Engagement of the e-commerce industry in the US, according to Twitter in the period of the COVID-19 pandemic

Abstract

E-commerce and the use of social media, particularly Twitter, both grew rapidly during the COVID-19 period. Companies may significantly benefit from social media management, which highlights the significance of responsible consumerism highlighted in SDG 12. This study analyzed the relationship of the level of engagement of leading US e-commerce companies according to their position in the financial market through the use of Twitter. The methodology was a quantitative and longitudinal approach, analyzing statistically (through statistical analysis to descriptive statistics, multiple and simple regressions). The 22,400 tweets during 2020, to estimate their engagement. The results showed that the level of engagement on Twitter is not directly related to the financial ranking, neither to its sales nor to the share price. The main contribution lies in the contribution to the literature, to guide academics, managers and CEOs of companies in efficient decision-making in their business strategies in the areas of marketing with the use of Twitter, where companies can boost loyalty, engagement and sales of their users.

1. Introduction

New advances in communication media, new network systems, automated services, global financial markets, as well as online shopping [1] benefit e-commers. The rapid increase in the use of social networks has facilitated access [2] to mass commerce. Where consumers are better connected to the search by seeing, commenting and sharing information, in addition to having a close relationship with the brands and products that are available on the network [3,4].

The COVID-19 pandemic outbreak in the start of 2020 has produced significant disruptions in many facets of the global economy, having an impact on scientific research and opening up new avenues for investigation [5]. Consumers increasingly turned to online platforms to meet their buying needs as governments implemented lockdown measures, posing considerable hurdles for physical establishments [6]. Due to the rapid adaptation of e-commerce, it is crucial to investigate the participation characteristics of this sector and understand how it affects companies, customers, and the whole economy [7].

Which caused people to change their way of consuming and living [8] by modifying their purchasing habits. Since most consumers have purchased their goods and services digitally, increasing online transactions and delivery methods during the crisis, consumers are turning to emmert for the security of doing it from home and without restrictions [9]. [10]. confirms that e-commercial retail sales reached 4.28 billion US dollars and forecasts that these will increase by 126%. New advances in communication media, new network systems, automated services, global financial markets, online shopping [1] benefit e-commers. The increased use of social networks has facilitated access [2] to a greater number of consumers. Where these are better connected with searches, commenting and sharing information, in addition to having greater proximity to the brands and products that are available on the network ([3]) [4]).

As a one of the favorite social media tool, Twitter has developed into a useful resource for current news and commentary given its broad appeal and capacity to gauge public opinion that makes it an excellent platform to research a variety of subjects, including how the e-commerce industry fared during the COVID-19 pandemic [11]. Being Twitter a social network appreciated by companies [12], since users are allowed to send short messages, currently, of a maximum of 280 characters, publish and read tweets, they can also follow other users through the feed, note that “it is classified as one of the largest internet companies in the US with a market capitalization of approximately US$33 billion as of February 2021” [13]. Being important for the engagement of the firms. For [14] “Engagement supposes accessibility, presence and the will to interact” (p.388) used as a tool that helps make decisions and position firms to retain customers, reflecting on positive results for the company [15].

We can get a full picture of the industry's reaction to the pandemic by analyzing e-commerce-related tweets for insights into customer preferences, brand interactions, developing trends, and changes in opinion [11]. This article is intriguing for several reasons as it is well known that the COVID pandemic was multifaceted, affecting both the environment, health and the economy [16]. In addition, numerous studies have been carried out on the economic crisis and economic recovery rates in different countries. Now, economic growth is attributed mainly to electronic commerce [8]. E-commerce has a substantial impact on sustainability [17] and is directly related to technical advances such as artificial intelligence, data analytics, and digital marketing [18]. Research engagement enables the development of new tools and solutions by assisting in the discovery of emerging technologies and market-driving innovations [19]. Also, it addresses the criticism that commitment studies [20]; and social networks have received insufficient attention in the body of literature [21].

The research aims to analyze whether there is a relationship between the level of Engagement of the main E-Commerce companies in the United States according to their position in the financial ranking worldwide, through Twitter, in the period of the COVID-19 pandemic. The methodology will have a quantitative and longitudinal approach, and it is possible to statistically analyze the 22,400 tweets during 2020, from the most important companies in global electronic commerce. The study is structured as follows: it begins with the introduction, which is this section, followed by the bibliographic review where it is intended to provide relevant information on the conceptualization of Social Networks, Twitter, Engagement, Electronic Commerce and the financial market. Subsequently, the research methodology, results and conclusions will be presented.

The research aims to analyze whether there is a relationship between the level of Engagement of the main E-Commerce companies in the United States according to their position in the financial ranking worldwide, through Twitter, in the period of the COVID-19 pandemic. The methodology will have a quantitative and longitudinal approach, and it is possible to statistically analyze the 22,400 tweets during 2020, from the most important companies in global electronic commerce.

The study is structured as follows: it begins with the introduction, which is this section, followed by the bibliographic review where it is intended to provide relevant information on the conceptualization of Social Networks, Twitter, Engagement, Electronic Commerce and the financial market. Subsequently, the research methodology, results and conclusions will be presented.

2. Theoretical framework

It is essential to develop this research, to have the theoretical support that supports it, considering the fundamental and essential pillars to have a greater understanding of the theme to developed. This is why through the search on the topics of Engagement [[21], [22], [23]], Social Networks [[24], [25], [26]], specifically, Twitter [[27], [28], [29]], E-Commerce [[30], [31], [32]] and finally, Financial Market [[33], [34], [35]].

2.1. Social network

At the beginning, the Internet was just a huge system of bulletin boards that allowed users to exchange software, data, messages, and news with each other. At the end of the 90s, web pages became popular, where people shared information about their private lives [25].

Later [36], explains that the first site dedicated to online networking called sixdegrees.com appears, which encourages people to connect with an increased network of friends. This site was only in operation for four years.

However, for [25] the era of social media, as it is known today, began perhaps 20 years earlier, when ''Open Diary'', one of the first social networks, was founded. Which brought together the writers of online newspapers in a community.

According [37] (p.265) determines that “the increase in interactive digital media has catapulted the contact between the company and the consumer from the traditional model of Web 1.0 to the highly interactive world of Web 2.0”. Initially, as [38] point out, social Networking sites defined them as a virtual community that offered its users the use of its own Web 2.0 features to create networks and share multimedia content. According to Ref. [39] who define Web 2.0 as a platform in which software and content are not created or disseminated y companies or individuals, but rather by different participants in a constant and collaborative way [40]. adds that another feature is that this type of technology lowers the technical barrier for end or those Internet users without technical programming knowledge to create web content.

From another perspective [27] they point out that most of the first company websites were what was called “brochureware” because companies accelerated their presence on the Internet by changing their corporate brochures into simple websites.

The increase in the availability of high-speed Internet increased the popularity of social networking sites and consequently the creation of MySpace (in 2003) and Facebook (in 2004), [25]. The era of social media began transforming something that was almost inevitably local into global, regardless of the wishes of the company [27].

[36] defines social networking sites as online environments in which users create a self-describing profile and then establish links with other people [24]. agree that users will be able to browse their list of connections and those made by others within the system, although the nature and payroll may change from one site to another. Similarly [25], establish that they can invite their friends through emails and instant messages between them.

Similar vision regarding the design objective of social networking sites have ([26,41]) in creating a profile to encourage social or professional interaction in a virtual environment. However [38], highlight that they are used as a tool to stay connected because it is productive for users since it offers them various academic and professional opportunities. Furthermore, they add [26] that these sites offer an easy way to communicate with peers online and it allows to obtain opinions, they can even foster the development of identity and intimate relationships. Similarly, it encourages the connection of unknown users based on common interests, political opinions, or shared activities [24].

In relation to the functioning of social networking sites [25] they indicate that it refers to the presentation that is made through the self-disclosure of personal information, this is an essential step in the development of personal relationships. Communication can also be facilitated through the information published in the profile, this can include a photograph of the user and a description of their interests [26]. Additionally [36], points out that social network users generally identify themselves with their real names and include photographs; your network of connections is displayed as your self-introduction. According to Ref. [26] adolescents and young adults are creating and posting on social networks using a one-to-many communication style, similar to that used on television and radio in the past, but with the ability to control the diffused material. Likewise, the research results of [42] show that network externalities, usefulness and fun play a considerable role, which is why people decide to join social networks. In addition [43] make the distinction regarding the old forms of media since today social media can include internet forums, email, blogs, microblogs, etc.

Authors such [44] point out that social networking sites are also used by companies to recognize the latest market trends and their target group, in addition to being used to respond to their queries quickly and thoroughly. Also [37], explain that companies should appreciate social and regular media as part of an ecosystem where the parties work together with a common goal: example when promoting a product or dialoguing with customers. They have a similar view [45] that social networks have extended the power of conversation between users because they allow a person to communicate with thousands of consumers quickly and with relatively little effort [44]. state that the use of social media favors companies to improve: customer relations, brand visibility, information exchange and have managed to reduce the cost of advertising. Consequently, social networking sites change in reference to the way they add new information and communication tools, such as mobile connectivity, photo and video sharing [24].

[2] confirm in their research that there has been an increase in social networks, with millions of users who decide to be connected [46]. [38] explain that, with the creation of Facebook, the use of social networking sites is considered a phenomenon of global consumption, this is reflected in the fact that currently, more than 500 million users are active on the Internet. Facebook community. Similarly ([26,38]), agree that the results of the studies mention that adolescents seek new friends on social networks to a greater extent than young adults, in general between 55% and 82% of adolescents and young adults use social networking sites regularly. In a nutshell, “social media has transformed he internet from an information platform to an influence platform” [37] (p.275). Alternatively, the results of the research by Ref. [44] emphasize that companies primarily use Facebook and Twitter for their business, followed by blogs and YouTube, and they used to reach new customers and get referrals.

In the last decade, social networking sites are the fastest developing personal networking tools in the world for its innovative method of operation, thus generating interest in industry and academia, as well as increasing the number of users [42], as well as generating interest in organizations since as indicated [47], companies use social media as marketing to promote brands and products, in addition to requesting the opinion of the masses to develop business strategies. Note that according to Ref. [48], the top 5 in the middle of 2021 of the best websites in the world, are in the following order: first, Google, YouTube, Tmall, Qq and the last Baidu.

2.1.1. Twitter

Twitter was founded on July 13, 2006 and is a microblogging service in which users send updates to a network of partners from multiple devices [28], which allows posting, replying and forwarding of messages that cannot exceed 140 characters, this message is called a tweet [49]. Tweets are exposed and informed in part by a social context fabricated from the tweets of the people one follows [29]. Using the terms of Twitter, if a person follows another, they are called “followers,” and if they follow each other they are considered “friends,” therefore, witter acts as a social network where people can connect, share and exchange information in real time [50]. From the viewpoint of [29] Twitter enables a dynamic and interactive self-presentation of identity to unknown people, it is mainly textual, not visual.

Alternatively [51], mentiones that Twitter allows users to update their status by answering the question: "What's going on?” Tweets can be sent by instant or text message, via mobile phone, by third-party applications, or over the web. They also [52] explain that to register, people only have to answer a few basic questions in a form and can immediately start using Twitter.

A particularity of Twitter according to Ref. [53] is that it allows the quick and easy dissemination of news through retweet. Retweeting means forwarding a tweet to other followers, it can be done by copying the tweet and adding “RT” or with a mouse click. Also [50], indicate that another characteristic of Twitter is the use of hashtags, represented by the pound sign (#), expresses that a message is relevant to a precise topic and allows the search for more information fast.

Twitter can be accessed in three ways: through the web interface, third-party applications, and short messages for mobile phones [52]. On the other hand [28], state that microblogging sites share certain characteristics: the first one is sending messages immediately, the second one is writing short text messages, and last, subscriptions to receive updates. In addition [54] add that users who access Twitter for informational purposes do so for its utilitarian value, academic and political information that is obtained by reading the sources, these links are usually “tweeted."

According to Ref. [28] in their study they indicate that microblogging sites are viable means for companies to manage customer relationships and to conduct marketing campaigns. On the other hand [50], point out that social media has opened opportunities for companies to connect with their potential customers by allowing them to receive online opinions on advertisements and participate in conversations. For [49] Twitter “offers more opportunities for marketers to collaborate with consumers to circulate a positive feeling about brands and increase their visibility” (p.120). Finally [52], explain that in order for companies to be able to expand their influence and their target audience, they must maintain brand presence on Twitter.

2.2. Engagement

The term Engagement is studied in a conceptual or qualitative way in contrast to quantitative research, so there are usually a smaller number of studies that contain valid and reliable scales [55]. An example of the above is what was stated by one of the first researchers of Engagement [23] (p.694) where he defines it as the “use of the members of the organization of their own roles at work: in Engagement, people use and express themselves physically, cognitively, emotionally and mentally during the development of their roles,” which is why “it is a concept closely related to the construction of relationships and dialogs” [56] (p. 165).

The concept of Engagement is studied in several disciplines from sociology, psychology, education). Regarding the study of [57] focuses on Civic Engagement, developed in the field of sociology, it refers to the term as “Both behaviors and attitudes regarding political and quasi-political processes and institutions” (p.316). [58], on the other hand, through the study in educational psychology that covers Engagement from different points of view, exemplifying three types: Behavioral Engagement, Emotional Engagement, and Cognitive Engagement. Behavioral includes actions such as performing work or activities and complying with the rules; emotional includes interest, values, and emotions; and, finally, Cognitive includes motivation, effort, and strategies. These are just a few examples of how the term Engagement has been studied. However, in this study, the concept focused on customer management and management will be explored.

Firstly [59], (p.93) defines Brand Engagement as “A generalized tendency to include brands as part of the self-concept.” On the other hand ([21], p.154), conceptualize consumer engagement with the brand as “The cognitive, emotional and behavioral activity of a consumer related to the brand during or in relation to the focal interactions between the consumer and the brand”, definition that is similar to the one exposed by Ref. [60] where they explain that Customer Engagement is the intensity of participation and connection of an individual with the offers and/or organizational activities of a company, where they predominate cognitive, emotional, behavioral and social elements. In addition to the above, and in accordance with the authors mentioned [61] (p.565) defines the Client's Engagement with the brand as “The level of cognitive, emotional and behavioral investment of a client in specific interactions with the brand.”

As for [62], he posits customer engagement as a cycle in which connection, interaction, satisfaction, retention, defense and commitment are present as stages of the cycle itself. Instead for [22], p.112) highlights “consumer engagement as an interactive and experiential process, based on the commitment of people with specific objectives (for example; brands, organizations) and/or other members of the brand community,” which translates into consumer outcomes, including consumer loyalty and satisfaction, feeling empowered, generating emotional connection and bonding as well as trust and Engagement [22] Alternatively, for [63] it is considered that Customer Engagement is a capability that marketing has, and represents an evolution of relational marketing and a new vision in customer management. Continuing with Engagement, another more up-to-date definition in relation to social networks [64], highlight that Engagement is presented as the visualization, reaction, creation and exchange of content by consumers, stating that the Engagement is based on behavior, where the above process is generated beyond just a simple purchase with the brand.

Alternatively [64], relate engagement to social networks, where they express that engagement is presented as the visualization, reaction, creation, and exchange of content by consumers, stating that engagement is based in behavior, where the above process is generated beyond just a simple purchase with the brand.

Therefore, for [14] “Engagement is part of the dialog and, through engagement, organizations and the public can make decisions that create social capital” (p.384) where customer engagement, after all, can be considered as an element of value for the company [65].

Previous authors agree that Engagement is related to cognitive, emotional and behavioral processes ([21,60,61]), which brings about interaction with the company or with the brand of this [21,22,[60], [61], [62]] therefore, knowing the above, while companies or organizations know the level of Engagement of their clients or consumers, can determine what decisions to carry out to generate the so-called social capital [14], which would translate into benefits such as increased loyalty, satisfaction, trust and commitment on the part of their clients toward the organization [22].

[66] points out that the state of Engagement is appreciated through the number of clicks, bookmarks, tweets, subscriptions, etc., without including the psychological aspect. From an analytical perspective, the internet and, in particular, social networks, facilitate access to data which can be used to obtain an indicator capable of measuring Engagement [66]. Therefore, there are several ways to measure it, in this particular case, where it is intended to evaluate engagement through social networks, below, a series of equations capable of measuring engagement in social networks will be delivered.

The choice of the best alternative for measuring Engagement in this study will be presented in the “Methodology” section, highlighting the reason or justification for the decision. As a summary, all the possible formulas to measure Engagement in social networks will be made explicit in Table 1.

Table 1.

Engagement calculation.

Author	Twitter	Facebook	Instagram
[67]	(Retweets*0.55)+(Favorites*0.7)+(Comments*0.52)	(Likes*0.63)+ (Comments*0.59)+(Sharel*0.63)	(Likes*0.73)+ (Comments*0.7)
[68]	((Interactions/(No. of Tweets))/(Average impressions))/(Average reach) × 100	(Likes + comments + other clicks)/(Number of post))/(average impressions))/(Average Reach) × 100
[69]	(Favorites + Mentions+ Retweets)/(Numbers of Tweets)	(Likes + Comments + Shares)/(Number of Posts)
[70]	(No.de Reacciones + No.de Comentarios + No.de veces compartido))/(No.de Publicaciones)
[71]	2 × (I.diffusion)+(I.approval)/Impressions)/reach

2.2.1. Engagement in social networks

Satisfaction seems to translate into promotion only when companies use social networks more frequently, which is why excessive use of social networks must be taken into consideration, since sending messages with excessive regularity can be unpleasant for customers and possibly reduce their fidelity [62]. Therefore, the use of social networks should not only be to promote products and services, but also to generate links with customers [72]. Regarding the interaction and power to generate Engagement through social networks [73] (p.3) it highlights that “a publication that includes a question is more likely to provoke a reaction than a publication that only includes a simple statement.” Also [73], states that the entertaining content is the one that has the greatest relationship with the Engagement of the brand. In the same line of research, agreeing with the previous author [74], discovered that the interaction content, which includes entertainment, was the one that increased the participation of consumers the most through “likes,” comments and actions, which would result according to Ref. [75] that Platforms like Facebook help improve the consumer experience, while Twitter could encourage interactivity with them. The result of the above is the conclusion of the investigation of [76], which determines that the influence generated by social networks in consumers, through Facebook “Likes” and Twitter “Tweets” produce boost in sales. In agreement in this case with [65] where he states in his results from years ago that Engagement allows the possibilities of purchases to increase. For this reason, and because the study of social networks is currently in a period of constant evolution and expansion, it is necessary to adopt Engagement strategies, to maximize the level of investment made in social networks [77].

2.2.2. Engagement in twitter

[62] indicated that tweeting too frequently can have a negative effect on engagement and promotion. However, and through the same research, the author reaches the empirical conclusion that hashtags and mentions, (the other measures of interaction effort with the public), are never significant. However [73], have a similar vision to the study carried out by Ref. [62] indicating that some measurement parameters, as indicated by the conceptual model of the participation of brands in social networks, in this case Twitter in particular, mentions “Retweets,” “Replies,” and “Likes,” as indicators of a correct measurement of Engagement (in that order of importance), ignoring hashtags and mentions as mentioned above, which would be ideal. Thus, in agreement with the results of the study by Ref. [73] (p.8) that indicate that “the number of “likes” and “retweets” is a sign of consumer Engagement and, therefore, constitutes an important metric for consumers. managers.” Alternatively, and quite the contrary, the study by Ref. [71] establishes as a parameter, which is perceived as part of the creation of Engagement, the number of “hashtags,” appreciating the clear difference in results.

2.3. E-commerce

Electronic commerce is understood as the process of buying and selling products marketed online through web pages, that is, from the time the purchase is made until it is received by the customer, having electronic transactions as a method of payment. For [78] “Electronic commerce allows people to buy goods and exchange information about online business transactions” (p.40). Additionally, it includes all the “consumer-facing storefronts, business-to-business applications, as well as behind-the-scenes business features, such as electronic payment systems and order management” [30]. In other terms [79] defines E− Commerce as the exchange of information and the maintenance of commercial relations and conducting transactions the same type through telecommunications networks. In a later study, reference is made to the fact that electronic commerce is often defined as retail sales through the Internet, or activities that are carried out solely by medium of the web [32].

Simultaneously, there are different categorizations of electronic commerce, including business-to-consumer and business-to-business, but generally electronic commerce is defined only as commercial transactions between sellers and consumers [30].

For this reason, and because transactions occur over the Internet, is important that vendors who use E-Commerce websites should try building trust in their sites so that consumers do not doubt that transactional obligations will be fulfilled [31].

Both consumers and manufacturers can obtain benefits through cross-border E-Commerce, because of a wide variety of products available in its stores, which at the same time are not expensive and cover several countries [80]. However, as they indicate and disagree [81], E-Commerce systems offer benefits to both consumers and merchants, and although they have expanded over time, they are still as just simple electronic catalogs where credit card payments are made online.

An example of what was previously exposed in the study by Ref. [82] is the case of Amazon and Alibaba, which distribute their products from their distribution center or the manufacturer, to the facilities of other countries, ending the logistics process with the arrival of the products to the respective homes.

2.4. Financial markets

On the other hand, according to Ref. [83] “The Nasdaq-100 index includes the 100 non-financial securities with the highest market capitalization traded on the Nasdaq market, including securities such as Apple and Microsoft” (p.481).

In addition to those named above, the most important auction markets within the stock markets are the New York Stock Exchange (NYSE), the Tokyo Stock Exchange, and the Paris Stock Exchange, among others. However, there are significant differences due to the size of the operations within the markets [34].

An important part of these financial indicators are the shares, which are Variable Income instruments issued by corporations, which represent a property title over a part of the company's assets, that is, whoever buys a share becomes an owner of part of the issuing company [84]. As for [85], “The stock market value of a share is the value or price determined in the stock market, through supply and demand, that is, through purchases and sales let them be made”.

Stock prices in these markets respond very quickly to news or public information [33]. This response agrees with the research of [86] that proves that the price changes in the shares of the S&P 500 index are due to the entry of new information of such asset. Therefore, there is similarity with the study's results by Ref. [87], where they indicate that share prices vary due to new information, either public or information revealed in the negotiation process.

From another perspective, and specifically the S&P 500 index, when a stock is added to it, the market responds positively. Regarding the Nasdaq-100 index, when a stock is incorporated into it, analysts are interested and attracted to it, which causes liquidity in the market to increase [83]. In conclusion, inclusion in the S&P 500 index according to Ref. [88] seems to be associated with an increase in investors' earnings expectations and an improvement in real earnings.

Therefore, and as mentioned above, which are the results of contemporary studies, the reaffirm the research of [33] concludes that stock returns depend on variables such as exposure to systematic economic news. Additionally, the latter incorporates variables such as changes in the risk premium and, to a lesser extent, anticipated inflation. As a result, there is a positive relationship between financial market development and economic growth [35].

3. Methodology

The guidelines to follow to achieve the general objective of the study, which is to obtain the measurement of Engagement and the relationship between the main E-Commerce companies in the United States and their position in the financial ranking, begin first with the definition of the type of research to be followed, which will be exploratory and correlational, with a quantitative approach. The study is longitudinal, because the period to be taken into account for data collection corresponds to part of the first semester of the year 2021 and months of the second reflected in Table No 3, making clear the exception of some accounts (eBay and BestBuy) that the start of their data analysis corresponds to a period prior to that stipulated for the other accounts (2018 and 2020 respectively).

Table 3.

“Analysis periods considered for each Twitter account”.

Company	From	To	Data period
Amazon	February 17, 2021	August 23, 2021	6 months and 5 days
Target	March 22, 2021	August 23, 2021	5 months and 1 day
BestBuy	May 26, 2020	August 23, 2021	1 year 2 months and 27 days
Macy's	April 02, 2021	August 23, 2021	4 months and 21 days
eBay	June 08, 2018	August 23, 2021	3 years 2 months and 15 days
Wayfair	March 01, 2021	August 23, 2021	5 months and 22 days
Walmart	April 06, 2021	August 23, 2021	4 months and 17 days

The measurement of Engagement will be carried out through the data obtained on Twitter from the main Electronic Commerce companies from the abovementioned period. The formula to be used was chosen according to the results of the investigations of ([62,73]) since, for the purposes of a correct measurement, the formula presented by Ref. [70] is the most suitable for obtaining better results, ignoring data such as “hashtag” and “mentions”, as mentioned by previous authors, ignoring the results of [71] that refers to hashtags as an indicator of engagement. Therefore, the necessary data for the measurement corresponds in the case of Twitter: to Number of Reactions, “Favorites”, Number of “Comments” or “Responses,” and Number of “Shared Times” or “Retweets”. The formula is revealed below:

$$\mathrm{E}\mathrm{n}\mathrm{g}\mathrm{a}\mathrm{g}\mathrm{e}\mathrm{m}\mathrm{e}\mathrm{n}\mathrm{t}=\frac{Numberofreactions+Numberofcomments+Numberoftimesshared}{\begin{array}{c}Numberofpublications\\ \end{array}}$$ (1)

3.1. Sample

For this study, the main companies belonging to the Electronic Commerce Industry were chosen, which have an American origin, information based on the ranking prepared by Ref. [89]: Amazon is first, followed by Target, Best Buy, Costco, Macy's, Ebay, Wayfair and last but not least, Walmart.

In Table 2, the companies are displayed in detail together with their descriptions in their official Twitter accounts (Username, Number of Followers and Date of Incorporation to the social network). It is worth mentioning that, due to the analysis of the information, and due to Twitter's policies, the Twitonomy API [90] only allows the collection of a maximum amount of 3200 tweets per account (from the current date backwards), which correspond to a period of time different for each one, since it will depend on the number of tweets they make daily. However, as mentioned above, there are specific cases with two Twitter acer of companies, which considers the year 2018 (no pandemic). The year 2020, leads to estimating it in the same way by the maximum total number of Tweets (3,200); thus, in this way, homogenize the data of the companies analyzed so that the measurement is equitable. Therefore, the period of analysis of each account will be disclosed in Table 3, except for the CostCo company, which currently does not have data on Twitter to carry out the measurement but will be included in the Financial Ranking.

Table 2.

“Sample description and financial ranking provided by insider monkeys.

Company	User	Twiiter Join Date	Number of followers (n)	Annual sales revenue (USD)	Exchange to Which they belong
Amazon	@Amazon	February 2009	3713141	90000000000	NADDAQ
Target	@Target	November 2009	2117913	84653000000	NYSE
BestBuy	@BestBuy	November 2008	1169971	43243000000	NYSE
CostoCo	@CostoCo	January 2013	50925	26052000000	NADDAQ
Macy's	@Macys	June 2009	896001	22803000000	NYSE
eBay	@eBay	January 2009	740534	11803000000	NADDAQ
Wayfair	@Wayfair.co	September 2008	77782	8607571000	NYSE
Walmart	@Walmart	November 2008	1244713	5598000000	NYSE

Also, in Table 2 you can see the values for e-commerce sales made on their websites, corresponding to the Financial Ranking of E− Commerce companies provided by Ref. [89] through Insider Monkeys. In the same way, they are added, in which financial indicator or stock market these companies are present.

For measuring the Engagement of the companies, we will also need the number of Tweets in the period corresponding to the study but said data will be obtained in the development of the investigation. These data that correspond to secondary information will be collected through the Twitonomy API, as well as the other data necessary to measure Engagement according to the formula chosen for this study. Additionally, another secondary data source will be obtained through Yahoo Finance to analyze the behavior of the shares of said E-Commerce companies and make a comparison if the value of their shares has any relationship with their respective level of Engagement (ceteris paribus).

4. Results

Table No 4 explicitly shows the data downloaded through the Twitonomy API, which includes the number of Likes (Favorites), Comments (Responses), Retweets and finally, Total number of Tweets of each account in Twitter, which correspond to “@Amazon, @Target, @BestBuy, @Macy's, @Ebay, @Wayfair and lastly, @Walmart”. Additionally, using the formula of [70] that was chosen in the present study for the analysis of the data, the calculations were made corresponding to obtain the level of Engagement of each of the accounts of the e-commerce companies on Twitter.

Table 4.

“Engagement Level of each E-Commerce Company”.

Company	Number of likes (favorites)	Number of comments (replies)	Number of Retweets	Total number of Retweets	Engagement level
Amazon	56712	3031	7736	3200	21,09
Target	135531	3106	16965	3200	48,63
BestBuy	78645	2789	8212	3200	28,01
Macy's	13909	3028	1668	3200	5,82
eBay	79876	1382	20143	3200	31,72
Wayfair	362	3273	26	3200	1,11
Walmart	74536	2988	12382	3200	28,10

Through the analysis, in the first place, an Engagement level of 0 is obtained from the CostCo company, this is because at the moment they do not have any interaction on Twitter, since they have their account “suspended”, not having tweets posted by them. Wayfair has an Engagement level of 1.11, which means low interaction with its public on Twitter in the period defined for its account. On the other hand, Macy's joins the companies named above which have a low level of Engagement corresponding to 5.82, this means that excluding CostCo for the aforementioned reason, Wayfair and Macy's are the companies with the greatest scarcity of interaction on Twitter, where the tweets published by these companies do not have the ability to generate a reaction in the followers, either through some type of comment or by sharing relevant information published by the company on social network. Amazon has an Engagement level of 21.09, BestBuy with a level of 28.01 and Walmart with a level of 28.1, these companies have a relatively higher level of Engagement than average, having considerable levels in terms of engagement. Relationship with the consumer or client with whom they interact on Twitter. The difference between these three accounts is that BestBuy took longer to achieve its respective level of Engagement because among the three companies, the latter is the one that publishes the fewest tweets per day. Ebay has an Engagement level of 31.72, which means that compared to other companies it has a higher level of interaction with its users through the social network, bt the latter, the interaction generated through Twitter corresponds to a long-term one, due to the time it took to analyze the 3200 tweets, which was the longest period of the study. Finally, Target has the most representative level of Engagement among all other companies with a 48.63, that is, they have a higher interaction, loyalty and commitment with their users and/or clients. All this gives rise to companies knowing the value of the position they have within the Twitter social network. To be able to visualize in a more graphical and comparative way the level of Engagement of the accounts on Twitter, see Fig. 1.

Fig. 3.

“2019–2021 amazon stock monthly average”.

Fig. 4.

“2019–2021 target stock monthly average”.

Fig. 5.

“BestBuy shares monthly average 2019–2021″

Fig. 6.

“Macy's stock monthly average 2019–2021"

Fig. 7.

“ Average Mondthly eBay Stock 2019–2021"

Fig. 8.

“2019–2021 Wayfair stock monthly average”.

Fig. 1.

“Graphical representation of the level of Engagement of each account on Twitter”.

To answer the research question and achieve the general objective of this study, the level of Engagement on Twitter of the main e−commerce companies in the United States is compared to the respective financial ranking of the industry. Additionally, to better exemplify what was said above, Fig. 2 jointly represents the level of Engagement of US E-Commerce companies on Twitter and their income exclusively from e-commerce sales.

Fig. 2.

“Relationship Level of Engagement - Income from sales of E-commerce companies.

At first glance, it could not be deduced that Engagement is a determining factor for the level of sales of these companies and that it explains the position of each one of them in the financial ranking. Analyzing the Engagement level of each Twitter account of the e-commerce companies individually, it can be seen that both Wayfair and Macy's correspond to atypical data in this Engagement - Sales Level relationship, and that their position in the financial ranking is due to external factors and that the way to generate commitment or participation of customers towards your company is through means other than Twitter. CostCo should be included in this as an outlier due to the fact that it cannot calculate its level of Engagement on the social network platform.

On the other hand, both, the level of Engagement of the first company on the list and the last, does not necessarily explain its position in the financial ranking, since Amazon, being the leader of the list, is not the company with the highest Engagement index and Walmart, being the last on the list, does not have the worst level of Engagement of all the companies analyzed.

The same occurs with BestBuy and eBay, which also do not agree with their level of Engagement compared to their position in the financial ranking, but what they do agree with is the sayings of [61] where he explains that tweeting too frequently can have a negative effect on Engagement, and in the case of these two accounts, being the companies with the highest frequency in publishing tweets, confirms the words of said author, since they have more than acceptable levels of Engagement in their industry, having BestBuy a frequency of 7.03 tweets per day and eBay publishing 2.73 tweets daily, compared to the other companies in the financial ranking that publish at least 17 tweets per day, according to data analysis and the frequency of these themselves.

Finally, Target is the company that stands out the most in the analysis; however, its position does not coincide either, although its difference is minimal since it is in second place in the financial ranking, and appears as the leader in terms of the level of Engagement, having the highest number of “likes” (favorites), as well as being one of the companies with the highest number of comments (responses) and number of retweets in the Twitter account.

4.1. Evolution over time of the share price

To visualize the impact that the pandemic had, and in the particular case of this study, on the share price of the main E-Commerce companies in the United States, below, from Graph No. 3 to Graph No. 9 presents the evolution of the stock market price of the companies selected for the investigation, which includes the price of their shares from 2019 to August 2021.

After comparing and analyzed each corresponding Figure, it can be seen that, broadly speaking, all the companies in 2019 show slight variations in their prices, either in profits or losses through the months, except Macy's and Wayfair, which had a drop during that year through March 2020.

Regarding the appearance of COVID-1, it can be seen that Macy's was one of the companies that had a significant drop in the price of its shares, managing to reach a lower price than the initial price, so the spread of the virus affected negatively in 2020. However, in the following year, was able to recover, reaching its initial price on the stock market. In this way, for Macy's the COVID-19 pandemic had no influence on the price of its shares. On the other hand, Wayfair company, as mentioned above, had minimal falls until March 2020, however, it managed to recover almost immediately, generating an increase in its share price, resulting in significantly exceeding its initial price. Therefore, it can be said that the pandemic affected him positively in economic terms through the stock market. Lastly, Amazon, Target, BestBuy, Ebay and Walmart followed an exponential growth trend exceeding the initial share price of the analysis period (2019), therefore, the pandemic did not affect these companies, rather, it favored them. Allowing to reach positive numbers due to COVID-19 (see Fig. 9).

Fig. 9.

“2019–2021 Walmart stock monthly average”.

4.2. Relationship between level of engagement and share price in the stock market

Having answered the research question of this study, and as mentioned at the beginning of it, a graphic comparison will be made between the level of Engagement and the price of the shares that American companies have to analyze if there is a possible relationship between these two factors. Fig. 10, Fig. 11, Fig. 12, Fig. 13, Fig. 14, Fig. 15, Fig. 16 show the results for each company.

Fig. 10.

Stock price ratio – amazon engagement.

Fig. 11.

Stock price ratio – target engagement.

Fig. 12.

Stock price ratio – BestBuy engagement.

Fig. 13.

Stock price ratio – Macy's engagement.

Fig. 14.

Stock Price Ratio – eBay Engagement.

Fig. 15.

Stock price ratio – Wayfair engagement.

Fig. 16.

Stock price ratio – Walmart engagement.

When analyzing the corresponding graphs for each E-Commerce company, the price of its share and level of Engagement, it can be inferred that the companies of Amazon, Target, BestBuy, Macy's, and Walmart do not present a direct relationship between these two factors, rather, there is usually an inverse trend or it could be directly said that there is no relationship between these variables, so a priori, it could be established that there is no similar behavior, so it could not be deduced that at having a high level of engagement with the consumer, will have a higher share price in the stock market or vice versa. In the case of eBay, it can be seen that there is a regularity of the data over time, in the case of the level of Engagement, with respect to the price of its shares in the first years, the same regularity is usually seen in the data (except for the level of Engagement in February and March) which could suggest that there could be a relationship between these factors, but as time passes and the pandemic is included, the price in the stock market increases, and the level of Engagement It continues to have the same regularity as always, which means that there is no relationship in which if the price increases, the level of Engagement increases, so in this particular case, only a simple relationship can be seen in the main periods. With respect to the Wayfire company, a small similarity between these factors can be seen, which could lead one to think that there is a small relationship between these variables, but it is understood as highly atypical data, and judging by the trend of the rest of the companies, it just seems to be a coincidence.

As an atypical data is the level of Engagement in eBay company, which in Fig. 14 shows a large increase in the months of March and April of the year 2020, this is explained by the increase in the number of Likes, Comments and Favorites, motivated by the type of content published on Twitter, which, judging by the increase, corresponds to the fact that it was a content where a greater number of users interacted with the account. This fact also coincides with the appearance of COVID-19 in the respective months, where the number of contagions was already worldwide; what he gave.

As a result, customers will use the Twitter social network even more in March and April specifically, from this account to be able to find out about the new policies and purchase rules on its website in order to find out, share information and interact more frequently. As a summary, it is possible to visualize in Fig. 17 where the annual prices of the shares of the American electronic commerce companies illustrated. Finally, because Amazon has very high data compared to the rest of the companies, it is for this reason that is decided to make Fig. 18, Fig. 19, both with the data of the companies but expressed logarithmically (base 10), the first in order to reflect the evolution of the data together as such and the second in order to better visualize the temporality of the data and thus reflect the impact of the pandemic, which for most companies was positive.

Fig. 17.

“Summary of the annual evolution of the share price”.

Fig. 18.

“Summary of the annual evolution of the share price”.

Fig. 19.

“Summary of the evolution of the share price (2019–2021)”.

To statistically confirm the possible relationship mentioned above, the results obtained through the Minitab software (Summary of the model, Analysis of variance and Fitted line graph) are attached, in which a simple linear regression was performed, whose formula is expressed as follows:

$$Y=\beta 0+\beta 1\mathrm{x}1$$ (2)

Y: It is the dependent or response variable that corresponds to the share price.

$\beta 0$: It is the constant or intercept at the origin Y.

$\beta 1$: It is the coefficient or slope expresses the direction and positive or negative relationship of the fitted line between the response variable and the term value.

x1: It is the value of the term that corresponds to the level of Engagement.

Amazon Statistical Result:

Model Summary
S		R-square		R-Square (adjusted)
124.92		0.94%		0.00%
Analysis of variance
Source	GL	SC	MC	F	P
Regression	1	438.7	438.7	0.03	0.877
Error	3	46270.8	15423.6

Target Statistical Result:

Model Summary
S		R-square		R-Square (adjusted)
188.183		38.56%		18.08%
Analysis of variance
Source	GL	SC	MC	F	P
Regression	1	666.78	666.781	1.88	0.264
Error	3	1062.39	354.128

BestBuy Statistical Result:

Model Summary
S		R-square		R-Square (adjusted)
5.448460		22.26%		15.19%
Analysis of variance
Source	GL	SC	MC	F	P
Regression	1	93.491	93.4907	3.15	0.104
Error	11	326.542	29.6857

Macy's Statistical Result:

Model Summary
S		R-square		R-Square (adjusted)
2.18966		32.24%		9.65%
Analysis of variance
Source	GL	SC	MC	F	P
Regression	1	6.8438	6.84385	1.43	0.318
Error	3	14.3838	4.79461

EBay Statistical Result:

Model Summary
S		R-square		R-Square (adjusted)
12.9916		0.41%		0.00%
Analysis of variance
Source	GL	SC	MC	F	P
Regression	1	24.96	24.962	0.15	0.703
Error	36	6076.11	168.781

Wayfair Statistical Result:

Model Summary
S		R-square		R-Square (adjusted)
23.0197		46.92%		33.66%
Analysis of variance
Source	GL	SC	MC	F	P
Regression	1	1874.02	1874.02	3.54	0.133
Error	4	2119.63	529.91

Walmart Statistical Result:

Model Summary
S		R-square		R-Square (adjusted)
3.79716		1.96%		0.00%
Analysis of variance
Source	GL	SC	MC	F	P
Regression	1	0.8667	0.8667	0.06	0.822
Error	3	43.2553	14.4184

To analyze and understand the results, three parameters are observed, such as the P value, the R-squared and the fitted line graph. Firstly, the P-Value must be observed, which must be less than 0.05 for there to be a relationship and be statistically significant, on the other hand, it must also be fulfilled that the R-squared value is a minimum of 80% since that the higher the percentage, the better the model fits the data, and finally, observe the fitted line graph, which indicates the relationship (positive or negative) between the variable X and Y.

Analyzing the fitted line graph in the first instance, it can be seen that only Amazon and Wayfair have a positive relationship between the variables compared to the rest of the companies that correspond to a negative relationship. Also visualizing the rest of the important parameters such as the P value and the R-squared, all the companies present a value greater than 0.05 and less than 80%, respectively, therefore in no company could it be considered that there is a relationship between the Engagement variables and its share price.

Therefore, although there is a small positive relationship in two (Amazon and Wayfair) of the total companies, this is not enough to be considered statistically significant nor does it give way to use the regression equation.

In order to take advantage of the other data obtained through Yahoo Finance, a multiple linear regression was carried out to know if in the future the price of the shares of the E-commerce companies will rise or fall in the course of the weather. For this analysis, three variables were used, the share price at closing, opening price, and date, whose formula is expressed as follows:

$$Y={\beta }_0+{\beta }_1{x}_1+{\beta }_2{x}_2+\dots +{\beta }_n{x}_n$$ (3)

Y: It is the dependent or response variable that corresponds to the share price.

${\beta }_0$: It is the constant or intercept at the origin Y.

${\beta }_1$: It is the coefficient or slope of the line.

x1: It is the value of the term that corresponds to the date.

${\beta }_2$: It is the coefficient or slope of the line.

x2: It is the value of the term that corresponds to the opening price.

Note that when performing the respective regressions for each company, the important parameters such as the P value and the R-squared are consistent (less than 0.05 and equal to or greater than 80%, respectively), and the respective multiple linear regression equation will be used to analyze the possible variation or probability that the share price will vary in the following month, according to the study (September).

In the case of also using the regression equation, the average of the shares of August will be used since it corresponds to the last month destined for the present study and thus, in this way, obtain a possible share price for September. The results obtained from the analysis are attached below:

Statistical results of the Amazon company:

Model Summary
S	R-square	R-Square (adjusted)		R-Square (def)
185.901	93.44%	92.98%		91.87%
Analysis of variance
Source	GL	SC	MC	Value F	Value P
Regression	2	14263797	7131898	206.37	0.000
Date	1	124719	124719	3.61	0.067
Open	1	114378	1213378	35.14	0.000
Error	29	1002.212	34559

Share price = −1510 + 0,0353 Date + 0,496 Opening price

Variable	Data
Date	sept-21
Constant	−24951
X1	0.584
X2	0.729
Average Opening Value	3353.10
Result	3446.37

Statistical results of the Target company:

Model Summary
S	R-square	R-Square (adjusted)		R-Square (def)
10.5390	96.72%	96.49%		95.84%
Analysis of variance
Source	GL	SC	MC	Value F	Value P
Regression	2	94984.8	47492.4	427.59	0.000
Date	1	510.2	510.2	4.59	0.041
Open	1	6924.5	6924.5	62.34	0.000
Error	29	3221.0	111.1

Share price = −1809 + 0,0418 Date + 0,822 Opening Price

Variable	Data
Date	sept-21
Constant	−1809
X1	0.0418
X2	0.822
Average Opening Value	262.08
Result	264.02

Statistical results of the BestBuy company:

Model Summary
S	R-square	R-Square (adjusted)		R-Square (def)
7.58229	88.13%	87.31%		86.12%
Analysis of variance
Source	GL	SC	MC	Value F	Value P
Regression	2	12373.7	6186.86	107.62	0.000
Date	1	654.5	654.53	11.39	0.002
Open	1	700.8	700.85	12.19	0.002
Error	29	1667.2	57.49

Share Price = −1510 + 0,0353 Date+ 0,496 Opening Price

Variable	Data
Date	sept-21
Constant	−1510
X1	0.0353
X2	0.496
Average Opening Value	113.09
Result	114.82

Statistical results of the Macy's company:

Model Summary
S	R-square	R-Square (adjusted)		R-Square (def)
2.40529	83.54%	82.40%		80.50%
Analysis of variance
Source	GL	SC	MC	Value F	Value P
Regression	2	851.33	425.663	73.58	0.000
Date	1	52.58	52.583	9.09	0.005
Open	1	782.35	782.354	135.23	0.000
Error	29	167.78	5.785

Share price = -232,3 + 0,00531 Date + 0,8565 Opening Price

Variable	Data
Date	sept-21
Constant	−232.3
X1	0.00531
X2	0.8565
Average Opening Value	17.19
Result	18.40

Statistical results of the eBay company:

Model Summary
S	R-square	R-Square (adjusted)		R-Square (def)
3.68573	91.17%	90.74%		89.43%
Analysis of variance
Source	GL	SC	MC	Value F	Value P
Regression	2	5748.4	2874.22	211.58	0.000
Date	1	126.6	126.59	9.32	0.004
Open	1	1744.1	1744.13	128.39	0.000
Error	41	557.0	13.58

Share Price = -282,2 + 0,00656 Date + 0,8797 Opening Price

Variable	Data
Date	sept-21
Constant	−1080
X1	0.02571
X2	0.582
Average Opening Value	142.83
Result	143.68

Statistical results of the Wayfair company:

Model Summary
S	R-square	R-Square (adjusted)		R-Square (def)
32.5179	86.68%	85.76%		83.58%
Analysis of variance
Source	GL	SC	MC	Value F	Value P
Regression	2	199468	99734	94.32	0.000
Date	1	2025	2025	1.92	0.177
Open	1	61290	61290	57.96	0.000
Error	29	30665	1057

Share Price = -1913 + 0,0445 Date + 0,793 Opening Price

Variable	Data
Date	sept-21
Constant	−1913
X1	0.0445
X2	0.793
Average Opening Value	240.67
Result	255.43

Statistical results of the Walmart company:

Model Summary
S	R-square	R-Square (adjusted)		R-Square (def)
4.91965	92.65%	92.14%		91.43%
Analysis of variance
Source	GL	SC	MC	Value F	Value P
Regression	2	8844.4	4422.19	182.71	0.000
Date	1	255.5	255.46	10.55	0.003
Open	1	462.5	462.47	19.11	0.000
Error	29	701.9	24.20

Share Price = −1080 + 0,02571 Date + 0,582 Opening Price

Variable	Data
Date	sept-21
Constant	−1080
X1	0.02571
X2	0.582
Average Opening Value	240.67
Result	255.43

Taking into consideration the P value and the R-squared, it can be seen that all the companies present a relationship between the three variables, so now the purpose is to analyze if any of them could be predicted during the month of September 2021. Variation in the share price.

Company	Change in the average share price (opening)
Amazon	USD +93.27
Target	USD +14.76
BestBuy	USD +2.85
Macy's	USD +1.94
eBay	USD +1.73
Wayfair	USD +1.21
Walmart	USD +1.05

According to the results obtained from the analysis carried out, two companies stand out the most with a possible large rise in the price of their shares in the following month, which are the companies Amazon and Wayfair. In the case of Amazon, this company has managed to cope with this health crisis, in fact it has favored it, seeing this reflected in its prices in the financial market. This situation may be due to the fact that as it is a world-renowned company and has a wide variety of products where you can find all kinds of items, people have the confidence to use this platform, so with the continuation of the pandemic, this company will continue to have good economic results, thanks to its positive reputation that it has managed to achieve over time. The same happens with the company Wayfair, although it does not have the same prestige as Amazon and its share price is far from reaching it, this company has managed to have a substantial increase in the price of its shares due to the Covid pandemic −19, offering a wide variety of household products to people who were confined due to the pandemic and some continue to take refuge in their homes, translating into higher sales for the company. On the other hand, the rest of the companies that follow show a very minimal variation in their average opening share price for September, having a variation between 3 and 1 dollars.

5. Discussion

In the present study, an analysis is carried out on the level of engagement of the main E-commerce companies in the United States, where it is sought to examine a relationship with the financial ranking of the industry, for example, if a higher level of engagement is reflected a higher level of sales or vice versa. Also, if the level of Engagement has some relationship with the behavior of the shares of these companies in the stock market, and as above, if a higher level of Engagement would have a higher share price of these companies. The probability that their shares have, either in increasing or decreasing their share price for a certain date, is also explored.

In the first place, the results showed that the level of Engagement on Twitter does not have a direct relationship, that is, that the level of Engagement on the social network does not explain the position in the financial ranking in relation to the sales of 2020 (see graph No. 2). However, despite this result, companies should not ignore using social networks to generate positive engagement, since social networks are profitable and minimize marketing costs. According to Ref. [91], brands or companies should promote consumer participation (through social networks) with the aim of increasing the knowledge of companies and promoting online traffic to their sites since they may have a direct impact on subsequent results such as sales. In short, Engagement generates customer loyalty, where it encourages them to feel responsible with the company to carry out actions and generate interest in its products or services [92].

Regarding the previous results (see graph No. 2) on the non-existence of a relationship between Engagement and financial ranking, where it is evident in this study that the level of interactions in the social network Twitter does not have any incidence with the number of purchases made (level of sales for electronic commerce) on the websites of these companies, however, the use of Twitter for the creation of.

Engagement should not be overlooked, because the user's participation in the networks social networks through Likes, Comments, Shares or Retweets in the case of Twitter, can positively influence customer engagement ([93,94]).

On the other hand, in relation to Engagement and electronic commerce, these companies must understand the fundamental role of consumers in the engagement process and help them by providing relevant information about the products [95] and also, considering the aforementioned loyalty, “can lead to liking, sharing and promoting the contents of an e-commerce website” [92] (p.6).

Specifically in the initial period of the pandemic, according to the results of [96] indicates that stock market returns decrease as the number of confirmed cases in a country increases, however, is contrasted with the results obtained in the present study of the E-Commerce industry, due to the fact that most e-commerce companies, except Macy's, increased their returns on their stock prices as the health crisis grew. Continuing with the results obtained in this investigation, it was shown that the level of Engagement on Twitter does not influence the price of the shares, and despite the fact that this has been the result of the study, it can be a precedent but not necessarily It should always be this way, since in the research of [97] that corresponds to the analysis of emotion scores of company tweets, these have a significant impact on the price of their shares, as so too is the increase in Twitter posts, which according to the above study will improve a company's stock price performance. This is why companies carry out initiatives through social networks to involve the public, considered beneficial for companies, since they allow them to function as promotional or marketing strategies and thus easily cover a large number of potential customers through information dissemination [98]. Which confirms “the importance of Twitter as a means of digital communication” [97] (p.396).

Thirdly, the results showed that most prices of the shares of the companies would have at least one increase in their price for the following period (September 2020), as a result there is a positive relationship between the development of the financial market with the economic growth [35].

It is for this reason that it would be beneficial to forecast future trends and stock prices, as in this case, by using future prediction methods, as long as the characteristics and behavior of the stock market are considered. Additionally, taking into account the current context that is being experienced worldwide, given that the information or news regarding the Covid-19 can negatively influence the stock market, making investors more likely to readjust their portfolio. of actions to invest in safer assets [99] the predictive analysis of the actions carried out in this study could be taken into consideration, so that it would be possible to invest in a more conscious, adequate and precise way in futures. movements of the shares, reducing the risk to invest of the shareholders.

6. Conclusions

With the completion of this study, the general objective of the research was fulfilled, which was to determine if there is a relationship between the level of Engagement of the main United States E-Commerce companies according to Twitter with their position in the financial ranking worldwide in pandemic period.

Social networks, and specifically Twitter, which was the platform chosen to the development of the study, has become a medium not only intended for interpersonal relationships, but also involves the company-consumer relationship, since its use has been expanded to promotion of products and services, resolution of doubts, customer acquisition, etc.

Regarding the level of Engagement and the relationship with the financial ranking of the E-Commerce industry, only Target comes close to a possible direct relationship between these factors, because its level of Engagement is the highest (since it has the greatest number of favorites on twitter, as well as one of the companies that has the greatest number of comments and retweets) and is positioned in second place in the ranking of e-commerce companies, this without taking into account the time variable, because for some accounts such as eBay, which had a considerable level of Engagement, their period of analysis was another.

On the other hand, the rest of the companies, their level of Engagement does not correspond or come close to a possible relationship with the finan\cial ranking, because some companies that have a certain level of Engagement, this index does not directly agree with their position in the financial ranking.

Therefore, with the results obtained, it can be seen that keeping everything else constant (ceteris paribus), the level of Engagement of the US E-Commerce accounts on Twitter does NOT have a direct relationship with the financial ranking of the industry. Which corresponds to the level of sales for electronic commerce.

In the case of all the accounts and their level of Engagement, there may be thousands of factors that cause a change in the same index, whether it is the popularity of the company, the same prestige achieved over the years, the number of followers the account has on Twitter, the impact of the number of retweets within the social network for Engagement [52], the scope of the shared information (also influenced by the number of followers the account has), the frequency of the posts on Twitter [62], the design of the tweet itself (whether it includes emojis [100], whether it is entertaining content, and whether the tweet includes questions [73], etc., so all these factors should be taken into consideration for future research.

After analyzing the corresponding parameters (simple regression), it can be statistically established that the level or variation of Engagement does not have any kind of relationship with the price of its share or its variation in the stock market. From the perspective of people or shareholders, the multiple regression analyzes carried out, provide an investment opportunity in these companies in the field of electronic commerce, having the ability to forecast with a quantity data, the price of certain shares and obtain economic benefits in the near future.

Therefore, although Engagement allows the possibilities of purchases to increase [65], does not necessarily agree with or translate into an increase in economic terms in the stock market. As the level of Engagement can lead to what decisions to make to generate social capital [14], it is necessary that companies do not ignore this indicator, since in this way they will not survive larger companies [15], and therefore they will also be able to achieve benefits such as customer loyalty and satisfaction, the generation of a connection and emotional bond, in addition to trust and commitment [22].

Finally, the pandemic led to an increase in sales of these e-commerce companies, but the challenge for them from now on is to maintain or exceed the levels reached during the health crisis; companies should also encourage consumer participation to increase traffic on their websites, which could lead to future sales [91], in addition to generating commercial and competitive strategies, in marketing and sales areas, increasing the use of social networks as a means of interaction with the target audience and customers, in order to achieve the aforementioned.

Limitations and future lines of research At the beginning of the search for information, it was found that studies between engagement and social networks have not been explored in the existing literature, confirmed by Ref. [21], being an important gap and adding a relationship with electronic commerce and the stock market, this research being an answer to questions in these little-explored areas.

On the other hand, for this investigation only the social network Twitter was considered, leaving aside the other networks such as Facebook, Instagram, etc., due to the new internal privacy policies of each platform, in terms of obtaining the data it means. On the other hand, another limitation on Twitter was the amount of data to be collected, which was quite restricted, since due to the privacy policy of the Twitter social network, the Twitonomy API only allows the collection of 3200 tweets per account, which is taken counted from the current date back; This means that all the accounts cannot be analyzed in the same period (some accounts only months, others years and account, so it was ignored for the other analyses, using only seven

companies of the total. Finally, for future research involving Engagement, it should be approached considering the other social networks, such as Facebook.

Funding statement

This research received funding UCN19101.

An ethics statement

(Including the committee approval number) for animal and human studies. If this is not applicable, please state this instead.: not applicable because the research was conducted with secondary data.

Author contribution statement

All authors listed have significantly contributed to the development and the writing of this article.

Data availability statement

Data included in article/supp. material/referenced in article.

Additional information

No additional information is available for this paper.

Declaration of competing interest

The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.