Everyone else makes up acronyms, so I figured I would too as a way to define what Newegg is doing with their #sharetosave program for the back to school season.
As you can see from Baynote’s Back to School Shopper Behavior Survey – Newegg is getting this right on a number of levels. Back to school for the college age group is social, mobile and promotion based. Hence, SOPROMO.
SO: Technology purchases for back to school span across age groups, but the bigger spend happens with older college aged students. As we discovered, this group, avidly uses social channels and Facebook in particular when shopping for college supplies. In fact, our survey showed that 60% of college aged students and their families will use Facebook to complete their shopping followed by 49% on google+, 47% on Pinterest and 46% on Twitter.
PRO: This demographic also tends to spend more as seen in the NRF Back to School 2014 survey – upwards of 30% more on technology than the school age group. And we know from the Baynote survey, over 50% of shoppers will take advantage of pricing promotions regardless of purchase channel.
MO: Finally, as we all know, millennials are mobile and have never known life without smartphones and e-commerce. They and their families are savvy users of phones and tablets especially when searching for deals and researching what to buy. Shoppers in our survey used smartphones 40-49% of the time to always or frequently redeem coupons in store, find offers, find stores, research products, track order delivery or check prices on Amazon.
So, congrats to Newegg. I hope their promotion does well as it appears to be hit on all of the right things for their back to school customer.