trendwatching.com's May 2011 Trend Briefing covering THE F-FACTOR

Just a few recent stats demonstrating the reach and power of the F-FACTOR:

• The F-FACTOR is currently dominated by Facebook, as over 500 million active users spend over 700 billion minutes a month on the site. (Source: Facebook, April 2011)
• And its impact isn’t just on Facebook itself. Every month, more than 250 million people engage with Facebook across more than 2.5 million external websites. (Source: Facebook, April 2011)
• The average user clicks the ‘Like’ button 9 times each month. (Facebook, 2010)

And a couple of brand-related, F-FACTOR stats:

• Three quarters of Facebook users have 'Liked' a brand. (Source: AdAge/ Ipsos, February 2011)
• Juicy Couture found that their product purchase conversion rate increased by 160% after installing social sharing features (Source: CreateTheGroup, February 2011)
• Incipio Technologies, a gadget accessory retailer, found that referrals from Facebook had a conversion rate double the average (Source: Business Insider, March 2011)
• But it’s not just about Facebook. Take for example the explosive rise of the daily deal site Groupon, which used referrals from friends and colleagues to drive sales of over 40 million deals in the two and a half years since it launched in November 2008, via email ;-)

So, here are just five of the ways that the F-FACTOR influences consumption behavior:

1. F-DISCOVERY: How consumers discover new products and services by relying on their social networks.
2. F-RATED: How consumers will increasingly (and automatically) receive targeted ratings, recommendations and reviews from their social networks.
3. F-FEEDBACK: How consumers can ask their friends and followers to improve and validate their buying decisions.
4. F-TOGETHER: How shopping is becoming increasingly social, even when consumers and their peers are not physically together.
5. F-ME: How consumers’ social networks are literally turned into products and services.

* This Trend Briefing is about the impact of consumers’ social connections on how they find, decide and purchase: i.e. what happens when consumption is increasingly social, rather than the personalized retailing opportunities on social networks (which is currently still the main focus of F-COMMERCE). For more on this see the excellent Social Commerce Today.

via trendwatching.com

Lots of excellent deets in this Brief - read the full post on trendwatching.com/briefing

Posted via email from Siobhan O'Flynn's 1001 Tales