Social media platforms offer so much more than ways to stay in touch with friends and family.
These days, people use them to research the newest products and fashion trends, get inspiration from celebrities, look for product reviews, and solicit advice before making a purchase.
Being present where consumers spend most of their online time is essential for a brand to succeed, and social commerce enables this.
Let’s go ahead and understand, what is social commerce from all possible angles.
Social Commerce – An Overview
Social media platforms like Instagram, Facebook, Snapchat, and TikTok are used for social commerce, promoting, and selling goods.
Simply integrating e-commerce functionality into social media allows users to buy goods directly from content.
Consumers already use social media to get ideas for new products, so sales should be made possible on these platforms.
Social Commerce Stats & Figures
Nearly 87% of online shoppers concur that social media helps them make wiser purchasing decisions.
Facebook is used by 25% of business owners to transact business, and 40% of retailers use social media to increase sales.
Nearly 30% of shoppers make direct purchases on social media sites.
Customers who inquire about a product you sell anticipate a response in just four hours, compared to 42% of followers who anticipate a response in an hour and 32% who hope for a response in a half-hour.
74% of consumers conduct their purchases using social media. 60% of SMBs claim to have gained new clients through social media.
Consumers who learned about a new product on social media were 43% more likely to want to buy it.
Role Of User-Generated Content (UGC) In Social Commerce
User-generated content (UGC) is the content that customers produce after purchasing a new item, unboxing it, putting it to use, and viewing the finished product.
Customers say user-generated content helps them find new products 48% of the time.
UGC increases email click-through rates by 73%.
Before purchasing a product, 70% of consumers read UGC reviews or ratings.
Given that marketers have discovered that UGC can be used on social media to generate both on- and off-network conversions, this places UGC at the forefront of social commerce trends.
Types Of Social Commerce
Selling Products Through Stories
Videos and transient content have long been popular social media trends.
Brands now have opportunities to advertise their products on their own stories and through the stories of influencers, thanks to new shopping options.
Customers can conveniently shop for products right from content with a quick swipe up.
Because each story is only a few minutes long, promoting products effectively through stories takes time.
For maximum reach and impact, brands must plan for compelling content and publish frequently.
Working with influencers can occasionally help brands reach their target audience more successfully and foster trust.
Turning Social Posts Into Shoppable Content
Tagging products in posts to encourage conversions at the point of inspiration is arguably the most critical aspect of social commerce.
Shoppable content enables a frictionless experience so users can purchase in a few simple steps.
To increase conversions to their online store, brands can use this as part of their social commerce strategy.
Brands can capitalize on impulse buying with products that are easily accessible.
Livestream Shopping
By demonstrating the products in use and providing customers with the information they require before purchasing, live-stream shopping can also assist customers in making more informed decisions.
According to research, returns are 50% less common when a product is purchased through a live stream than through conventional e-commerce channels.
For instance, a person looking to buy jeans could ask the host directly on a live stream any questions they may have regarding sizing, color, and styling.
A person purchasing makeup can also request a tutorial to ensure the item they are viewing is one they will use.
Social Commerce Trends 2023
Frictionless Buying Experience
Consumers today are incredibly intolerant of digital annoyance.
Customers will inevitably become frustrated by brands that continue to use outmoded business models with a complex and protracted buying process.
On the other hand, brands that provide frictionless and seamless experiences are guaranteed higher acquisition and retention rates. Look over your customer experience map and look for obstacles in the purchasing process.
Attempt to streamline the procedure by eliminating any extra steps. Allow customers to complete transactions on your social media platforms quickly.
You can give customers the digital convenience they want by continually enhancing your customer experience.
Micro-Influencers Collaboration
Although it isn’t a new trend, working with micro-influencers is still important today and will be in 2022.
Micro-influencers, in particular for small businesses, can help them better balance their advertising budgets while reaching a larger audience.
Contrary to some well-known influencers who work with brands at prices even small businesses can afford, micro-influencers have tens of thousands to millions of followers.
They frequently have particular audience types, which makes ad targeting and segmentation easier.
Additionally, they are frequently seen as more honest and open about paid collaborations than significant influencers.
Given all of these elements, micro-influencers unquestionably influence how well brands drive conversions.
Metaverse
Influencers will continue to be important in the clothing industry, but digital avatars are about to walk the virtual runways.
They will give brands more freedom in promoting new collections, layering digital clothing, and facilitating digital sampling.
Even when shopping online, customers will have more accurate perceptions of how apparel and accessories appear when worn.
The use of digital avatars will increase with the growth of the Metaverse. Fashion retailers can profit from this trend by providing these avatars with digital clothing and accessories.
Wrapping Up!
Undoubtedly, social commerce will play a significant role in eCommerce for brands and social platforms alike. It is one of the main areas of focus for numerous brands.
Successful brands use social media to increase sales and build their brand reputation for a variety of reasons.
Consumer purchasing behavior will undoubtedly become more and more influenced by the rising popularity of social commerce.
Instead of sending customers to an online store, brands can now sell to them directly at the point of inspiration.
By allowing customers to complete their purchases directly from their preferred social network, the path to purchase is shortened and requires fewer clicks.
You must have understood this article’s point about the importance of social commerce in the modern world.
Author: Saurabh Sharma is a Digital Marketing Executive at Taggbox, a leading UGC platform.
