News

Social media savviness is a must for retailers

October 30, 2011

A story published today in USA Today discussed just how much social media shapes consumer behavior.

"Platforms like Twitter and Facebook not only give businesses a chance to promote their wares and build brand loyalty, they also offer an opportunity to respond directly to shoppers and pick up on consumer opinions and trends," the article stated.

While the new social media landscape means a small customer-service misstep can mushroom into a big public-relations embarrassment on YouTube or Twitter, the ability to monitor consumer tastes is worth it

"Social media is a great way for companies to interact and get to know their customers and consumers," Stephen Wyss, partner in the retail and consumer product practice of financial services consulting firm BDO USA, said in the story. "It's also a really fast and cost-effective way to gather information about new markets."

Major retailers, including Wal-Mart, are off and running in the social media world.

"We listen and engage with our customers on Facebook and Twitter on an ongoing basis," said Sarah Spencer, national media relations director for the discount retailer.

In fact, the retail giant recently introduced a Christmas layaway option based on customer comments on Facebook, and just launched more than 3,500 store-specific Facebook pages in response to feedback from its Facebook "community" — which has more than 9 million members — that shoppers wanted a more local focus, she noted.

Read more about social media.