Social Media platforms have become a lucrative channel for e-commerce businesses so far as online sales are concerned. The sales figures made through social media are estimated to grow to $ 3 trillion, up from $492 billion globally in 2021. Social commerce is booming exponentially thanks to the burgeoning demand for speedy shopping.
The difference between eCommerce and Social Commerce is that in the former shopping takes place from a dedicated app or website, a type of traditional sales funnel. In Social commerce, the products are sold on various social media platforms such as Instagram, Facebook, TikTok, and Pinterest.
Social commerce boosts revenue and establishes brands.
Building an online brand community for brand communication with customers is made possible by social commerce. By responding to their inquiries and proactively soliciting input from clients, you should interact with them. Each platform has its own set of interaction options.
Increase consumer and brand awareness
Social commerce platforms use their substantial user bases and high levels of interaction to market products to target audiences. Sales increase and more people become customers.
Offer specialized product selection
Social media sites offer thorough analytical data that help you understand how consumers behave. You may advertise your most valuable products and increase sales utilizing the client behavioral data the social commerce platform has collected!
Offers seamless customer experience
Customers find it easier to purchase a product through their favourite social media platforms.
Major Social Commerce Platforms
There is no better place to advertise one’s products than on Facebook. This is because everyone seems to be on this platform.
The Facebook shop launched in May 2020 allowed brands to sell on the online storefront using product catalogues. The users had the benefit of browsing products, making purchases, and getting live updates.
One of the most popular and widely used social networking sites is Instagram. It serves as a potent tool for brand discovery as well. Additionally, a staggering 44% of users use Instagram to purchase items every week, according to Instagram's Business study.
Utilizing Instagram Shopping one can draw attention to high-value goods with Instagram stories and picture tagging. Allows customers to examine close-ups of items for more details, browse a range of products in carousel postings, and virtually test out things before making a purchase.
TikTok
One will find buyers now on the video-based TikTok Platform. In 2022, US buyers increased to 23.7 million. Today, Gen Z accounts for 60% of the users on TikTok. Around 74 million users from the US will be part of this group by 2024, so it is the right time to open a digital store on this platform. One can gain the potential to sell quickly, as there are live video feeds and tabs, all showcasing products.
With a promising 478 million monthly users and growing, Pinterest is an excellent marketing tool for any brand. Companies need to add product tags with a CTA to the pins and ensure customers may make direct product purchases.
Pinterest has enhanced its social commerce campaign by adding enhancements for retailers in 2022, such as Product tags on Pinterest, Catalog videos, Pinterest Shopping API, and Shop tab on the company profile.
Conclusion - The Future of Social Commerce
Though data suggest that social commerce growth is healthy, there are a few warning signs. For example, live shopping on Facebook is closing. The shop tab on Instagram is removed in the new UI update. Social Commerce will not replace e-commerce totally as that medium is too large to be replaced. However, it offers a great medium for community building and increased customer engagement.
Benefits of Social Commerce, Facebook, Instagram, TikTok, Pinterest
