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Social Media Strategies in Global Retailing

Verdict Research Ltd
May 24, 2011
89 Pages - SKU: VERA6424803

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Global

Introduction

As membership of online social networks grows, social media has become an increasingly important medium for retailers to engage with their customers and the broader market. This report examines the key drivers behind a social media strategy, outlines some key considerations and provides a wealth of case studies and specific recommendations to ensure effective implementation of the strategy.

Features and benefits

Enhance your business case for investing in social media by understanding how you can use it to interact with your customers more frequently.
Maximize your use of social media for customer service purposes by uncovering other retailers’ approaches to issues such as response time.
Operate superior social media strategies by uncovering the key players who can assist you in the implementation of your social media strategy.
Glean ideas for your social media strategy by uncovering the most innovative examples taking place globally.
Discover the effectiveness of your marketing campaigns by understanding your customers' perception of your business.

Highlights

The proportion of the population engaging with social media is in excess of 50% in some markets. Social networking sites can broadly be divided into four key categories: people-based, content-based, and special interest-based sites, and virtual worlds. Typically, people- and content-based sites have been used by retailers.

Retailers can deliver enhanced customer service by using social media to deliver specialist knowledge to consumers. Retailers such as Lowe's, Waitrose and Topshop have all used YouTube to deliver instructional how-to videos and in doing so encourage consumers to purchase new products.

Retailers must acknowledge receipt of customer complaints received through social media channels and assure them that their issues are being dealt with. The synchronous nature of social media heightens consumer expectations of a quick response rate and ideally retailers must try to respond to customers within 15-30 minutes.

Your key questions answered

How can social media be used effectively for market research, customer service, marketing, sales, and customer engagement?
How has social media been used by retailers in the grocery, clothing, health & beauty, DIY, entertainment and electricals sector?
What are the main operational considerations when undertaking a social media campaign? How can I make use of external agencies?
What type of blogs exist and how have retailers used bloggers and their sites to promote their products and services?
To what extent do consumers use social media and what are the core portals in terms of registered users? Does this vary by country?

OVERVIEW: About the series; Introduction
STRATEGIC ACTION POINTS: Market research and product development; Customer service; Marketing and public relations; Sales; Customer loyalty and engagement; Operational recommendations
STRATEGIC MOTIVATIONS: Social media is complex and a rapidly evolving medium; Retailers can utilize social media to conduct market research and obtain product feedback; Retailers can deliver enhanced customer service through social media; Social media holds enormous potential for marketing and PR; Social media can be utilized by retailers to sell; Social media can deepen customer engagement and loyalty towards a brand; Retailers can also utilize social media to communicate with stakeholders
STRATEGIC CONSIDERATIONS: Social media users must consider their business objectives and target market; The use of blogs raises a number of considerations for retailers; Retailers must decide whether to produce their own social media platform; Retailers must be wary of influential third-party social media platforms; Retailers can engage with social media with varying levels of commitment; Retailers must consider how they will implement their social media strategy; Summary of key considerations for retailers using the largest social media platforms
STRATEGY IN FOCUS: Retailers have used social media to conduct market research and gain insight to improve products; Retailers have used social media to deliver enhanced customer service; Retailers have used social media to drive customer engagement and loyalty; Retailers have used social media for PR and to create innovative marketing campaigns; Retailers have embraced social media to cultivate their brand image; Retailers have achieved varying levels of success in translating social media into sales; Retailers have used a variety of social media platforms to drive online sales; Luxury retailers have used social media innovatively to drive store sales
APPENDIX: Methodology; Further Reading; Global Retail FreeView; Ask the analyst; Datamonitor consulting; Disclaimer

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