What Retailers Can Expect From Today's Deal-Shopping, Social-Medialyzing Consumers

A recent Yahoo (YHOO)-funded study done by communications agency Universal McCann says that consumers are reducing their impulse purchases. Instead, they use social media, mobile Web applications, coupon sites, and comparative shopping engines to find and communicate the best deals.

Both companies have an interest in promoting the use of advertising online, and were this the only data point, you'd be justified in raising a skeptical eyebrow. But there are lots of reasons to think consumer habits are changing, and that will ultimately mean significant consequences for how companies sell to the public.

Here are some of the top results of the Yahoo/UM study:

• Of the 2,485 survey participants, 69 percent trusted the Internet for product and service information, compared to 43 percent for magazines and 35 percent for television.
• More than half of shoppers (55 percent) say that the Internet has made them less impulsive in buying.
• About 49 percent of consumers use social networks and user review sites to give others advice on shopping.
• Shopping has turned into (or, realistically, become more of) a game, with 82 percent of people surveyed saying that finding a good deal contributed to a feeling of winning and 69 percent seeking more deals and coupons online.

This isn't the only information showing how consumer habits are changing. People are using comparative shopping engines, specialized services, and, increasingly, social media and networking with friends. According to Edison Research, 52 percent of Americans have social media profiles on at least one site and almost 25 percent of them say that Facebook has the biggest influence on their buying decisions of any service.

Crank the numbers and it means that at a bare minimum, big a part of the population -- 13 percent -- actively uses online services and social networks to make smarter buys. In reality, it's probably a much larger group of people.

All this has begun to have an effect in some segments. Travel agencies have taken a beating since Orbitz, Kayak, Priceline, and many others have come along. Books? Borders is in bankruptcy and independents are hurting with so much purchasing going to Amazon (AMZN) and Barnes & Noble (BKS) online. New niche markets are under fire, as well. For example, startup SeatGeek helps people find the best buys for their money when buying event tickets.

The effect will only broaden as deal sites and mobile price comparative services become more popular. That has a number of major ramifications:

• Retailers can expect lowered margins over time.
• Big retailers will push back on manufacturers and demand higher discounts as a result.
• Manufacturers and sellers will have to make greater use of social networks to grab consumers when they are making purchasing decisions.
• Social networks will take an increasingly large part of online advertising.
• Decentralized reputation management and monitoring will become a much bigger business than it currently is.

Whatever disruptions we've seen in business because of the Internet are likely to be small compared to what is coming.

Related:

• Nasty Online Reviews May Not Hurt Your Business as Much as You Think
• 2 Ways Retailers Can Avoid Hiking Clothing Prices
• Are Crowds Pretty Dumb After All?

Image: morgueFile user impure_with_memory, site standard license. Erik Sherman

Erik Sherman is a widely published writer and editor who also does select ghosting and corporate work. The views expressed in this column belong to Sherman and do not represent the views of CBS Interactive. Follow him on Twitter at @ErikSherman or on Facebook.

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