In the past couple of years, several retailers have demonstrated a significant increase in their revenues by connecting with customers online and ensuring an active social media presence. Social media monitoring services can help companies in the retail industry to increase sales, enhance customer satisfaction, and also personalize their marketing campaigns. The urge to interact with customers in a more meaningful way and build better brand loyalty is promoting the use of social media monitoring services and tools among modern retailers. Based on our experience in helping several retailers set up their social media monitoring strategies, we have listed out some of the key benefits that retailers can gain using social media monitoring services.
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Why retail companies need to use social media monitoring
Retail industry is evolving
According to our latest retail industry analysis, the sector is evolving faster than ever before. And internet and social media platforms play a significant role in contributing to this growth. In fact, social media is expected to account for almost 15% of the total retail sales by 2020. To keep pace with the changing market scenario and track what consumers are talking about the brand, social media monitoring tools are vital.
Rising market competition
Retail is also one of the most competitive sectors in the world right now. The chances of survival and success in such highly competitive markets solely depend on a company’s ability to differentiate itself among other players in the market. Moreover, more players in the market may mean the risk of losing out on market share, but it also gives brands an opportunity to learn from their competition, and this can be effectively done with the help of social media monitoring services.
Changing customer demands
Before the era of the internet, brands spoke, and the consumers listened. Things have changed ever since the internet and social media have become the part and parcel of the average consumers’ daily lives. There are now millions of conversations about brands happening on social media every day. What this means is that there could be thousands of relevant conversations about a particular brand happening right now, and there are chances that they have no clue about it. This where the power of social media monitoring services comes into play.