It seems there was an industry research study conducted recently that found that social media wasn't driving business as effectively as retailers had hoped. In particular, the study found that "social media is not a significant source of either influence or communication for the flooring industry".
I'd love to get my hands on this study to better understand who was surveyed and what they were asked that led to this finding. Not because I don't believe the findings, but because I think there might be a nuance in the findings that needs to be pointed out. Maybe these consumers aren't relying on social media to help them find retailers in this particular industry, but are they using social media to share their opinions and reviews of their purchasing experiences (good or bad)?
They might use it to determine who NOT to buy from. And that's good reason for businesses in any industry to keep an eye on social media chatter about their brand so as to reduce customer attrition, and participate in the conversations that ultimately could affect their success.
Oh, and after watching this video, I learned that the reviews and opinions being shared online by consumers can impact a company's website search engine listing--another reason to keep an eye on the social conversation and use those insights to adjust the customer experience your business delivers.