trends include building social networks around e-commerce platforms, partnering with brands, and otherwise transforming social commerce’s strengths for Pinterest-style digital window-shopping. The report looks at the most important way retailers are leveraging social engagement to drive purchases.

Access The Full Report, Graphics, And Data By Signing Up For A Free Trial Today >>

Here’s how social commerce companies are driving sales:

In full, the report:

To access the report and BI Intelligence’s ongoing Social Media and E-commerce coverage — including charts, data, and analysis — sign up for a free trial.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.