ICON publishes study about consumers’ use of social media in Malta

ICON, in collaboration with the University of Malta, has published a research document regarding social media and how it influences consumer behaviour and purchase decisions in Malta. The report contains insights into local trends which help SMEs better leverage the strength of digital.

Although social networks are not always direct e-commerce platforms, they play a key role in reaching and influencing prospective customers. With one in every four minutes spent on the internet being used for social networking, social media is an essential platform for brands to interact with new and existing consumers.

This is as true internationally as it is locally, as the study indicates that 99 per cent of the Maltese population access social media on a daily basis and 56 per cent are more likely to purchase from brands they follow on social media.

ICON’s report is intended to help guide local marketers in reaching out to consumers more effectively via social media networks. The study answers fundamental questions such as: “What networks are local consumers using?” and “What types of social media content hold the most influence on purchase decisions?” The study digs deep into how social media is influencing consumer purchasing behaviour, as well as reflecting on how local marketers should interpret the results and integrate into their marketing strategy.

Digital technology has had such an impact on mainstream retail that Gartner Research predicts that by 2020, customers will manage 85 per cent of their relationship with a company without ever interacting with a human. Social media plays a key role in these digital relationships and it appears that its significance will continue to grow in the future.

Commenting on the publication, Dr Gege Gatt, Director of ICON, stated: “Social media has changed the very fabric of communication patterns within Malta. This research reveals that 67 per cent of online users regularly refer to social media to gather information about products or services before making a purchase. Thus even when a purchase happens offline most of the touch points leading to it are actually digital. Understanding this shift in influence is critical for retailers.

“Local organisations need to be nimble in embracing digital disruptions and social is just one of the many waves of changes we are witnessing. The entire value chain of the retail process is transforming rapidly: from procurement to digital fabrication and checkout to new modes of digital payment. The goals in front of us are ambitious and local retailers can gain many insights from our report.”

Commenting on the publication, Carl Saydon, Digital Marketing Manager at ICON, stated: “Digital technology and social media have completely changed the way in which consumers, particularly millennials shop for products and interact with businesses and brands. The shift in the consumer decision making process emphasises the point that businesses must evaluate their marketing strategy and give more importance to their digital activity to ensure that they are in the right place at the right time, giving prospective customers the information and support they need to make the right decisions.”

Commenting on the publication, Dr Gorg Mallia, Head of Media and Communications at the University of Malta, stated: “Our brief is to give our students not just the tools they need to learn and think, but also the skills that are necessary to work with on a practical and productive level. Working on this project with ICON provided just such an opportunity for our students not just to gain experience within the business-world but also to put into practice research skills in an area of digital activity which is a global force for change.”