By Ken Burke, founder and chairman of MarketLive
There’s a battle raging for the control of e-commerce. On one side are retailers looking to increase market share, accelerate revenue, grow brand affinity and increase customer lifetime value. On the other side are consumers who want to be empowered, increase connectedness, find relevant products, receive feedback from peers, and have interactive and entertaining experiences online.
At the Direct Marketing Association’s Annual Conference & Exhibition last week in San Diego, I led a session where I discussed how the rapid advance of social media has given the edge to consumers, putting them in firm control. The good news for retailers is that this isn’t necessarily bad. By leveraging customers, not just the platform, retailers can still reach their goals.
Social media consists of online tools and platforms that people use to share opinions, insights, experiences and perspectives with each other. The most leveraged forms of social media include blogs, ratings and reviews, message boards, and social networking sites like Facebook and YouTube.
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