- November 11, 2020
- Posted by: admin
- Category: Inveon Insights
Nobody can deny that social commerce is a concept that we are all becoming more familiar with lately. We can define the concept as selling and purchasing products and services through social media platforms without diverting the sales process to another channel. In the 2020 e-commerce world, where consumer habits have been more dynamic than expected, social commerce has become one of the most important topics.
The increase in the number of e-commerce shoppers forced brands to develop new approaches to keep up with consumers. Social commerce can be considered one of these approaches, rapidly rising in popularity and widening its range. But why?
According to the Digital 2020 October Global Statshot Report issued by Hootsuite and We Are Social, 4.14 billion people, more than 53% of the world population, are using social media. Moreover, social media users spend an average of 2 hours 29 minutes daily on a social platform. This essentially makes social media platforms an ideal marketplace for sellers.
I came, I saw, I bought!
Facebook user survey shows that 54% of people surveyed say they made a purchase either instantly or after seeing a product or service on Instagram.
Social media shopping offers customers a high level of convenience. For example, it is very convenient for a consumer who double clicks on a friend’s ski trip picture and right after is able to purchase a ski jacket right there, right at the moment!
Unlike directing the consumer to your site or marketplace through social media marketing, social commerce offers a system that progresses by completing the sales process. In this way, you are faced with social media users who complete the purchase at the moment they engage with your products, instead of dealing with abandoned baskets, or customers who turn away due to extensive steps to create a membership.
While social commerce is on the agenda, should your company take an action?
Insider Intelligence data suggests that, US Social Commerce sales will reach $23.3 billion in 2020, which is 20% higher than 2019 sales.
In a period when marketplaces were on the rise, brands who did not take quick action to keep up with changes and take advantage of the marketplace presence that currently dominates e-commerce, suffered a lot. Right now, there is an important opportunity to become a winner in this competition. Your success depends on how willing you are to take quick actions.
In the next few years, where social commerce presences are expected to become stronger and gain a significant share of the e-commerce market, you will thank yourself for starting today.
So far so good but, how do you adapt to this change?
First of all, you should not be positioning social commerce separately from existing channels. In today’s e-commerce world, where we have been talking about omnichannel experiences for a long time, social commerce should be considered a component of a brand’s ecosystem. You need to put the pieces together and create an interconnected big picture to provide you with a strong digital commerce presence.
New features on different platforms continue to be introduced on a daily basis. By starting to analyze your product and your target audience, determine the features of your new store and take your place.
Facebook has made improvements for the Facebook Shop by releasing new tools and arrangements throughout the year. They are making improvements by developing areas where you can interact with consumers on the platform and by activating features such as selling via livestream. Snapchat joined the race with successful pilot projects. Pinterest is rapidly advancing shoppable Pin features, especially in the US and UK.
It’s a new channel for your brand to explore and in a very short time, the limit will be the sky. So to avoid regretting in the future, start to shape your strategy today!
For anything, your brand needs related to the digital commerce presence, we are here to help and guide you!