We can help you get your message out to a broad audience in your target market. There are few resources more helpful to e-commerce enterprises than social networking. Most of us check social media at least once a day; more than half of the world’s population is on it.
Even if social media marketing has an enormous ROI potential, increasing sales on social media still has its obstacles. One of them is convincing your followers to leave the social network app and complete an online purchase.
However, thanks to a rapidly expanding eCommerce trend known as “social commerce,” this may not be such a difficult task in the future.
1. What exactly is social commerce?
There is an intersection between eCommerce and social media known as social commerce (sometimes referred to as social purchasing). For the uninitiated, social commerce is the act of companies, brands, and creators using interaction through sales channels that appear on the profiles or feeds of their social media followers.
Users may now discover new products and companies without ever leaving their social media network, thanks to capabilities like shoppable posts, on-site storefronts, and dedicated checkouts built by social media platforms in the last few years.
Even though it is still in its infancy, social commerce has already been shown to be highly profitable. Statista estimates that social commerce earned $475 billion in sales in 2020 and is predicted to expand at 28.4 percent per year until 2028 when it is expected to reach $337 trillion in revenue.
To put it another way, trust is the most critical factor.
The phrase “social commerce” was first used by Groupon and LivingSocial back when Facebook was still in its infancy. Beisel was one of the first companies to see the potential in the synergy between eCommerce and social media.
2. What are the advantages of doing business through social media?
Social commerce has numerous advantages over traditional e-commerce since it allows you to meet your target audience where they are already comfortable. You should include it in your social media marketing strategy if you haven’t already:
a. The checkout procedure will be smoother as a result of this change.
Traditional e-commerce uses social media to drive traffic to an e-commerce site where customers may buy. Although this strategy can work, the most significant obstacle is the time and effort it takes to buy the item.
To complete a transaction, customers must leave social media, visit an external website, and then return to where they left off when they first started. It may not seem like much work, but the effort required is enough for many people to avoid it.
Friction in the checkout process refers to the extra steps necessary to complete a purchase. The process of purchase becomes more complicated with each step, and at each stage, users have the opportunity to decide that the process is no longer worth it.
Using social commerce technologies in a social media network considerably reduces this friction. Users who stumble into your content have all the information they need to make a purchase right there. Buying from you is as simple as liking or following you on social media.
b. Engage with customers on social media at the same time you’re selling.
A successful social media marketing strategy must simultaneously attract new customers and preserve strong ties with current ones.
With social commerce, you can connect with both groups at once. Brand awareness posts can also include options for those still in the decision-making process.
This dynamic has the added benefit of potentially causing customers to slip through the marketing funnel faster than usual. Customers who’ve just learned about your brand may already have all the information they need to evaluate whether or not your product is worth purchasing and the attributes they require to make that purchase.
c. The social commerce market is enormous.
Social media users can be categorized by their followings, likes, or hobbies, making it easier for you to locate your ideal customer base. In the absence of social commerce tools, you’re going to miss out on many sales opportunities.
Since 2019, the number of persons who claim to have purchased social media has increased. This tendency is predicted to continue as users get more comfortable with social shopping. It’s predicted that 37% of Americans will have bought something after seeing it on social media by 2025.
The option to buy directly on social media will become less of a luxury and more of an expectation as more firms implement social commerce. The sooner you get on board with social commerce, the more likely you will avoid missing out on sales.
d. While you’re selling, you can build social proof.
For example, we tend to trust the opinions of others when making purchasing decisions, which is called social proof.
This can be done through product reviews, user testimonials, or even a general awareness of a product’s popularity in e-commerce. You’ve seen the influence of social proof if you’ve ever watched a movie or a TV show just because everyone else seems to be.
Social media is their first point of contact for many people, making evident social proof an essential tool for gaining new followers and expanding an existing following. This social proof is also an effective sales strategy when used with social commerce.
Persuade customers to post images or videos of their purchases online. Ask for endorsements or reviews from influential people with large followings. The mere fact that your product’s users seem to be enjoying it should be enough to convince others to do the same.
You can also use your social shopping posts as social evidence by posting them on social media. Customers will feel more confident purchasing if they see their peers enjoying, commenting on, and sharing your content online.
e. Simple solutions to cater to the growing number of mobile shoppers.
In 2021, mobile eCommerce sales were worth $359 billion, up 15.2% from the previous year. Mobile eCommerce sales are expected to account for 44.2 percent of retail eCommerce sales in the United States by 2025, totaling $728.28 billion.
A mobile-ready storefront will become increasingly crucial to the success of any online retailer as online buyers become more comfortable with the idea of shopping on their mobile devices and social media networks embrace more features to enable it.
You might be asking yourself, “What’s the big deal?” Using my mobile-friendly, responsive Shopify theme, I’ve streamlined the checkout process. That may be the case, but the reality is that most sales aren’t taking place in browsers. Social media apps are where they’re taking place.
When it comes to e-commerce, social media developers are responsible for creating features that work flawlessly and are algorithmically designed to locate consumers who are more likely to be interested in your goods.
It’s impossible to imagine a scenario in which social commerce does not significantly impact your bottom line.
3. What do you need to know about social commerce and how to get started?
If you want to get the most out of selling on social commerce platforms, there are a few best practices that you should keep an eye out for.
a. Your product’s social commerce channel should be chosen carefully.
If you want to discover which social media platform is best for your business, analyze the demographic makeup of your brand’s audience and start with the platform that most closely matches it.
For example, TikTok’s sales channels can be a good fit if you’re primarily marketing to Gen Zers. Instagram is an excellent place to start if you’re selling to millennials.
If you’re already utilizing social media to promote your items, look at which platforms are currently generating the most interest. More people will engage with your content and purchase your product if your checkout process is as simple as possible through social commerce.
Avoid the pitfall of attempting to achieve everything at once and spreading yourself too thin by focusing on too many platforms at once. Prioritize the most valuable social network, then plan to grow it.
b. Make use of the live streaming capabilities provided by your platform.
Your goods can be showcased, and the unique selling proposition of your business can be discussed in greater detail through live streaming. A Livestream is a terrific method for producers to show off their personalities and engage with their audience more intimately.
Livestreaming allows customers to interact with your brand, see your product in action, and ask questions in real time before they buy. You may also enable live purchasing on Facebook, which provides your viewers with the chance to purchase directly from your video while they are watching.
As surveyed by Statista, 70% of US internet users who watch live streams frequently say they’re inclined to purchase things from those they follow. As a result, live streaming presents a significant possibility for producers and retailers to generate revenue.
c. With instant messaging, you can stay in touch with your clients.
Customers will ask inquiries regarding your products if you’re selling them online. Live streaming cannot be done all the time, but instant messaging may be used to stay in touch with friends and family.
According to a 99firms survey, 73% of respondents felt that live chat was the “most satisfactory” method of communication from a company. Nothing beats live chat for speed and convenience when it comes to customer service.
Your customers will become more familiar with your brand as a result, which will lead to increased sales and brand loyalty in the long run. You can assist reduce the number of customers who abandon their purchases by being available via chat.
Private messaging is also a great way to give customers discounts, advertise new products, and keep in touch with them after they’ve made a purchase.
Providing a more tailored online buying experience makes your consumers feel more appreciated and lets them know you’re always here to serve them.
d. Influencers can help you expand your business.
According to IDC, the influencer marketing sector will reach $16.4 billion in revenue by 2022. An endorsement from an influencer can have a significant impact on your online sales since influencer audiences value the opinions of the influencers they follow.
While working with influencers can increase social media engagement, this isn’t the only benefit of working with them.
Because more people are engaging with your postings, they are more likely to be presented to other users who might be interested in your product.
Influencer marketing can be effective even if you don’t collaborate with well-known figures. Micro-influencers tend to have higher engagement rates than major influencers in developing a long-term engaged audience.
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