Social Revolution: Driving Sales with Social Proof
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This document discusses how social proof can drive sales by leveraging user reviews and recommendations. It notes that while brands used to be highly trusted, transparency now allows consumers to easily assess quality and loyalty is less important. Mobile technology is fueling this change by giving consumers constant access to reviews. The presentation then provides examples of how retailers are incorporating social proof both online and in-store through techniques like reviews, popular items lists, and digital tags showing average ratings. It argues this is just the beginning and social proof will continue to reshape shopping behavior.
Social Revolution: Driving Sales with Social Proof
- 1. PRESENTED BY The Social Revolution: Driving Sales with Social Proof Jason “Retailgeek” Goldberg
- 7. Breaches 92 94 130 77 Up to 110 130 4.6 1.1 AOL ! TK-TJ Maxx Heartland Payment Systems Sony PlayStation Network Target Snapchat Neiman Marcus eBay 2004 2007 2009 2011 2013 2013-2014 2013 2014 #Catalyst2015,
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- 18. How People Used to Shop #Catalyst2015,
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- 21. How People Shop Now #Catalyst2015,
- 22. Which Hard Drive Should I Buy? Brand A 96.9% Survival Rate $199 Brand B 94.8% Survival Rate $129 Brand C 73.5% Survival Rate $109 Based on real-world experience of 25,000 drives used in a 24/7 data center by Backblaze.com Amazon pricing, all Prime eligible #Catalyst2015,
- 23. “When quality was hard to predict, it made sense to stick with a familiar brand. But when you can quickly assess the quality of things, loyalty doesn’t help consumers as much.” Itamar Simonson, Stanford marketing professor #Catalyst2015,
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- 26. Mobile Traffic Last Month 57% 50% 57% Source: comScore #Catalyst2015,
- 27. 61%of time on all retail websites is on mobile or tablet Source: comScore #Catalyst2015,
- 28. 10%of all e-commerce sales came from smartphones in the store Black Friday
- 29. 3.8% Mobile Gap 3.1% 1.0% Source: Monetate EQ4 2014 #Catalyst2015,
- 30. The Solution: Social Proof #Catalyst2015,
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- 32. A principle of persuasion: “people want to follow the lead of individuals around/like us.” #Catalyst2015,
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- 74. Social Proof In-Store (coming soon) #Catalyst2015,
- 76. Rating summary live from website Digital Fact Tag #Catalyst2015,
- 77. Digital Fact Tag with NFC #Catalyst2015,
- 79. It’s Only the Beginning #Catalyst2015,
- 80. 4,000 years ago 20 years ago #Catalyst2015,