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Retail sales in the UK that are conducted directly through social media sites are expected to grow from their current ?210m to ?290m by 2014, according to a new survey commissioned by the number one selling website eBay. They also predict that as much as ?3bn worth of retail sales will be greatly influenced by social media on the internet by 2014.
This increase is largely expected to be driven by consumers being targeted by retailers with personalised offers and special deals via social networks. 46%, or almost half, of regular social media users are already actively using social platforms when considering making a purchase, and 40% of users decide what to buy purely based on what they see on social media sites, such as recommendations or reviews, and this is set to grow further.
The publication of the eBay study coincides with the data that has been released by Experien Hitwise, which has shown that Pinterest is already the 4th largest social network in America, and is the 14th largest in the UK. A US user averages 15 minutes per session on Pinterest, while a Brit averages 9.
Those in the US are more likely to go to the Pinterest site after a visit to their Facebook account, while UK users tend to go there straight from Google. Retail sites could see this as very good news as there is evidence that Pinterest drives more sales which have a higher average value than those from Facebook.
Another site experiencing a massive surge in traffic over the past year, according to the Experian data is Instagram. A table has been produced showing the growth of visits to both social media sites for the year ending July 2012. The biggest growth in both Instagram and Pinterest traffic was in the US, with a rise of 17,319% and 5124% respectively, but there was also significant growth for both in Australia, New Zealand, Hong Kong, Singapore and the UK.
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Source: http://www.wtc2006.com/social-media/social-media-increases-retail-sales-according-ebay-survey/
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