Several retailers are outperforming Amazon, Engagement Labs’ word of mouth analysis finds
Amazon’s impact on the retail industry is undeniable – each and every retailer now competes with the e-commerce giant. And, rightfully so, according to Engagement Labs, Amazon dominates consumer conversations, and is the focus of more consumer talk than any other retail brand, which equates to increased sales. In a recent landmark study, Engagement Labs proved that conversations about brands, on average, drive 19 percent of US consumer purchases, representing between $7 and $10 trillion in annual sales. As a formidable competitor across every retail category, it is imperative for retail marketers to leverage strategies that motivate consumers to talk about their brands.
According to Engagement Labs’ new analysis of offline (face-to-face) and online (social media) consumer conversations, many retail brands are doing well, and in some cases, even better than Amazon in certain conversational categories. With a greater understanding of the power of consumer talk, as well as a holistic view of online and offline consumer conversations, retailers can more effectively stand up against Amazon in the battle for social influence and market share. The study is based on the Company’s TotalSocial score, which combines online social media listening data with offline word-of-mouth tracking to provide marketers with a complete view of consumer conversations about their brands. Together, these are proven to be key drivers of sales.
“While it is obvious that Amazon is redefining the retail industry, there is still tremendous opportunity for retailers to compete,” said Ed Keller, CEO, Engagement Labs. “Our research found that several retailers outperform Amazon in offline conversation – which is equally important in driving consumer sales as the conversations happening online. By understanding consumer conversations, and optimizing marketing campaigns based on this data, retailers have the opportunity to increase their marketing ROI and revenue.”
Read the full Retail Times article, here.
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