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Tools help retailers understand social conversations
New data out from NetBase has found that while Millennials are heavy social media users, the social space isn't all that influential when it comes to purchase decisions. According to their report Millennials are most likely to be influences by blogs/message boards and then the social networks like Pinterest, Facebook and Twitter.
Other interesting Netbase findings include:
• 83% (18-24 year olds) say they consult 'at least one' social platform before making a fashion purchase
• 24% of Female Millennials say they'll pay higher prices to get new products first
• 15% of 'all social media females' said the same
To help retailers better determine purchase intent via social networks, Groupon and Sparkfly have partnered for real time analytics data. Through the partnership Sparkfly will integrate its first-party, real time purchase data within Groupon's local commerce hub. The partnership will also allow retailers to use the Sparkfly platform, within Groupon's app, for real time, in-store deal redemption.
"Groupon is gaining a true strategic advantage by providing its national merchants with access to first party redemption data that they can't get anywhere else," said Catherine Tabor, CEO and founder of Sparkfly. "Integrating this capability into the Groupon app not only upgrades the redemption experience for both consumers and merchants, it also provides Groupon and its merchants with a simple and elegant solution for addressing fraud by being able to track all the details of how and when offers are redeemed in real-time."
There is one more release to the social space that may help retailers get a better handle on consumer intent. From Source Metrics, the in-store conversion tracking tool should help retailers see how deals and conversations impact sales numbers. The tracking tool shows brands the number of in-store conversations, time of day conversations were held and then breaks those numbers out by individual store or city.
Image via Shutterstock
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