Javelin Finds Retailers Embrace Social media to Enhance In-Store shopping Experience
San Francisco, CA, January 23, 2014: Social networks have become an additional arm of payments and retail, rather than just a virtual place for individuals to socialize. Today, Javelin Strategy & Research (@JavelinStrategy) released the Social Media Payments: Redefining Shopping for a New Era report, which explores the growth of social networks and the changes to retail shopping, consumer behavior, and payment transactions. It also examines the demographics of social shoppers, their attitudes toward payment and alternative payment means, and brands they trust when making purchases on social networks.
Sixty-two million adults have purchased on a social network in the past 12 months. Surprisingly, the most likely purchase made on a social network is not a virtual or digital item but actually a physical item like clothing, shoes, electronics, etc. Yet social networks might not be ready to fill in for Amazon or eBay in the immediate future, but social-network sites are beginning to make significant inroads into the retail and payment space in other ways. Javelin examined several retailers and technology providers who were integrating social media, rewards and payment data to encourage in-store sales.
"The use of geolocation, social networks, and mobile purchasing is a triple play that retailers can use to improve the point-of-sale retail experience," said Nick Holland, Senior Analyst, Payments at Javelin Strategy & Research. "More retailers and technology providers have begun to explore the possibilities of offering location-based mobile offers as a means of acquiring new customers, increasing spending, and deepening customer relationships."
Learn More: Social Media Payments: Redefining Shopping for a New Era. It is based on two online surveys of more than 6,700 consumers. The report includes social media strategy examples from Chirpify, Etsy, First Data Starbucks, ShopBeacon, and ShopKick.
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin's independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.
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