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B2B marketers experiencing customer relationship issues

More than half of B2B marketing budgets are devoted to building and maintaining relationships with new customers, but only a quarter of B2B marketers say their relationships are akin to a happy marriage.

That’s according to new research from Skout carried out by Sapio Research, which reveals that of the 200 sales and marketing pros interviewed, 8% reckoned they were going through a bitter divorce or separation; 7% were on the rocks; 8% were having ‘difficulties’ with their customer relationships. This is a surprise considering nearly all marketers are heavily invested in building and creating relationships at key stages of the customer lifecycle. 14% added that they were casually dating or still at the first date stage of the relationship, whilst 14% said would ‘swipe right’ if using a dating app.

The impact of a relationship that’s on the rocks is clear. 41% felt the biggest risk was dissatisfied customers, a third said it resulted in poor prospect to customer conversion, another third stated it was likely to result in falling profitability and missing revenue targets. Despite these impacts, 97% of marketers agreed that good business relationships are crucial in B2B marketing.

The early stages of the customer journey prove critical when allocating budgets. 94% of respondents say that their business is effective at forging and nurturing relationships during the ‘interaction’ and the ‘awareness’ stage. But effectiveness drops as the customer journey matures – 77% effective at the ‘advocacy’ stage – indicating that it’s harder to keep customers on side the longer they’re with you.

As part of the research, Skout identified the risks to customer relationships at each stage of journey, with the results clearly showing where B2B marketers are falling short.

When it comes to retention, marketers do not appear to understand the value of building advocate programmes. Despite a lower cost of sale and the strength of case studies in convincing new customers to buy, 33% of companies have no dedicated customer loyalty or advocate programme in place. And 28% fail to monitor engagement or feedback to spot potential advocates.

Rob Skinner, MD of Skout, says “B2B relationship marketing is making a comeback. Potentially part of a backlash against too much automation, buyers are looking for that human touch and connection. And while not every customer might be worth a fling, marketers need to profile their audiences carefully to ensure that they’re investing in long term, exclusive, mutually beneficial marriages of convenience and are not two timed.”

Budget constraints are blamed for getting in the way forging stronger relationships with customers according to half of respondents, but a further 38% blame lack of data/insights, people resource (37%) and lack of a clear strategy (37%).

So where are marketers focusing those limited budgets? In the past year, over half have used customer surveys, 39% identified where their customers are on the journey, 36% put budget to audience research and 27% into persona and audience mapping.

Brands ‘facing battle to stand out’ in mobile marketing space

By Adri Gil Miner, CMO of Iterable

Love is always in the air during February, and consumers are turning to digital like never before. Working from home and socially distanced, consumers’ increased time spent online dating; research from App Annie found consumers spent over $3 billion on dating apps in 2020 – up 15% YoY. It’s clear that consumers want to invest in romance, but how can brands woo shoppers in a sea of similar offerings?

First, get noticed. These days, everyone has a phone in their pocket, so, as a brand, being able to always be with the customer is a huge plus for marketers. Mobile is a medium for engagement that marketers can’t afford to ignore. Of course, the power of mobile is only potential; for marketers to ensure they are getting the most value out of mobile, it’s important they focus on meeting customer expectations by building trust, delivering value, and constantly connecting experiences. New research from Iterable finds that while 33% of participants download a new app weekly, 48% use only 4-6 apps on a daily basis, leaving brands in a battle for users’ attention.

Competition and consumer app attention only escalates when it comes to dating. During the pandemic, online dating reached new heights — with Bumble reporting a 70% increase in video calls and Tinder exceeding 3 billion swipes in one day in March 2020. But that was in 2020. By now, engagement preferences have changed, rendering traditional dating app actions like “swiping” obsolete. Iterable’s research finds that consumers are split on their preferred method of engaging with a brand, with 38% preferring push notifications, 31% favouring SMS alerts and 26% preferring in-app messaging. With such an array of preferences, an omnichannel strategy that is optimised for each individual customer is vital for brands looking to engage with their customers in the manner that suits them best.

Fine-tuning and rethinking the user experience is a great way for dating apps to stand out in  a sea of similarity. But now, in an internet-based world, brands are faced with the challenge of digital sameness—the customer experience across dating apps has become pretty uniform. In a Forrester survey, consumers were asked how they feel about the experiences they have with brands. The results? 68% of customers said their customer experiences were “OK”. Brands are likely thinking “we’re doing what everyone else is doing, so that’s good right?” Living in this safe, comfortable area is problematic for brands looking to win customer hearts and minds. All it takes is one brand to go above and beyond to shift the expectations and turn satisfactory experiences into not-so-satisfactory.

Once you ensure your brand is doing what it can to stay on the cutting edge of a great—not good—customer experience, seal the deal of long  term loyalty by investing in another priority for shoppers: privacy, which is especially key to consumers when it comes to dating apps. Although consumers are generally willing to share data, with 54% happy to do so at least some of the time, privacy concerns are still at the front of consumer’s minds. 87% expressed concern over personal privacy when interacting with apps.

With app downloads hitting 230 billion in 2021, it’s vital brands understand ways to improve app engagement and stickiness to avoid getting lost amongst the competition.

Dating apps, by definition, have considerable influence when it comes to impacting customer joy and connection. To deliver memorable moments, brands need to invest in creating a seamless experience across channels; from personalised emails reminding shoppers to plan for the big day to encouraging sustained communications with connections made online, the possibilities for omnichannel optimised business is endless.

Brands cannot neglect transparency when nurturing customer experiences. Dating apps in particular rely on users being willing to entrust sensitive, personal conversations to the brand’s care. Customers that interact with brands need to have an up-front idea of how their data will be used. Winning this trust early on is crucial for keeping customers board for the long haul.

By utilising all methods of engagement and appreciating the preferences of customers, brands can give their apps the best chance of standing out from the pack and becoming mainstays in the user mobile experience.

When you’re unhappy with a relationship, you break up and move on. If the grass isn’t greener in the other relationship, you go back to your previous partner. Consumers act similarly when it comes to brands. When there is a part of the consumer journey with a brand that positively impacts their overall experience, and then they switch to a different brand that doesn’t provide the same part, the experience with the second brand is viewed less favourably—not because it’s worse than it used to be, compared to itself, but because it’s worse than the first brand’s experience. They gravitate back to the better experience.

Almost 50% of Gen Z considering marketing career

Almost 50 percent of Gen Zs (16-24-year-olds) say they are considering careers in the marketing industry, according to new research from the Chartered Institute of Marketing (CIM).

Over a fifth of the young people surveyed also perceive marketing as a safe career choice, signalling a surge of fresh talent is to hit the industry.

The survey of 1,000 16-24-year-olds undertaken by CIM revealed 46% we interested in marketing careers and that as a result there has been a rise in the number of students starting marketing courses.

The University of Liverpool Management School reported that demand for its BA Marketing course has been exceptionally high for the year 2021-2022. The establishment attributes this to a variety of factors including a shift in how marketingis perceived as a discipline by business leaders, which they say correlates with the rise in marketing roles being offered.

The qualitative survey also showed that many of the CIM-accredited study centres enrolled saw an increased number of self-funded marketing students while furlough schemes were in operation.

Maggie Jones, director of qualifications and partnerships at CIM said: “We’ve seen two things happening during the pandemic. The first is that young people have recognised the resilient and adaptive nature of marketing and want to pursue a career in this field.

“The second is that many marketing professionals have invested in their own development and have self-funded additional learning and qualifications while being furloughed. It’s clear that people want to thrive in marketing.”

While incumbent industry professionals may have been funding their own development, the research showed that over 70% of Gen Z newcomers to the industry expect their training to be funded by employers.

Jones added: “Students and young professionals are coming into the industry after a unique couple of years. To ensure they don’t fall behind through a lack of practical experience, Gen Z expects employers to invest in training opportunities to compensate for the loss of skills during the pandemic. This highlights the need for employers to reassess their training programmes.”

Out of the CIM accredited universities and Study Centres surveyed, they all reported that students value CIM accreditation and understand that it better prepares them for the world of work.

In response to an open question in the study, Dr Elvira Ismagilova, BSc (Hons) Marketing programme lead from The University of Bradford stated that students chose their Marketing and Management MSc as the CIM accreditation ‘reflected the high quality of the programme and post graduate employability along with access to resources and networking opportunities’.

CIM offers a range of professionally recognised marketing and digital marketingqualifications designed to develop the core skills needed to succeed within the marketing industry. Many of these courses are available through over 100 Accredited Study Centres (ASCs) across the UK and internationally.

In addition to qualifications, CIM works with UK and international universities to offer practical work experience for Gen Zs through real-life business project challenges, by delivering The Pitch competition. The competition, aimed at undergraduate students in their second or third year of university allows them to pitch their ideas to a panel of industry leaders in the marketing industry by responding to real life marketing challenge. CIM believes that not only having the right marketing skills, behaviours and technical abilities is key, but students need to gain transferable business capabilities to enhance their employability.

To find out more about CIM marketing qualifications, click here: https://www.cim.co.uk/qualifications/

Mood, monotony and motivation: The keys to brand success

Team Lewis has launched its latest trends guide in partnership with market research firm GWI, looking into how today’s multi-moment audience is evolving and the changes the pandemic has brought about in today’s marketing multiverse.

Markets covered in the report include Australia, Belgium, France, Germany, Hong Kong, Italy, Malaysia, Netherlands, Portugal, Singapore, Spain, UK and US. 

With a rise in screen time and device ownership, unrestrained social media usage and growing concerns surrounding privacy, today’s audiences have an increased desire to impact the world around them. These shifts point to three key themes covered in the report – ending monotony to avoid marketing immunity, understanding how mood can impact an audience, and tapping into key motivators to foster more meaningful connections.  

Key findings include: 

Screen time 

o        Screen time continues to grow in most countries, with the exception of Australia, Malaysia, Singapore and the US   

o        Hong Kongers & Malaysians prefer to spend more time on their mobile devices compared to PCs, laptops and tablets

Device ownership 

o        Globally, audiences own at least three devices   

o        Malaysians on average own fewer than three devices but spend the most time on the internet globally. The US, UK, Germany and Italy are above the global average when it comes to device ownership.

Social Media usage 

o        APAC countries use an average of four platforms daily  

o        Western Europe has the lowest usage, with fewer than three platforms daily

Attitudes towards privacy 

o        Globally, the top concern amongst consumers is how companies use their personal data online (39%) followed by a preference to maintain anonymity online (34%)

Today’s marketing landscape 

o        Leading channels 

  • The website is still king – 56% visited a brand’s website in the last month   
  • Newsletters are still effective – 26% read an email or newsletter from a brand  

o        Expectations of consumers 

  • Global consumers unanimously want brands to be reliable, authentic and innovative 

o        The rise of Audio 

  • In the last three years, there has been an increase in consumption of music streaming services and podcasts 
  • Australia & Singapore are seeing the most growth in music streaming and podcast listenership YOY  

o        Scepticism with social media 

  • Only 23% of consumers globally think social media is good for society 
  • Malaysians are the most positive about social media, with 40% seeing it as a force for good 

“It’s no longer as simple as getting in front of your audience with a single message as many times as possible,” said Simon Billington, Executive Creative Director at TEAM LEWIS. “Consumer expectations of a brand’s interaction with them is clear. They want unique, attention-grabbing creativity delivered in a personalised way. The complexity of message and the vehicle the message is delivered in is paramount to success.” 

Download the Marketing in 2022: Multi-Moment Audience report here.

Marketing departments ‘rely on outdated data and analytics practices’

The majority of marketing departments still rely on outdated practices when it comes to marketing data and analytics, according to a new report.

Of the almost two-thirds of marketers surveyed by Adverity who believe their company is analytically mature, some 77% have yet to achieve a single unified view of their marketing performance while 68% still depend on spreadsheets for reporting.

At the same time, although 61% of marketing departments see developing predictive analytics as a key strategic aim in 2022, more than a third of those still struggle with manual data integration and some 48% say they do not trust the accuracy of their marketing data.

Conducted by Sirkin Research, the report surveyed almost 1,000 marketers and data analysts from around the world about their current data capabilities and aspirations for 2022.  Alongside businesses’ aspirations for predictive analytics, the research also revealed a worrying disconnect between analysts and marketers when it comes to understanding what their business’s current capabilities are.

For example, 60% of marketing data analysts say their organization already has the capacity to run predictive models, and yet only 42% of marketers agree. Similarly, although the majority (59%) of analysts say their company has a centralized data warehouse, only 43% of marketers say that’s the case.

“While the confidence of marketing departments in their analytical capabilities is commendable, that so many businesses are actually still struggling with the basics tells a very different story,” said Adverity CMO, Harriet Durnford-Smith.

Jeff Sirkin, CEO of Sirkin Research, added: “Yet, it’s the marketers who are actually the ones who should be utilizing those capabilities to make decisions and determine where budget is spent. If they don’t know what their company’s current capabilities are, this not only hinders their effectiveness, it is also a waste of money for the business. As such, bridging this divide should be a top priority for CMOs in 2022.”

The new research comes on the heels of Adverity’s “Marketing Analytics State of Play 2022: Challenges and Priorities” research report, which outlined the pain points facing modern marketers and data analysts–most notably, a lack of trust in the data. This new report builds out further how marketers can reflect on the challenges that they currently face and helps to identify solutions that will provide guidance for how to prioritize modernization in 2022.

Brand loyalty being tested by supply chain issues

Cancelled orders and lengthy delays because of the supply chain crisis are testing British consumers’ brand loyalty like never before, with 85% of young shoppers saying they would rather switch labels than wait for their favourites to arrive.

The surprising findings show just how seriously the supply chain bottleneck is affecting peoples’ buying habits, with 91% of consumers in the UK worried that the problems are here to stay.

The research, carried out by Oracle, shows that 77% of respondents have felt the supply pinch, which has been blamed on the impact of Covid and post-Brexit adjustments.

Feelings of frustration and anxiety are common place with 74% of people saying that future delays could cause them to cut ties with their favourite brands permanently.

But consumers’ faith in technology to help iron out kinks in the supply chain is strong, with 70% saying they would be more willing to buy from a brand they knew used artificial intelligence to manage their supply chain.

“Businesses need to be able to provide a consistent and transparent service to customers or risk losing them, with some consumers willing to sacrifice the product quality for the ease of delivery”, said Emma Sutton, chief customer officer, EMEA Consulting, Business Transformation, Oracle. “Supply-chains are global but the technology is available to manage them from anywhere in the world, predicting disruption in order to get ahead of it, and keeping customers updated in real-time.”

34% of CMOs ‘don’t trust’ their marketing data

Over a third of Chief Marketing Officers (CMOs) don’t trust their marketing data, rising to 41% among their data analyst colleagues – posing a challenge for the C-suite charged with driving marketing results.

That’s according to research from leading marketing data analytics platform Adverity. What’s more, there is a growing divide between data analysts and marketers when it comes to trusting their data.

Yet, the very same divide deepens at the leadership level—with 51% of Chief Technology Officers (CTOs) & Chief Data Officers (CDOs) lacking trust in the data compared to 34% of CMOs.

The new “Marketing Analytics State of Play 2022: Challenges and Priorities” research commissioned by Adverity surveyed 964 marketers and data analysts across the U.S., U.K., and Germany, identifying the key strategic challenges faced by marketers and data analysts as well as their priorities for 2022.

For businesses, such a trust divide that becomes greater the more senior you go should cause significant alarm. Teams are failing to communicate mistrust, which results in key strategic decisions regarding spending, budget allocation, and campaign optimization being made without accuracy or confidence, potentially resulting in huge amounts of the marketing budget being misused or ultimately wasted.

One of the most likely causes of the distrust in marketing data and the number one challenge cited by both marketers and data analysts (42%) is the time being wasted manually wrangling data. At the C-level, this jumps to 54%.

“Modern marketing can’t afford to wait three weeks for someone to sift through a spreadsheet. By manually wrangling data, businesses not only open themselves up to human error and inefficiency but also commit themselves to a reactive strategy,” said Harriet Durnford-Smith, CMO at Adverity. “Those who cannot keep up with the evolution or aren’t willing to embrace the new ways of working will ultimately be left behind. Moving away from manually wrangling data is the first step to becoming a data-driven business.”

As marketing spend continues to recover to pre-pandemic levels and marketers are challenged to demonstrate the Return on Investment (ROI) of their campaigns, being able to demonstrate the business impact of marketing is imperative. However, 38% of data and marketing professionals state the inability to measure ROI on marketing spend is one of their biggest challenges. Combined with a lack of trust in the data, this can cause significant problems for businesses.

Looking forward to 2022, 65% of marketers and data analysts state that audience-building and targeting along with personalized content delivery is their most important strategic focus. This is unsurprising given concerns around third-party cookie deprecation and the increasing strictness of privacy laws. Content in the future is likely to have to work harder for businesses to gain access to customers’ zero and first-party data. Creating a tailored and transparent value proposition is an essential strategy for achieving this.

However, businesses need to also invest in their campaign reporting capabilities. Respondents that already have strong campaign reporting are three times more likely to be strong at audience-building and targeting and delivering personalized content/customer experiences.

Shockingly, businesses that already have strong campaign reporting are also three times more likely to invest in it than businesses that said they need to improve. Meaning that the divide between those who are garnering greater insights from their reports and those who are not is only widening.

Supplier e-commerce sites ‘failing’ B2B buyers

B2B suppliers are failing buyers, new research has found, with 52% of e-commerce sites not fully meeting expectations. Difficulty finding relevant products (32%), none or not enough product images or videos (30%), and an inability to talk to someone or ask a question (28%) were identified as the top frustrations with underperforming sites.

The research also highlights an increasing volume of order errors, with 37% of buyers reporting errors with online orders at least on a weekly basis, and 11% reporting errors daily.

The survey, conducted by Sapio Research on behalf of Sana Commerce, found accelerated digital transformation in the B2B buying space, with more business being conducted online than ever before. E-commerce platforms have seen the largest increase in usage since the outbreak of the pandemic (58%). In fact, two thirds (66%) of companies are spending more online now than they did prior to the pandemic, by an average of 45%. The research shows that companies are now spending an average of £3.6m online each year, with 428 business-critical orders placed each day.

However, as more purchasing has moved online, order errors have disproportionately soared, suggesting that many suppliers didn’t have the scalability needed for this widescale shift. 37% of B2B buyers have reported errors with online orders at least on a weekly basis, equating to £1.3m in orders being affected by errors per company, each year.

This compares with just 28% experiencing weekly errors in 2019. As a result, 46% of respondents are finding their productivity and efficiency levels affected while they contact the supplier to fix the issue, and 46% are experiencing delays in the already problematic supply chain. When asked what they believe to be the reasons behind these order errors, 38% of B2B buyers cited suppliers displaying incorrect inventory (38%), incorrect product information (37%), and incorrect shipping information (35%).

Survey respondents were also asked what was important to them in the buying process, and four in five identified the relationship between themselves and the supplier, with almost half classing it as very important. In fact, 84% said they would be more inclined to buy from a supplier they had a great relationship with even if the terms of sale were not as good as a competitor. Yet, despite the obvious importance of relationships it seems that many suppliers are still getting it wrong. 39% of B2B buyers identified supplier relationships as a customer experience challenge, coming only behind delivery and tracking (44%).

Commenting on the research findings, Michiel Schipperus, CEO at Sana Commerce said, “A look at B2B buying experiences in 2021 highlights the importance of sustainable supplier relationships, which don’t end after the purchase is made. However, as purchasing has rapidly moved online, it seems that many suppliers have failed to meet expectations and let their buyers down.

“Reliability – in data, service, and information – is evidently a crucial part of a good relationship, and this is a shortcoming that seems to be causing high volumes of order errors that are not only costly to the bottom line, but also to the buyer-supplier relationship. To eradicate these problems, suppliers should ensure their e-commerce sites are fully integrated with their ERP so they’re able to provide buyers with real-time, accurate information to inform their purchasing decisions.”

Loss of accurate social media advertising data a strain on MarTech

Loss of accurate social media advertising data, thanks to iOS updates, had biggest effect on MarTech industry this year

That’s according to a study undertaken by the team behind global affiliate platform www.Awin.com, in which 250 senior marketers and business owners from medium or large MarTech companies were asked for their opinions on 2021 so far.

Overall, 81% of those asked said that they had been affected by iOS14 or the above updates around the tracking of their social media advertising campaigns over the last year. The “opt-out” privacy feature installed in the iOS14 update reduced advertisers’ ability to personalise and re-target their social campaigns.

One of the most prominent recent talking points was the effect of the iOS15 update on the industry, despite only launching just over a month ago in September 2021. 73% of the senior marketers involved in the study agreed they had noticed mail open rates ‘severely inflated’ thanks to the update. The update allows users to turn on ‘protect mail activity’, whereby Apple will automatically load images and CSS, making it appear as if the email has been opened.

Over half (55%) of the marketers who had noticed an inflation in mail open rates claimed that they have abandoned the measuring metric altogether in favour of ‘click-through rates’ and ‘conversions’. 28% of senior marketers also claimed they had switched to a subscription model off the back of the software release, stating that customer retention was the ‘only way’ to get the information they required.

As well as the effects that developments have had on the industry so far in 2021, senior marketers were also asked their thoughts on what 2022 might have to offer.

Some of the most common trends that were highlighted were found to be:

Immersive VR65% of senior marketers predicted this as a trend for 2022

There are already a few apps that let consumers see how an item may look in their house, for example, or apps that allow users to scan the internet for deals on their favourite pair of shoes using just one photo.

Chatbots will be able to handle more complex matters: 22% of senior marketers predicted this as a trend for 2022

It’s likely that by next year, users could see chatbots trusted with payments, become entirely voice driven and improve on emotional intelligence, to name just a few suggestions from senior marketers.

Chatbots may be able to analyse the pattern of every interaction in order to keep customers engaged and improve response capabilities.

Increasing demand for Marketing Architect roles: 15% of senior marketers predicted this as a trend for 2022

Although slow to gain acceptance among some firms, the number of Marketing Architect roles are set to rise with the demand from companies increasing in an attempt to steer the way in some of the above trends for example.

Kevin Edwards, Global Client Strategy Director at www.Awin.com, said: “2022 will be the year when marketers have to decide what measurement metrics are important to them. With third-party cookies on the way out and the tech giants making it increasingly difficult to measure campaign success, MarTech businesses who can offer data light and privacy-centric solutions will find themselves increasingly in favour.

“Introducing immersive VR and increasing chatbot intelligence will require huge investments from companies if they’re looking to get ahead of the trend. However, they are a clear signal of how brands are increasingly focusing on customer experience above all else”.

Sam Higgins, Chief Marketing Officer at Prezzybox also commented on the effects the iOS changes have had on the business “Analysing the paid social platform, we can see that the iOS changes have had a negative impact on the conversions being tracked in the Facebook advertising platform.

“Looking at data from 14th September – 25th October 2021 and comparing this to the same date range in 2019 (2020 is different due to lockdown), we are seeing a 75% drop in website purchases being recorded in the platform whilst budget remained the same.

“Obviously, this has resulted in a huge increase in the cost / website purchase, making us re-analyse our paid social strategy. Moving forwards, we are tracking paid social within Google Analytics as this gives us a much more accurate representation of how paid social campaigns are performing.”

Brands urged to cash in on ‘social commerce’

B2C ecommerce leaders are fast-tracking social commerce initiatives, but fewer than 30% are prioritising the full customer journey.

The “Cashing In on Social Commerce”  Forrester Opportunity Snapshot study highlights the challenges experienced by early adopters in the social commerce spaces who aim to fast-track revenue expansion efforts and improve overall customer care via social channels.

Social commerce, which encourages the discovery and purchase of products via social media channels, is expected to grow at a 31.4% compound annual growth rate (CAGR) between 2020 and 2027, the global social commerce market is estimated to grow to $604.5 billion by 2027, according to Research and Markets.

According to the study findings, fewer than 30% of social commerce leaders are prioritising customer engagement, failing to cultivate and nurture customer relationships throughout the social purchase journey, and putting their long-term social commerce growth at risk. This data point underscores how, even as brands are beginning to prioritise social commerce and experience immediate returns, many still have a long way to go in terms of successfully managing the full social purchase journey. Without proper attention to CX, ecommerce leaders risk falling behind in an overly competitive market.

“Consumer demand has forced businesses to pivot online, and we have seen a significant uptick in the number of B2C businesses embracing social commerce,” said Mark Zablan, CEO, Emplifi. “We believe the study confirms much of our internal findings: B2C brands are racing to embrace social media as the means to conduct business from discovery to engagement, and now to shopping, service, and customer care. Social commerce is the new conduit to great CX.”

More than 80% of the social commerce leaders surveyed confirmed they are investing in two or more social shops, with more than a third currently using four or more social shop platforms. Not only are social commerce leaders adopting social shops at a swift pace, 86% of the survey participants expect — or have already achieved — a return on their social commerce investment within a one-year time period.

“Social commerce leaders are seeing major gains but are also becoming increasingly aware of the need to bridge the gap between building brand presence among a growing audience, and then convert that audience into loyal, engaged long term customers,” said Zablan. “The most effective, and efficient, way to do this, and accelerate social commerce efforts, is to utilise best-in-class CX tools with integrated social capabilities. By sharpening their toolset, especially when it comes to customer care and holistic social commerce reporting, brands will get the competitive edge they need in this rapidly growing social commerce market.”

Among the study’s key findings:

  •   B2C goals and strategies not optimally aligned: While goals are documented and understood, the report shows only 26% of teams are aligned on how to reach next-generation consumers across social shops.
  •   Conversational AI basic capabilities are well adopted:  Bot technology that provides basic communication and engagement is heavily used by the brands surveyed, but eight out of ten survey respondents report they are looking to invest further in more sophisticated conversational AI capabilities in order to conduct advanced transactions using virtual bots.
  •   Livestream video shopping shifting beyond early stages:  Of the brands surveyed, 70% plan to invest in personalised and group/friend video shopping capabilities, as well as one-to-many influencer events over video.
  •   Scaling up customer care and service is critical to social commerce and CX.  While the report highlights revenue as the ultimate outcome, over 40% of responses indicate that customer care, service and assistance are critical for social commerce and improve overall CX.

While an astounding 50% of the brands surveyed for the report have realised measurable revenue gains or expect incremental cross-channel revenue, the data shows the most successful social commerce efforts go beyond the immediate purchase to focus on the full customer experience.

To read the full study findings, download: “Cashing In On Social Commerce.