Social commerce is gaining traction and driving revenue in the events space, according to a new study by event planning start-up Eventbrite. For business owners wary of building social media communities, the study indicates that the impact on the bottom line may be worth considering.
Using social analytics data from the company’s online ticketing service, the study calculated “Dollars Per Share” (DPS), a metric measuring the dollar amount of any purchases resulting from a "share" of the desired item (in this case, an event) on Facebook, Twitter or LinkedIn.
Among its findings, the study showed that companies and small businesses earn as much as $4.15 each time they share an event on Facebook. And on average, DPS has nearly doubled to $3.23 from $1.78 in 2010 across the three social networks.
In addition to Facebook, Twitter also showed promise in its ability to boost purchases, according to the study. The company found that social commerce on the microblogging service is up 330% from 2010, creating $1.85 in value per share. In Eventbrite’s report two years ago, Twitter drove only $0.43 per share.
Not surprisingly, LinkedIn scored the lowest DPS of the three large social websites at $.92 per share.