Social Commerce

Group Buy Power Briefing | Social Commerce Webinar Download

Here’s last week’s fantastic social commerce webinar/podcast on group buy hosted by Opus research/Internet2Go, featuring Yipit co-founder James Moran, Close.ly CEO Perry Evans and Internet2Go Senior Analyst & Program Director Greg Sterling.

Full of intelligent insights, useful stats and market predictions, it’s the best overview of the social commerce group-buy segment we’ve yet to have seen.

Here’s the link to the webinar (requires registration), but screenshots, audio and top takeouts are below.  Enjoy.

Group Buy Power Briefing (Yipit/Close.ly)

Top Takeouts

  • 62% of online adults look for coupons for online stores – 12% never make a purchase without checking for an online coupon first
  • Searches on Google for “Printable Coupons” increased 67% year on year
  • Digital coupon users have average household income of $96K
  • Adults with HH income greater than $100K are twice as likely to have redeemed online coupons than lower income households
  • Adults with college degrees are 2x more likely to have used online coupons than those who didn’t graduate from high-school
  • After search engines, coupon sites are the most popular online shopping tool (before reviews, retailer emails, price comparison sites, shopping portals and social networks)
  • There are now 500+ Group Buy couponing sites; Groupon and LivingSocial are the market leaders (Groupon vital statistics: Valuation $1.35m, 2010 revenues (est.) $350-400M, $170M invested, present in 100+ US cities, expansion through Europe underway)
  • Publishers/media co’s are now entering the group-buy arena (Washington Post, San Fransisco Chronicle, CBS)
  • Group buy sites are a new generation local advertising channel/local direct marketing channel
  • Group buy is form of “live social marketing” (daily deals + email marketing + mobile LBS/checking + Search marketing)
  • 90% of group-buy coupons get redeemed
  • The group-buy categories generating the most revenue are city tours, hair removal and spas
  • The future of group buy is 1) “verticalization” – focusing on specific product/demographic categories 2) media (publishing sites)
  • 93% of retailers using group buy sites would use them again
  • Customer retention is an issue with group-buy sites – 19% conversion from coupons to regular customers – but apps such as Scoutmob are emerging that offer ‘return perks’ deals for returning coupon users to stimulate loyalty

Chartered psychologist specialising in consumer behaviour, wellbeing and technology. Certified CX professional experienced in Design Thinking. A researcher, writer and speaker, Paul is head of Digital Insight at SYZYGY.

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