Social media is no longer just a platform where you can keep tabs on what your friends and loved ones are up to. It has become a marketplace all on its own. You can now share a post describing the time you spent with your family this weekend and make money from it.
Instead of asking why social commerce? We should be asking why not? The social commerce trends are incredible, and it is expected to be worth $2.9 trillion within the next four years. The figure is not far off as social commerce is already worth $51.2 billion in the United States alone. But what is the brand strategies and social commerce trends behind?
Did you know that nowadays even Twitch is being used as part of social commerce? In fact, many beginners on the platform opt to buy Twitch followers to get ahead of their rivals.
What is Social Commerce?
Social commerce enables you to run a business and make a profit all from a social media platform. Social commerce is the process of buying and or selling products within social media. What makes social commerce trends unique is that you can like a friend’s picture and discover (purchase) a new product without leaving the app. The entire shopping process that we encounter on store websites (product research and checkout) takes place on a social media app. An example of applications optimized for social commerce is Instagram, Facebook, Pinterest, and in its beta version, TikTok.
It is easy to confuse social commerce for eCommerce, but while eCommerce works on social media, social commerce trends take place entirely on social media. eCommerce encompasses all forms of selling online, and while it is functional in its own right, it often eliminates mobile users. Online traffic from mobile devices is constantly increasing, and with people spending more time on social media, it is only proper for businesses to utilize social commerce trends. And that is the core reason behind social commerce’s growth.
Present Social Commerce Trends
The holiday season, which was a few weeks ago, alluded to the social commerce trends we presently see. When considering social commerce trends, you aim to figure out what people are buying, why people were buying that item, and the likelihood of that item spurring the sale of another one. The present social commerce trends are;
- Utilizing messenger apps as chatbots for consumer engagement
- Increased use of machine learning and augmented reality to increase engagement on social media
- An increase in live streaming rooms and events for more conversions
- Social media platforms will continue to increase site adaptability to encourage social commerce
- Increased brand interaction with voice technology to measure up to consumer dependence on voice technology
Why Social Commerce: The Benefits
- Wider audience Base and Improved Traffic
Social media has a yearly growth rate of 3.1%, with over 60% of the United States population alone having an active account. With a vast number of these users accessing social media from their smartphones, it is not surprising to see that Shopify merchants were able to accrue $2.9 billion in sales during the 2021 Black Friday sales. 79% of which came from mobile devices.
An important objective for any business is; how to reach large audiences and build a reliable consumer base. Social commerce, therefore, utilizes smartphones powered by social media to open up businesses up to a larger audience and increase account traffic even with organic posts.
- Loyal and Retentive Customer Base
Using social commerce for your business builds good customer relationships; by engaging with your customer base. Engaging with prospective customers deepens brand trust and loyalty. A satisfied customer who trusts the brand will become a return customer.
- Better Search Rankings
Social media engagements transcend generated revenue. Studies on social commerce show that it ultimately increases eCommerce traffic, and increases search engine rankings. Another way to drive website traffic and top the search rankings is by sharing website links on the social media platform.
Social Commerce Strategies for eCommerce Growth
Running a social media account and posting random content is a welcome idea but is not enough to drive quality traffic and conversions to your eCommerce brand. Stakeholders need to go further and implement novel strategies that have worked for top brands and they are:
- Improve consumer experience with Chatbots
One of the biggest customer turnoffs present is an ignored question or late response. Therefore, eCommerce businesses can use chatbots to provide 24/7 customer support. The chatbots can be automated with A.I. to provide customer support when staff is unavailable.
- Robust Audience Engagement
The key takeaway from social commerce trends is the social aspect of the marketing strategy. Businesses that regularly interact with their audience are guaranteed to increase product sales. As much as you ventured into social commerce to sell products, remember that it is still a social media platform, and your audience needs engagement. Authentic human emotions and relationships go further in creating better customer relationships.
- Data-Backed Approach
A brand without real-time data and analytics cannot expect successful results. eCommerce businesses should perform adequate research on the products, trends, and conversations their target audience has on the products they sell. It is easy to decide what resources can increase sales and engagement when you approach social commerce with data.
- Target advertisement
Thankfully social media hashtag features make it easy for businesses to trend with organic posts, but sometimes that is not enough. Paid promotion on your social media platforms enables you to target audiences similar to your existing customer base. Targeted advertisement ensures that the users who see your posts have interests similar to your service rather than a general audience.
- Influencer Marketing
Influencers are some of the best marketing tools an eCommerce developer can have. Influencer marketing brings results and rewards to the brand by encouraging product purchases. Aside from bringing awareness and engagement to a relevant target audience, influencer marketing can be merged with an affiliate program where eCommerce brands only pay the influencer when the desired conversion occurs. That way, they can properly utilize their marketing budget.
Your eCommerce business is only as successful as the effort put into it. Social commerce has made audience targeting and product promotion easier for eCommerce businesses looking to scale up. The audience reach is clear, so are the benefits your business stands to gain all that is left is for you to include it in your marketing strategy.
AllValue is an eCommerce software tool that can organize, implement, and integrate social media platforms as your journey into social commerce. AllValue’s features include customer support chatbots, automated social media updates, post templates, and payment platform creation to simplify your social commerce marketing. Visit AllValue for more information on how to AllValue adds value to your business at: https://www.allvalue.com/en/.