No longer the realm of intangible “likes,” social media is showing its clout as a platform where sentiment translates into sales, new research shows.
In its E-Commerce KPI 2019 report, Dublin-based digital marketing agency Wolfgang Digital said a review of Facebook Analytics data indicates the valuable role the social giant plays in nudging consumers from passive observers to engaged buyers.
The data shows that someone’s “like” on Facebook is worth 3 percent of a brand’s average order value, and even more telling, 3 percent of those who click “like” on a brand’s Facebook post will end up converting as a customer, according to Wolfgang.
Additionally, the more meaningful the engagement, the greater the effort expended and more time it takes—the higher the conversion rate. So while liking a post translates to a 3 percent conversion, that ticks up to 4 percent for sharing a post, 4.67% for reacting with an emoji, 4.9% for taking a moment to type out a comment and 9.95% for sending a private note on Messenger.
“The unseen currency of time is crucial here,” the report noted.
However, the value of social engagement doesn’t end with the consumer’s brand interaction; this is where the network effect comes into play. Wolfgang polled 300 internet users to take the pulse on their social behavior and habits. Not only do a consumer’s social contacts see the original engagement (66 percent said they’ve observed an interaction within the past day), many of those friends and family are more prone also to engage with the brand (62 percent) and acknowledge they’re more willing to trust that company. And with another 48 percent expressing a higher likelihood of purchasing from said brand, “Facebook’s advocacy advantage” comes into clearer focus, the report noted.
With so much social networking taking place on smartphones, mobile’s role in commerce is on the rise, generating more traffic than desktop (53 percent to 37 percent) even if for the moment desktop still maintains a revenue-driving edge (56 percent to 32 percent).
Wolfgang said revenue coming through mobile interfaces has grown 23 percent, pointing to consumers’ increasing comfort with transacting on a smartphone at the moment of interest and intent versus waiting to log on to a larger device.