52 percent of millennials say that they always research background information before buying goods or services, compared with 45 percent of Generation X consumers and 41 percent of baby boomers. (McKinsey)
The commercial digital world we live in is always in a state of flux, change is inevitable and based on my experience change (positive/negative) happens as a result of changes in behaviour combined with a business that's lost it's 'WHY'!.
Companies that don't invest time, effort, and resource to keep pace with the dynamics of change tend to be the losers in the world of commerce.
"What you were great at yesterday will no longer be a strategy for the future"
Marketing transformation today has more to do with a better understanding around how, where, and 'why' your potential customers are wanting to access information about your product, employees, and company.
Today they are wanting to do this in a way that doesn't include trying to navigate your website funnel, or going to Google, and then risking your cold spammy outbound e-mails.
The key issue I often come up against as a growth consultant is that 'business transformation' is still perceived as a technology driven initiative, when it's actually a people and process mindset thing.
It's certainly not just about another 'martech software' that will probably change very little, just like that last 'software' initiative your company embarked upon.
Social Commerce is already disrupting the known retail supply chain, it's having a huge impact on all forms of eCommerce websites and Apps, and most of that innovation is coming out of China.
Today’s trends are made by neither brands nor media. Social commerce puts this democratisation of creating trends on steroids, as anything can be sold everywhere, by anyone and to anyone.
Social commerce is the most direct and immediate form of relationship between people and products, and it begets the question of whether people now cultivate their own personalities in order to sell products and build a community, so, brands need to figure out what it is that they are doing.
Retailers are getting killed by their own customers. People are increasingly more likely to build their own brand—and develop their own products, services and experiences—than to endorse or be sponsored by someone else’s.
Social commerce will turn us all into shoppable product demos and our life into a catalogue of stylised products. It will also introduce new revenue streams, business models, marketing strategies and regulatory hurdles.
Social currency is the fuel of the modern retail economy, and community is its killer app.
As the popularity of mobile shopping expands to new sites and apps, the study confirmed that social commerce is exponentially on the rise. It forecasts that British shoppers will be able to shop on the social media channels of a further 600,000 UK businesses. They will join the 24% of British businesses already on board.