UK retailers that do not offer online recommendations to consumers are missing out on a potential revenue stream worth £9 billion.
Whilst every retailer worth knowing manages a Facebook or Twitter page these days, almost three quarters of them are yet to offer consumers the ability to share their recommendations through social platforms. This decision reportedly caused the consumer goods industry to miss out on opportunities to the order of £9 billion last year.
Presenting users with relevant, timely recommendations has always been part of the ‘traditional retail purchase funnel’ – whether this be in store via a shop assistant or online through a link sale function. Anton Gething, co-founder and product director of social integration tool, nToklo suggests, ‘In order for retailers to take advantage of this additional revenue stream, they need to implement a productive, engaging, and relevant s-commerce strategy.’
By adding Facebook, Twitter and Pinterest buttons to your online store front, retailers could be looking to capitalise on a revenue stream set to boost by 13% next year.
By The Industry's Features Editor, Harriet Bowe
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