• Word of Mouth Marketing (WOMM) – Any business action that earns a customer recommendation through building preference and delivering experiences.
• Speak it – One of the most important aspects of WOMM is paying it forward through recommendations made both offline and online.
  • In America Everyday: 3.3 billion brand mentions in 2.4 billion brand-related conversations
  • 9 in 10 word of mouth conversations about brands occur offline.
  • The typical American mentions specific brand names 60 times per week in online and offline conversations.
• Like it – When individuals talk about a given product or service the majority of the conversations are positive. Odds are, if someone’s talking, it’s a good thing.
  • 66% of all brand-related word of mouth conversations are “Mostly Positive”
  • 8% of brand-related word of mouth conversations are “Mostly Negative”
  • The average online review is 4.3 stars out of 5.
• Hear it – Consumers are always interested in hearing about new and interesting products. Before making a purchase, consumers pay attention to what people are saying about it.
• Driving Forces of Purchase Decisions:
  • 54% Word of Mouth
  • 47% Information from a website
  • 42% Email sent by a friend
  • 31% Online review
• The Most Influential Element Driving Purchase Decisions Today is Word of Mouth

 

• Offline Credibility – 59% of Americans believe offline (face-to-face or voice-to-voice) word of mouth to be highly credible.
• Online Credibility – 49% of Americans believe online word of mouth is highly credible.
• Service Profitability - 55% of consumers recommend a company because of its customer service.
• Experience Profitability – 27% of consumers would pay 15% or more to receive a superior customer experience.

Word of Mouth Marketing is as important as ever in both physical and digital channels. Despite advancements in technology, traditional band interactions and conversations continue to be a significant factor in influencing consumers.

Internet commerce changed how we do business, and now the rapid expansion of mobile is morphing the retail environment again.

Thanks to their mobile phones, consumers can get information to help with purchase decisions at the touch of a button, whether they’re shopping online or in-store. Here’s what you need to know to reach these new shoppers and those joining their ranks every day.

Ways to Shop:

• Scan a tag (or qr code)
• Call a friend
• View a website
• Use an app

Methods to gather information:

• Discuss on a social network
• Read a review
• Make shopping lists
• Compare different products
• Collect loyalty points
• Read more info
• Join an online chat
• View store location using maps
• Look up location specific coupons
• Benefit with others using group deals

Forms of Payment

• Pay using phone number
• Buy in store
• Pay using card on phone
• Pay online

Mobile Shopping Breakdown

• 10% don’t have a mobile phone
• 40% don’t shop using a mobile
• 40% are light mobile shoppers – have a narrow outlook towards mobile with regards to shopping and see their phone primarily as a mini computer.
• 10% are heavy mobile shoppers – love their phone & are really into mobile shopping. They do everything on their phones: share photos, check news, download music & shop.

Shopping Habits Changing:

• World eCommerce sales in 2009 = $210 billion online; $1.2 billion via mobile.
• Predicted 2015 world eCommerce sales = $14 trillion online, $119 billion via mobile.

Would you believe that in this day and age of social commerce and instant payments, eCommerce only accounts for 5% of all retail sales? Because e-commerce is so big and still growing, it’s easy to forget that e-commerce is actually a very very small part of actual commerce in the United States.

Less Than 5% Of Purchases Happen Online

The infographic created by Milo; a startup that checks the inventory of real world stores to tell you whether products are in stock or not, points out that: The Bulk of Shopping Still Takes Place in Store.

It’s hard to believe it, but it’s true–less than 5% of retail sales are actually done online! The rest still happen on Main Street, at the mall, and at the big-box retailer down the road. So how does the Internet come in handy? It’s perfect for doing research before you hit the road so you know exactly what you want and where to get it.

With the Internet turning 25 year’s old this month, It’s good to know that there still lies a tremendous opportunity for people to sell items online.