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FourSquare has insignificant impact on consumer spending
Social media engagement with a brand affects consumer spending levels, according to new research from consulting, technology and outsourcing specialists Infosys, but that's not the case with FourSquare.
Consumers are now engaging with retailers' Facebook Pages more than they do with their websites, according to Infosys' analysis of 1,000 consumer interviews and 50 retailers in the U.S.
The study, 'Rethinking Retail' (.pdf) focused on the impact of social media on consumer spending along with retailers' attempts to create consistent and personalized experiences across on- and offline channels. It found that 38% of consumers interact with retailers' Facebook Pages compared to 36% who engaged with those retailers' websites. The difference was significantly more marked among younger users.
Furthermore, brand consistency across various channels "significantly impacts computer spend". In particular, 63% of consumers say that consistency sways consumers' tendency to spend with a brand with a high consistency driving 34% to up their spend and 39% reducing spend among retailers who lack consistency.
"Creating a consistent experience across all physical and digital touchpoints has a direct impact on sales," says Sandeep Dadlani, Senior Vice President and Regional Head (Americas) - Retail, CPG and Logistics at Infosys. "However with the dominance of social media, creating a consistent and personalized relationship with consumers is now much harder. Retailers and brands need to arm themselves with the technology that can ensure their fans and brand advocates receive the same personalized service across channels to increase sales."
Within brand experience, social matters. A whopping 89% of consumers that interact with a retailer online through social media say that that interaction impacts their spending. However, while Facebook, Pinterest and YouTube all impact consumer spending, just 2% said FourSquare had any impact at all.
Image via Shutterstock
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