Part I of Retail TouchPoints’ multi-part feature exploring trends and developments in social media analytics, the business intelligence it provides, and real-life applications underway at Bonobos; Chico’s; Ice.com; Pacific Sunwear; Room & Board Home Furnishings; Walmart; and Warby Parker. This first installment reviews the importance of, and trends in, social media analytics, as observed by leading retail analysts. Subsequent installments, beginning with the June 5 newsletter, will cover social analytics solutions as well as current applications and their business value, based on input from several retail leaders.
Today’s empowered shoppers want more personalized information and offers that appeal to their emotional needs. To that end, they are relying on social media to research and select personalized products and services. It’s the concept of “Me-Tailing:” the retail industry’s transition from transaction-based commerce to real-time, often one-to-one social network communications and marketing of brand experiences that satisfy consumers’ emotional wants and aspirations.
At the core of Me-Tailing is social media analytics. This process starts with raking blogs, forums, video posts, social media web sites (including visual curation) and other online communities for predetermined Key Performance Indicators (KPIs) revealed in these posts and conversations. Retail organizations analyze the data and use it to profile shoppers to better personalize future social campaigns. Measurable results reveal the business intelligence that will nourish the next best retail strategies for addressing consumers’ needs.
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