By  on February 15, 2013

NEW YORK — LoopIt.com, a new social site, was launched to fulfill the promise of the convergence of social media and shopping that has so far fallen short of its potential.

Many of today’s social media giants have yet to figure out how to most effectively use social media to interact with customers and increase brand recognition, build loyalty and fuel sales, according to experts. Several studies have shown that social media plays a very small role in e-commerce. For example, an IBM survey found that shoppers who visited e-commerce sites referred through social networks such as Facebook, Twitter, LinkedIn and YouTube during Black Friday 2012, generated 0.34 percent of total online sales, down more than 35 percent from the previous year.

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