Social commerce is a form of e-commerce that is conducted through social media platforms. It is a relatively new phenomenon that has become increasingly popular in recent years, as more and more people are turning to social media to shop.
Social commerce works by enabling users to shop directly from a company’s social media page. This eliminates the need for shoppers to visit a company’s website and allows them to purchase items quickly and conveniently. Social commerce also allows companies to interact directly with their customers, as they can respond to comments and questions directly on their social media pages.
The growth of social commerce has been exponential. In 2020, it was estimated that global social commerce sales had reached $559.7 billion, and it is projected to grow to $2900 billion by 2026. This growth can be attributed to the increasing number of people using social media, as well as the convenience and ease of use that social commerce offers.
Social commerce is beneficial for both businesses and consumers. It is an effective way for businesses to reach a wider audience and increase their sales. It also allows them to interact directly with their customers and build relationships. For consumers, social commerce is convenient and easy to use, as they can shop from the comfort of their own homes. Additionally, it allows them to access exclusive deals and discounts that are not available on traditional websites.
What is Social Commerce?
Social commerce is a form of e-commerce that involves the use of social media networks to aiding in the online buying and selling of products and services. It combines the use of social networks, such as Facebook, Twitter and Instagram, with shopping marketplaces, such as Amazon and eBay, to create an interactive shopping experience.
It allows customers to connect with the brand and other customers, share reviews and recommendations, and make purchases directly on the social media platform.
Social commerce also enables businesses to target customers with personalized product recommendations and offers, as well as to track customer behavior and preferences. Social commerce has become an increasingly popular way of doing business, as it allows companies to reach a wider audience, reduce costs, and increase sales.
Social Commerce vs. eCommerce: What’s The Difference
Social commerce is a subset of e-commerce that focuses on social media platforms. It is the use of social media platforms to facilitate the buying and selling of products and services. It is a way for businesses to reach out to their target audience, engage them, and ultimately drive sales.
E-commerce, on the other hand, is the buying and selling of goods and services online. It is the process of buying and selling goods and services over the internet. It has been around for decades and is one of the most popular and efficient ways to transact business.
The major difference between social commerce and e-commerce is that social commerce is focused on leveraging social media platforms to promote products and services while e-commerce is focused on providing an online platform for customers to purchase goods and services.
Social commerce takes advantage of the interactivity and engagement of social media to create relationships and build brand awareness. It also uses data and analytics to identify target audiences and then market to them.
E-commerce, on the other hand, is focused on providing an online platform for customers to purchase goods and services. It relies heavily on search engine optimization to attract customers and increase sales. E-commerce sites are often more complex and require more advanced coding and design than social commerce sites.
In conclusion, social commerce and e-commerce are both forms of online commerce, but they differ in the way they are used to promote products and services.
Social commerce leverages the interactivity of social media platforms to engage customers, build relationships, and drive sales. E-commerce, on the other hand, is focused on providing an online platform for customers to purchase goods and services.
5 Reasons Why You Should Try Social Commerce
Here are 5 major reasons why you should try social commerce:
1. Increased Engagement
Social commerce is an effective way to engage with customers and build relationships. Through social media platforms like Facebook, Twitter, and Instagram, businesses can interact with customers in real-time, respond to questions and inquiries quickly, and build connections with their target audience.
2. Reach New Audiences
Social commerce allows businesses to reach new audiences and expand their reach. By leveraging popular social media networks, businesses can reach potential customers that may not have been aware of their products and services before.
Social commerce is a cost-effective way to reach customers. Unlike traditional advertising, social media platforms are free to use, and businesses can reach a large audience for a fraction of the cost.
4. Higher Conversion Rates
Social commerce increases conversion rates by providing customers with an easy way to purchase products and services. With the addition of social media “buy now” buttons, customers can purchase items directly from the platform, eliminating the need to leave the site or app.
5. Improved Customer Service
Social commerce also provides businesses with an opportunity to provide better customer service. By responding to customer queries and complaints in real-time, businesses can build trust and loyalty with their customers.
5 Tips For Effective Social Commerce
There are a few steps you should do after setting up your social media store to make sure you maximize your revenue from this channel. Here are a few examples:
1. Pay attention to your audience.
You have all the data you require about your audience thanks to social media. Pay attention to your audience to get the most out of it.
Keep a close eye on the shares and comments you receive on your shop. When necessary, respond to them or provide customer service.
You can track your audience across all social media channels with the use of tools like Hootsuite. You’ll stay informed about client feedback and business news in this way.
2. Get your audience involved
Don’t forget the “social” in “social commerce.” There is more to social commerce than just posting your catalog and hoping for sales to come flooding in.
In order to keep your audience entertained, you must provide value, respond to inquiries, and produce engaging material. They need to recognize your humanity and authenticity. A chatbot can be set up to assist customers while they make purchases from you.
3. Review requests
If you want to create a successful internet business, gathering social proof is crucial. Approximately 99.99% of buyers claim to read reviews when shopping online, according to Power Reviews research.
So ask for reviews if you sell a product that people like. After your product is delivered, you may send them an automated email asking what they think of it. Alternatively, you could provide incentives like a giveaway to entice current customers to leave reviews for your products.
Post your favorable evaluations on social media and mention them in emails as you receive them. Possibilities include posting user-generated content, a carousel of favorable reviews, and even hosting a live video with pleased clients.
4. Utilize Hootsuite to broadcast items
Users of Hootsuite who use e-commerce platforms like Shopify, Bigcommerce, Woocommerce, and Magento can post items from their online stores on social media using the Shopview app, even though this isn’t technically social commerce. This is a simple method for using social media to enhance the online buying experience for your clients.
From a single social media management dashboard, Hootsuite users may sell goods directly to social media using the Shopview app.
However, you shouldn’t end there. Build a solid advertising and social commerce plan that will help your posts reach the appropriate people at the right time if you want to maximize your success with social commerce.
5. Streamline sales and customer support by using an AI chatbot.
A prompt, competent response can occasionally be the difference between a confirmed sale and a cart that has been abandoned. However, as was already said, manually responding to every comment can be time-consuming.
You can automate customer service answers and make sure that clients are taken care of even when your team is not available with the correct tools.
The Best Social Media Platforms For Social Commerce
The best social media platforms for social commerce are:
Facebook is one of the most popular social media platforms and is a great platform for social commerce. It allows businesses to set up a page and create ads that are targeted toward a specific audience. Businesses can also use Facebook to post updates about their products and services and interact with customers.
Instagram is a great platform for businesses to engage with their customers. It allows businesses to create visually appealing posts that showcase their products and services. Additionally, customers can comment and share posts, making it easier for businesses to build a relationship with their customers.
Advertising your eCommerce business on Instagram can be a highly effective way to reach your target audience and drive sales. With over 1 billion active monthly users, Instagram offers a large and engaged audience that can be targeted through various ad formats, such as photo, video, carousel, and story ads. By creating visually appealing content that showcases your products and using strategic targeting, you can effectively reach your desired audience, increase brand awareness, and drive traffic to your website.
To maximize your advertising efforts, consider utilizing Instagram shopping features, such as product tags and the shopping tab, to make it easy for users to shop for your products directly from the platform. Overall, advertising on Instagram can be a cost-effective and scalable way to grow your eCommerce business.
TikTok Shop is still available in the UK and Asia despite the social media platform’s recent decision to abandon ambitions to sell it outside of North America. On TikTok Shop, there are three ways to sell your goods: Videos in the feed, a product showcase tab, and LIVEs. Additionally, are you familiar with the hashtag #TikTokMadeMeBuyIt? This hashtag has been used 7 billion times by users to show what they’ve bought as a result of recommendations on TikTok. So if you have seen it, you are aware that if you want to remain relevant with your audience, selling your items on TikTok is a no-brainer.
Twitter is another popular social media platform that is great for businesses. It allows businesses to post updates, respond to customer inquiries, and engage with their customers in real-time. Additionally, businesses can use Twitter to create ads that are targeted toward a specific audience.
One of the first social media sites to enable members to buy and sell goods was Pinterest back in 2015. They accomplished this using standard pins with fields for availability and cost details. However, because they drive users to a landing page with a focus on the product to complete the transaction, these pins aren’t direct social commerce features.
You can make Product Pins, which are shown in your Pinterest Shop, if you have a Pinterest business account. The “Buy” button is located beneath each pin, and if your consumer is located in the United States, they can click it to finish their purchase without leaving the app.
Overall, the above-mentioned platforms are the best social media platforms for social commerce. They allow businesses to post updates, create ads, interact with customers, and build relationships with their customers.