Twitter research finds encouraging information about how Tweets drive sales
Whether you love it or hate it, the festive season is upon us and for retailers this marks their busiest time of year with Aussies tipped to spend a whopping $43 billion during the trading period. Even if you’re not spending your weekends at crowded shopping centres with screaming, disobedient children (I think you know where I stand with Christmas shopping) retailers will still try to get your attention whether it’s on TV, in newspapers or social media. For this post we’re going to focus on social media, with a recent blog from Twitter explaining how Tweets drive sales as well as consumer insights for the holiday season.
Twitter users shop early & heavily
The research found that in general, Twitter users shop early and heavily. 34% of Twitter users began thinking about holiday shopping prior to October while 24% plan to spend $1000+ on holiday shopping vs. 10% of non-Twitter users. Another interesting finding is that 81% of Twitter users say they love holiday shopping vs. 56% of non-users. The graph below also outlines the top five retail categories users intend to purchase with ‘clothing or shoes’ leading the way.
Twitter buzz is linked to sales
Ever wondered whether the shopping chit-chat you see on Twitter has any correlation with actual sales? Well, according to this research, it certainly does. Data from Crimson Hexagon and The NPD Group found that in November-December 2013, the correlation between conversation about buying TV’s on Twitter and sales volume was 0.98 (with -1 indicating no relationship, and 1 indicating a perfect relationship). Similar results were found with laptops.
Twitter influences holiday purchase decisions
The next picture contains some really juicy information for businesses and advertisers alike. These are some big stats which demonstrate how much of an influence Twitter (and social media in general) can have on consumers during the holiday season.
When you take a moment to think about it, promoting/advertising on social media is a great way to reach those people who might otherwise be unreachable or difficult to reach. Take myself for example. On the way to and from work I listen to my iPod. After work I’ll eat dinner, go the gym then possibly watch an episode or two of a TV series (Sons of Anarchy OH MY GOD!) but like many people I download the episodes beforehand. Rinse and repeat for the week. This leaves me unreachable through traditional media channels such as radio, TV or print. The one place you can guarantee I will be everyday? You guessed it! Social media whether it’s Twitter, Facebook or YouTube. To be honest, these platforms are where I find out if my favourite retailers are having massive sales which will then drive me to their website, or even better, to their store.
Although this research is based on holiday purchasing, you’d be forgiven for thinking that there is a correlation between these results and the introduction of Twitter’s ‘Buy Now’ button and Twitter Offers, both of which are currently being tested in America. It will be interesting to see what Christmas looks like next year as both of these features continue to develop and roll out worldwide. Twitter could become your one stop shop for Christmas shopping, or at the very least make the process considerably more efficient.
Have you been using social media platforms to promote or advertise during this holiday season? What do you think the future holds for buying directly through social media?