Tech Talk – Social media, a word that we often use these days, is the reality platform from where we get the latest hot happenings of the world. As every possible industry is investing in social media, then, how can retail not? The footprints of retail activities can be easily reviewed on the networking platforms with a bunch of information. In its most basic form, it bestows a venue in which retailers can hold strong on communication with their universal followers base.
Snapchat, Facebook, Instagram, Twitter, and Pinterest: do these platforms make you move a little toward the stores? Does a buzz on social media create a desire in you to shop? Snapchat stories, swipe to shop, shoppable Instagram tags are the result of a huge wave of client engagement on the social landscape. Today’s hashtag generation that is totally open in putting their views forward is using these platforms as a medium to express their opinion on the brands and products.
With the advent of numerous platforms to guide and provide information about the retail universe, merchandising and social media are not far behind due to their correlation. How are retailers reinventing themselves according to social media adaptations, what role merchandising plays in it? That’s exactly what we are trying to understand here so, let’s have a look at the scope of social merchandising in the retail spectrum.
SOCIAL STATISTICS FOR RETAIL
The platform that alters a two-way communication plays an influential role in attaining valuable insights about customers preferences in order to achieve the goal of placing the right product at the right place and time. Consumer expression through quick responses via social media platforms in form of “likes, share and comment” empowers retailers to plan product assortment on the basis of demographics and other gathered data. Furthermore, social statistics help retailers to adjust the order levels and increase profit margins.
Retailers are trying to reinvent merchandising as per the gathered social statistics. According to a report by Boston Retail Partners, 27% of retailers use social statistics in product development and promotional planning. Furthermore, according to the statistics, social media use in data mining in retail marketplace is increasing with every passing year.
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