To understand the disruptive impact the digital realm has on shoppers’ behavior, one can simply look at the popularity of Cyber Monday. Originally just a marketing term coined by the National Retail Federation in 2005, the Monday after Thanksgiving Weekend replaced Black Friday as the day that saw the most retail transactions out of a year in just four years time.
Last year alone, online transactions during Cyber Monday had a 20% increase and ballooned to a record breaking $2.29 billion in sales. However, while the numbers themselves are impressive, there is still a lapse in understanding how this new medium, especially platforms such as social media, can co-exist with conventional business practices and traditional retail establishments. Interesting enough, this blurred boundary is where some brands, both large and small, thrive thank in part to their robust strategies on utilizing social media.
On one end of the market spectrum is Nike, which with a capitalization of nearly US$80 billion left many in doubt about its ability to meet the almost real-time needs of social media. However, once the Beaverton, Oregon-based company sought out the goals and means to get there, it took off without glancing back. Like its closest competitions, Nike exploits every ways to get the most of its Twitter, Facebook, and Instagram accounts. The company even went as far as to creating a “reservation” system on its Twitter feed for its most sought after models. Where Nike stands apart from the rest, however, is its network of apps like the original Nike+ to the most recent Nike SB App. Not only each personalize the training experiences as well as helping the user to reach his or her goals. They also help user to create their own virtual communities within the often chaotic world of social media.
While Nike encourages participation in its social media outlets, Supreme couldn’t be more different. On the market spectrum’s other end, the New York City-based street fashion icon is taking an old-school approach in its social media initiative. Already famous for its somewhat indifferent attitude to trends, Supreme elaborate that further by not interacting with its fans on social media. Instead, it transformed its Facebook page and Instagram account into curated channels for product highlights with occasional updates from Supreme’s archive. Counter-intuitive at first glance, the method actually garners even more attention to Supreme in part because of the limited nature of its products.
Still curious about how social media plays an important role in connecting shoppers with brands? Continue reading here to find out the various approaches that both parties have at their disposal in the virtual realm.