Social media platforms have become a crucial part of our lives. Not only do we use them to connect with friends and loved ones, but they now play a pivotal role in the discovery of new brands, products and services.
Social commerce takes this a step further by enabling businesses to sell their goods directly through social media platforms. But what exactly is social commerce? And how could it benefit your business?
What is Social Commerce?
Essentially, social commerce is the practise of using social media platforms to sell products and services. It involves integrating social media and e-commerce to create a seamless shopping experience for customers. Social commerce enables customers to browse, review and purchase products without leaving the s platform. Examples of social commerce include:
- Instagram Shopping: allows businesses to tag their products in their posts and stories, directing customers to a page where they can purchase the product.
- Facebook Marketplace: a platform that allows individuals and businesses to sell new and used items to others in their local community.
- Pinterest Shop: enables businesses to showcase their products, linking directly to their website where customers can make a purchase.
- TikTok: with over 1.6 billion active users, TikTok allows businesses to showcase their products through short, engaging videos. The platform’s “shop now” feature also enables companies to add links to their product pages, directing interested customers to make a purchase.
The Rapid Growth of Social Commerce
Global social commerce sales have been on the rise, with an estimated value of £794billion ($992 billion) in 2022. Social media platforms are becoming increasingly popular for online purchases, and forecasts suggest that the value of social commerce sales will continue to grow. By 2026, it is estimated that the value of social commerce sales will reach around £2.3 trillion ($2.9 trillion). This significant growth shows that social commerce is an approach that businesses cannot ignore.
Creating a seamless shopping experience
One of the primary benefits of social commerce is that it allows businesses to reach customers where they spend most of their time – on social media. In recent years, platforms such as Instagram, Facebook, and TikTok have become essential tools for businesses to connect with their target audience.
By integrating social commerce into their marketing strategy, companies can create a seamless shopping experience for their customers. This means customers can browse products, read reviews, and make purchases without leaving the platform.
Maximising customer insights
Social commerce offers a significant advantage in gathering valuable customer data. By utilising social media platforms such as Facebook and Instagram, you can gain valuable insights into the habits and behaviour of your customers, enabling you to create more comprehensive customer profiles and offer a customised shopping experience.
Harnessing the power of social proof
Social proof is people’s tendency to follow others’ actions when making decisions. Social commerce allows businesses to tap into the power of social proof by displaying the number of followers, likes, and positive reviews on their social media profiles. In doing so, businesses can increase the trust and credibility of their brand, making customers feel more confident before making a purchase.
Get in touch to learn how we can help your business grow through social commerce.