Social commerce could be the next big thing in the industry.
There was a time when e-commerce has invaded the industry and swiped the traditional approaches like nothing. Everything started to change and transformed into a new era of online shopping.
Now, e-commerce has become the most successful vertical of the industry, which is preferred by consumers and sellers both. But, the industry dynamic is changing again as some of you may have already noticed, but it will take place on a larger scale soon.
The ‘social commerce’ is reshaping the structure of online shopping in a much more profitable and convenient way. The approach has taken birth in 2016 and continue growing since then but with a slower pace.
The social media is a whole different world that can be used for anything and any business. Besides, the social media could be a synonym of the internet for some of us right now.
The part of the web holds a very significant influence among the internet users. Therefore, the marketers and brands have integrated the social media with e-commerce to begin the social commerce era. However, the initiative isn't that great so far, but its profitable and have great potential in the coming time.
The term Social Commerce maybe an unexplored ‘term’ for you but trust me most of you have crossed your paths with this trend at some point in your life..It is a technique for promoting, branding and eventually selling the products by brands over social media. This means you can buy the product directly on the social media platforms instead of going to the company’s website. Social media platforms like Facebook, Pinterest, and Twitter, offer the direct buying options for the listed brand products.
The social media world is the second largest place filled with people after the physical world in the entire universe (excluding the alien possibility). Besides, people are more likely to engage with each other here in the social media world. The social media platforms consume a significant amount of time in our everyday's life whether its work related or just chilling. This creates an excellent opportunity for the brands to strike a large number of potential consumers that are active most of the time.
With the perfect strategy, the company could reach millions of users with their products across the globe in no time. Instead of sharing your company’s website on Facebook, you can ask the users to check out the products without leaving Facebook.
Here are some advantages of integrating the social commerce into your business strategy
It is undoubtedly a great idea that could change or revolutionize the online shopping. However, there are still some factors that are restraining it from becoming a big hit. Although, the marketing approach has been through a long way and experienced continuous progress over the time. Here is the report from the Statista showing the growth of the trend from 2011 to 2015.
Image Source: Statista
Besides, another market survey from Marketing Week shows that 56% of the people like to go through the brands on social media to see their products. According to the study other 35% follow brands on social media to decide where should they go shopping next. So the question that comes here is, do users buy any product?
Image Source: Statista
The answer is no as the study shows that most of the people are just looking for some kind of information over the social media. However, the same study also shows that the ‘ Social Commerce’ trend has been kept pushing forward by the millennials. According to the survey, 33% of the young ones between 18-24 accepted that they like to make a purchase on Facebook, where 27% goes for Instagram and 20% turn to Twitter for shopping.
The mixed reaction from the consumers and social media users make it is hard to determine whether social commerce is an upcoming trend or just a naive idea of selling the products.
We really know very little about these buy buttons. As a consumer behavior specialist, I’m looking at this and saying, ‘Who wants or needs this? Who’s going to use it?’ I think Millennials are saying the same thing.
Here is what Nora Barnes, Director of the University of Massachusetts Dartmouth’s Center for Marketing Research thinks about this trend.
The social commerce is an innovative approach considering the changing dynamics of the web. The people are more into the social media than ever, and it's the best time to strike for the brands. The only reason I think holding this vertical is the users’ trust and loyalty.
The users are still not ready to get out of their shell and press the buy button on Facebook. But, there is no great medium than social media to reach millions of potential users and double your business in no time. All you need is to figure out the best way to utilize this trend for your brands.
First, you need to understand your targeted audience, know what they want, how you can convince them that it's really you and your brand on the social media. Then you have to know what they exactly looking for and customize your appearance and products according to that. The starting may be slow, but once you get your feet stable in social commerce, your business will experience a sudden boost.
We can't ignore the small businesses running on Instagram, individuals running their business specifically over the social media. These entrepreneurs are earning more than you can expect as users are responding to their pitch.