Social commerce is the buying and selling of goods and services through social platforms (think: Instagram, TikTok, WhatNot, and YouTube). It is a rapidly growing market, and is expected to reach $7 trillion in global market value by 2030. This growth is being driven by the increasing popularity of social media platforms, the growing trust in social commerce, and the convenience and personalization offered by social commerce platforms.
What is Social Commerce?
Social commerce is a broad term that encompasses a variety of activities, including:
- Shopping through social media platforms: This includes browsing products and making purchases directly on social media platforms, such as Instagram and Facebook.
- Influencer marketing: This involves partnering with influencers to promote products or services to their followers.
- Live shopping: This involves hosting live events on social media platforms where people can shop for products and services in real time.
- Social media advertising: This involves using social media platforms to promote products or services to targeted audiences.
Strengths of Social Commerce
There are many strengths to social commerce. Here are a few of the most important:
- Trust and authenticity: People trust recommendations from their friends and family more than they trust traditional advertising. Social commerce taps into this trust by allowing people to shop through their social networks.
- Convenience: Social commerce is convenient for both buyers and sellers. Buyers can shop from the comfort of their own homes, and sellers can reach a wider audience without having to invest in their own website or storefront.
- Personalization: Social commerce platforms can collect data about users' interests and preferences, which allows them to show users products that are more likely to be of interest to them.
- Engagement: Social commerce platforms can be used to engage customers and build relationships with them. This can lead to repeat purchases and increased brand loyalty.
The Future of Social Commerce
Social commerce is still a relatively new phenomenon, but it is growing rapidly, and what started in Asia is coming to the US. This growth is being driven by the increasing popularity of social media platforms, the growing trust in social commerce, and the convenience and personalization offered by social commerce platforms.
The growth of social commerce has the potential to revolutionize the way we shop. It could make it easier for people to find the products they want, and it could also lead to more personalized and engaging shopping experiences.
How to Get Ahead of the Curve
If you are a business owner, you can get ahead of the curve on social commerce by:
- Creating a stronger social media presence for your business: This includes setting up accounts on popular social media platforms and creating engaging content that will attract followers.
- Partnering with influencers: This is a great way to reach a wider audience and generate buzz about your products or services.
- Hosting live shopping events: This is a great way to connect with customers in real time and answer their questions about your products or services.
- Using social media advertising: This is a great way to target your ads to specific audiences and drive traffic to your website or store.
- Integrating Social Commerce features directly into your channels: This cannot be overstated. Companies today must adopt tools and features that make their own channels (online store, email distribution list, etc) social commerce favorable.
Social commerce is the future of retail, and if you're not already doing things to ensure social commerce is baked into your business, you need to move very fast. By following the tips in this blog post, you can get ahead of the curve and ensure that your business is successful in the years to come.