As social media continues to dominate our daily lives, it’s no surprise that eCommerce opportunities within this space have grown significantly. The trend, known in the marketing world as “social commerce,” is a game-changer for both consumers and businesses. In this article, we’ll delve into the trends driving the growth of social commerce and share actionable opportunities for marketers looking to tap into this lucrative market.
What is Social Commerce?
Social commerce refers to using social media platforms to facilitate the buying and selling of products and services. What does it look like in practice? Essentially, it gives consumers the ability to purchase offerings directly through a social media platform. Additionally, consumers can use social media to research and discover new products.
Social media influencers also play a significant role in social commerce. Influencers promoting products and driving sales through their extensive and engaged followings can give businesses an edge over their competitors.
Put another way, social commerce offers businesses a way to reach a wider audience and build brand equity and engagement in digital channels. It also allows consumers to quickly discover and purchase products through their favorite social media platforms, making the shopping experience more convenient and enjoyable.
What is the main idea of social commerce?
The main idea behind social commerce is to make it easier for consumers to discover and purchase products through social media. You can achieve this through the integration of ecommerce features, such as the ability to purchase directly through a social media platform, as well as through the use of influencers to promote products and drive sales. By leveraging the reach and engagement of social media, businesses can build stronger connections with their customers and drive sales in a way that traditional ecommerce channels may not allow.
What is influencer commerce?
Influencer commerce, also known as the “creator economy,” refers to the use of influencers to promote products and drive sales through their social media presence. Influencers have become a powerful marketing tool, with their followers often trusting their recommendations and purchasing products based on their endorsements.
The creator economy has seen significant growth recently, with many influencers building successful businesses through their social media presence. This trend is expected to continue, with companies increasingly looking to partner with influencers to promote their products. It’s essential for businesses to carefully select the right influencers to work with, as aligning with the right influencer could help a brand’s reputation.
Social Commerce Trends in 2023: What You Need to Know
As social commerce continues to grow and evolve, there are several key trends that businesses should be aware of. In this section, we will go over each of them in more detail to give you an edge against the competition.
Social Media is a Growing Presence in People’s Lives
Not only do social media users spend a significant portion of their day on these platforms, but the amount of time spent on social media is also increasing. In fact, a recent Shopify report found that 15% of users spend all their time on social media.
This trend is likely to continue as social media becomes even more embedded in our daily routines. For businesses, this means that there is a vast opportunity to reach a wide and engaged audience through social media marketing efforts.
Video Content is Now a Must
If you’ve been sitting on the fence about whether or not to implement video into your social media content, the time has come to hop on the video train! Video content has become an essential part of any social media strategy. Today’s consumers are increasingly seeking out product video content such as testimonials, how-to, and more before making a purchase.
In addition to traditional video content, live streaming has also gained popularity as a way for businesses to showcase their products and interact with their audience in real-time. Some brands have even seen conversion rates as high as 30% through live streaming, making it a valuable tool for driving sales. Whether you choose to produce videos in house, utilize user generated content (UGC), or outsource it to an agency, video is crucial for businesses that want to keep up with the competition.
Social Commerce is Here to Stay
As the world becomes more connected and social media continues to capture the masses, it’s clear that social commerce is here to stay. The ability to quickly discover and purchase products through social media platforms has changed how we shop, and this trend is expected to continue well into the future.
Businesses that embrace this shift and integrate social media into their ecommerce strategy will be well-positioned to succeed in the coming years. Those that don’t however, will be left in the proverbial dust.
What The Rise of Social Commerce Means for Marketers – Social Commerce Action Items for 2023 & Beyond
The growth of social commerce presents several opportunities for marketers looking to tap into this lucrative market. Here are a few action steps that businesses can take to capitalize on the rise of social commerce:
1. Take back control of brand presence on digital channels
As noted in the recent Shopify 2022 Future of eCommerce report, the emergence of social commerce offers an opportunity for businesses to take back control of their brand presence on digital channels.
By building a solid social media presence and integrating ecommerce features, companies can create a more cohesive and engaging brand experience for their customers. This can help build brand equity and differentiate a business from competitors in online marketplaces.
2. Own the customer experience through social media
Social media offers a unique opportunity for businesses to connect with their customers and build long-lasting relationships. Businesses can differentiate themselves and build loyalty by focusing on the customer experience and providing top-notch service on social media.
You can achieve this through various tactics, such as responding promptly to customer inquiries and complaints, giving personalized recommendations, and hosting interactive events and promotions.
3. Take advantage of live streaming on mobile platforms
Live streaming is a powerful tool for businesses to showcase their products and connect with their audience in real time. Mobile platforms, such as TikTok and Instagram, offer a range of options for businesses looking to get started with live streaming.
By partnering with mainstream platforms or creating their channels, companies can leverage the reach and engagement of live streaming to drive sales and build their brand.
4. Focus on customer service experience through live chat
In the age of social media, consumers expect fast and convenient customer service. Live chat is an excellent avenue for businesses looking to meet this expectation and provide a seamless customer experience. Companies can quickly and easily resolve customer issues and build loyalty by offering live chat options on social media.
Partner with Markacy to Optimize Your Social Commerce Strategy
When considering the ever-evolving space of social commerce, it can seem overwhelming for businesses to keep up with the latest trends and best practices. It’s easier than ever to get lost in a sea of competitors without a refined strategy. But how can you develop and execute one for your business?
That’s where Markacy comes in. Our team of experts can help you optimize your social commerce strategy and take your business to the next level. Don’t miss out on the opportunities presented by the current and future creator economy – contact us today to learn more about how we can help you gain the financial results you desire!