If you thought e-commerce was big, wait until you see social commerce. This relatively new phenomenon is taking the retail world by storm and changing how consumers shop.
From Instagram shops to Facebook boutiques, there’s a growing trend of businesses taking their wares to social media. A recent report shows that the UK’s social commerce industry will grow at a compounded annual growth rate of 32% between 2022 and 2028.
That’s a lot of purchases, but what does this mean for the future of shopping? It’s safe to say that social commerce is here to stay. Keep reading to learn more about social commerce and how it could benefit your business.
What Is Social Commerce?
Social commerce involves using social media platforms to facilitate buying and selling products or services. It’s an effective business model because it encourages social media users to buy while they’re browsing their favourite apps. Facebook Marketplace, Instagram Shops, and Pinterest Buyable Pins are all examples of social commerce platforms.
What Trends are Revolutionising Social eCommerce?
A few key trends are driving the growth of social commerce. The most notable ones include:
Increased Trust in Social Media Platforms
In the past, many consumers hesitated to purchase through social media platforms. However, that’s changing as platforms like Facebook and Instagram become more popular. Today, 98% of consumers are willing to buy products from a brand on social media.
The Rise of Social Media Influencers
These online personalities have a large following on social media platforms, and consumers see them as experts in their field. As a result, their recommendations are valued by consumers. Retailers are taking advantage of this trend by working with influencers to promote their products on social media.
Better Payment Options
One of the biggest barriers to social commerce in the past was the lack of payment options. However, that’s changing with the rise of platforms like WeChat Pay and Apple Pay. These new payment options make it easier for customers to make purchases without leaving their social media platform of choice.
How Can Social Media Help My E-Commerce Business?
Since social commerce is the next big thing, it would help to learn how you could benefit from selling through social media. Here are a few ways you could benefit:
Reaching More Prospects
Social media platforms have a global reach, which means they’re a great way to connect with new prospects. If you sell products or services on social media, you’ll be able to reach a larger audience than you would through traditional e-commerce channels.
Gathering Vital Consumer Data
Social media lets you gather detailed consumer data because you can access their profiles. This data can be valuable to your e-commerce business as it can help you better understand your target market. With this information, you’ll create more targeted marketing campaigns that are more likely to convert.
Access to Customer Reviews
When you sell products on social media, customers are more likely to leave reviews and testimonials. This user-generated content is crucial as it can help you improve your products and services. You can use this social proof in your marketing campaigns.
Start Growing Your Business with Social Commerce
Social media has already changed how we interact with each other and is now changing how we shop. As a business owner, you should leverage social commerce to meet and convert your prospects where they spend most of their time. Since social commerce is here to stay, leveraging it will help you succeed in the e-commerce world.