Social Commerce Report 2007

About this Guide

This report, sponsored by Bazaarvoice, is based on an online survey of more than 800 respondents carried out in June and July 2007. Put simply, social commerce is about customers having the means to interact with one another in order to make better buying decisions. It is something that online retailers are increasingly tapping into for their own benefit. The report is recommended reading for marketers in companies which are selling online, whether retail, financial services, travel, publishing or another sector.

Contents

The report findings are divided into the following sections: -) Revenue and growth
-) Business objectives and priorities
-) Customer interaction and service
-) Importance of ratings and reviews application features
-) Benefits of ratings and reviews
-) Barriers to ratings and reviews adoption
Highlights from the findings include:. -) Site content improvement, natural search (SEO) and email marketing are the top investment priorities for online sellers. More than 90% of responding organisations cite these areas as high or medium priorities.
-) 80% of online retailers rank ratings and reviews as a high or medium priority for investment and 67% say that a social networking strategy is a high or medium priority.
-) Customer ratings and reviews are being used by 28% of online sellers. More than half of online sellers are considering adopting these features.
-) The top three perceived benefits of ratings and reviews are: higher conversion rates; improved retention and loyalty; natural search benefit.

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