What is Social Commerce? Why Is It Important?
Due to the digitization of physical retail, the rapid growth in the size and quantity of marketplaces, and the increasing smoothness of social commerce, shopping is now an always-on experience. The future of complete commerce is social commerce, which involves doing business on your clients’ terms and wherever they are. Consumers rank convenience as their top concern when choosing a retailer, according to a recent Linnworks consumer study. That convenience comes from social commerce.
But many people underestimate the power of social commerce and many still ask what is social commerce? That’s why this blog is all about what you need to know about social commerce.
What is Social Commerce?
What is Social Commerce can be defined as, Social media platforms like Facebook, Instagram, and TikTok are used in social commerce to market and sell goods. So users can rely on the top social networking applications’ e-commerce services when they are in the mood to shop.
It differs from a conventional social media marketing strategy in which customers view content from a brand and then go to their website to begin shopping. Instead, potential buyers can use social commerce to explore brands, find products, and make purchases without leaving the app.
The different social commerce channels
Let us examine the most well-liked social commerce platforms and how businesses can use them to increase sales.
Facebook and Instagram Shops
The two most popular social networks are owned by Meta and Facebook and Instagram, respectively. They have about 300 million users altogether. So it makes sense why e-commerce companies claim that these social commerce channels are where they sell the most things.
There is a native Shops feature on every platform. Online retailers add their product collections to an account-connected virtual shop. Without leaving the app, users who visit a brand’s profile can view the offered products, including sizes, color variations, and specifications.
For internet firms, the answer to what is social commerce channel is very lucrative. In 2022, more than one-third of Facebook users will make a transaction on social networking sites. The equivalent number of customers is 59.4 million, many of whom you can contact by setting up a Facebook Shop.
TikTok is a relatively new player, but because of its explosive growth, anyone may believe that it has been a social commerce platform for much longer than it has. Despite having a six-year advantage, the video-sharing network is expected to surpass Instagram’s 48.2 million US users by 2025, reaching 48.8 million.
However, users of TikTok are not merely amusing themselves by swiping through the app. According to TikTok, 39% of users found a brand or product via TikTok that they were unaware of. In addition, nearly half of users have bought anything they saw on the app.
Pinterest is a tool for visual search across social media. Users pin vacation destinations, make mood boards, and, most crucially, find new items. Every month, more than 400 million users use the platform to look for products and get ideas. What is best? Pinterest searches are unbranded 97 percent of the time. Merchants can attract potential customers who are unaware of their items by adding product listings from their online store to Pinterest.
How does Social Commerce Work?
Particularly now that the epidemic has pushed online buying, social platforms are creating and testing their commerce services. For example, businesses may create a store on the recently opened Facebook Shops, which sell on both Facebook and Instagram. This may be the simplest method of reaching a new audience who already utilizes these channels.
Buyers gravitate toward their hobbies and what excites them, so you want to have an organic presence on social media sites so that potential customers may find your products naturally. Paid advertisements effectively attract new clients to your brand and your items, who will then purchase them on these platforms or your website. You may target a certain audience with sponsored advertising based on their interests and demographics.
Retailers can use the Commerce Manager to set up a Facebook Shop. Selecting whether you want customers to finish their purchases on your website by a direct message or using Facebook’s checkout feature is one of the advantages of Facebook Shops (or Instagram).
Why should you try social commerce?
Social commerce makes shopping a social experience
Social media shopping is a far more participatory experience than a standard online shopping trip. Social commerce may be the ideal substitute for individuals who miss the companionship of a day at the mall.
Social commerce removes friction.
View it, select it, and purchase it. Social media stores make the consumer journey less difficult, making it simple to proceed from discovery to purchase. They are present. The item is present. There is only the checkout to go.
Ultimately, each mouse click is a chance for potential consumers to change their minds. If consumers have to move from your advertisement to your website, add the product to their shopping cart, and then fill out their credit card information, it is time for them to lose interest. Remove the needless steps and let people shop while they are social.
Social commerce offers an instant focus group
Social commerce expedites the transaction process and provides a fantastic opportunity to get feedback. Your product catalog is available for customers to evaluate and comment on in public. Your customers can tell you what they like or dislike. Therefore no crystal ball is necessary. On social media, you have access to detailed information about your consumers and the chance to interact with them directly through comments or private messages to offer individualized customer support.
An essential component of the overall purchasing experience is social commerce. In the easy economy, it is one way for people to find items when they are already using social media. So be where your consumers are and include social commerce in your selling approach if you want to expand your business.