Social Media Helps Bargain Hunters Shop, Save and Share
In the coming year, I will have my eye on the evolution of the retail discount. The traditional coupon clip has been transformed by shopping apps and social media. As an admitted bargain hunter, I’m glad to see deal-seeking become posh again.
With the growing popularity of online social networks, where consumers “like” and follow brands as readily as they do friends and pop stars (see Media Logic’s 2010 Retail Marketing Report), the buying experience has become truly interactive and is likely to grow even more so. Traditional word-of-mouth has been supplemented with quick-and-easy online sharing (to the point where I almost feel guilty for not sharing a juicy deal with my social networks!). The adoption of mobile devices has only accelerated the pace and ease at which all of this occurs.
According to theTrendwatching.com report “11 Crucial Consumer Trends for 2011,” we can expect more innovative business models and pricing strategies from brands in the coming year expanding across industries.
I will have my eye on the expansion and refinement of:
- Mobile apps à la RedLaser
- Group buying à la Groupon
- Member sales à la Gilt Groupe
- Limited-time offer flash sales à la HauteLook
As a consumer, what lies ahead is very exciting. It fosters an almost “sport-like” mentality when it comes to shopping, especially when considering larger purchases. To know there are a plethora of resources available to ensure I make an informed purchasing decision… well, it makes me feel all warm and fuzzy inside.
As a modern marketer, what lies ahead is exciting but also daunting, as we embark on a journey into uncharted territory. With consumers in control, brands must understand and adapt to their customers’ needs. Strategies should be in a constant state of evaluation as the marketplace remains in a constant state of flux. Good news is: if properly managed, online communities can provide a fertile test bed for brands to experiment with and rapidly test-and-learn from new social marketing strategies.
What do you think the future has in store for shoppers?
