Consumers Don’t Buy on Social Media, New Survey Indicates

Audience Engagement
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Consumers Don't Buy on Social Media, New Survey Indicates

A new survey said consumers don’t buy on social media, despite the fact that small businesses are trying to reach them there.

Constant Contact surveyed over 2,000 consumers and small-business leaders and found the two groups often differ about what content, communication methods and online experiences are most valuable.

The survey found that 63% of small businesses were most likely to use social media to promote themselves online, and 24% said it was their most critical marketing channel to drive business during the pandemic.

But while 45% of shoppers said social media was effective at getting their attention, they said they were much more likely to buy following an email or a text. 34% cited email as the most helpful method of communication when considering a purchase, 30% cited text messages, and 20% cited social media. (Note that Constant Contact is an email list-hosting service.)

The survey also found that 40% of consumers were not influenced in purchasing decisions by emails checking on their well-being. Instead, emails with a clear discount code or coupon are most likely to be opened (77%) and lead to purchase (67%).

The survey was conducted for Constant Contact by WiseWorks, which surveyed 1,000 small businesses and over 1,000 consumers who had made at least one purchase online since March 1, 2021. Both surveys were conducted between June 23 and July 2, 2021.

You can find additional results on a special survey landing page and in the company’s press release on the Constant Contact website.

PayPal Offers Cryptocurrency service in the UK

PayPal has made yet another move in the cryptocurrency arena – it launched a new service allowing UK customers to buy, hold and sell cryptocurrency with PayPal (note that terms apply).

PayPal is offering customers the choice of four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

“By accessing their PayPal account via the website or the mobile app,” PayPal announced, “they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.”

It’s the first international expansion of PayPal’s cryptocurrency offering outside of the US, and the company patted itself on the back, stating that with its launch there, “the exploration of cryptocurrency has the potential to become mainstream in the UK.”

Customers can start by buying as little as £1 of cryptocurrency through PayPal and can fund it through their bank account or debit card.

“If customers choose to sell cryptocurrency with this new service, funds are normally available quickly to spend in their PayPal account. There are no fees to hold cryptocurrency in a PayPal account. There are transaction fees and currency conversion fees for buying and selling applicable cryptocurrencies.”

In Monday’s announcement, PayPal also summarized its initiative in the US thus far:

“PayPal is one of the largest companies globally to enter the market for digital currencies with its announcement last October that it would allow its millions of U.S. customers to buy, hold and sell cryptocurrencies.

“This March, the company announced ‘Checkout with Crypto’— enabling customers in the U.S. to use their cryptocurrency alongside other payment methods in their PayPal wallet to make purchases at businesses around the world.

“In April, the company introduced crypto services on its mobile payment service Venmo in the U.S.”

The new offering will roll out in the UK starting this week and will be available within the next few weeks for all eligible customers directly in their PayPal account via the website and their mobile app.

See the full announcement on the PayPal website.

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