How Social Commerce has become a vital need for eCommerce businesses in 2022?

Enter the exciting world of social commerce, where customers can browse products, make purchases, and create content all within the same social media space. This new way of shopping reduces friction in the purchasing process, makes the consumer’s journey more interesting, and offers new chances for businesses to pique consumer interest.

Social commerce is catching on like wildfire and has seen tremendous growth in the past decade. Even though social commerce falls within the eCommerce category, you’ll find throughout the guide that it stands very much on its own.

According to Mckinskey, Social Commerce is expected to cross $2 Trillion by 2025.

We’ll address significant issues in this article, including what social commerce is, its advantages, the platforms that allow it, and more. Let’s Begin Now!

What is Social Commerce?

Social commerce is an online selling approach that takes place on social media platforms such as Facebook, Instagram, or other platforms that have a social aspect. Social commerce customers can finish their purchases directly on the social media platform rather than being sent off-platform to the retailer’s internet site. This implies that the entire purchase process—from browsing to checking out—takes place on social media, completely cutting out the eCommerce website.

Social Commerce vs e-commerce

eCommerce and social commerce are two separate approaches to online sales. eCommerce is the way of advertising and selling goods via an eCommerce website or app specifically designed for sales, whereas social commerce is the process of selling goods via social media websites like Facebook, Instagram, and Pinterest.

The biggest distinguishing factor between social commerce and eCommerce is the manner in which goods are sold on these platforms. In eCommerce, customers visit a website or an app to browse and buy things.  eCommerce platforms are designed to provide a seamless shopping experience, from browsing products to making purchases and receiving orders. Consumers can pay through multiple payment channels and shipping and delivery are mostly handled by the retailer.

On the other hand, social commerce entails the products or services sales using social media channels. The goal of social commerce is to make the most of these platforms’ social and give customers a more enjoyable buying experience. Social commerce uses Usin features like shoppable posts, where products are tagged within social media postings, and buy buttons, which enable users to make purchases directly from the social media platform.

Another significant distinction is the way customers discover products and services in social commerce and eCommerce.  Search engine optimization (SEO) and paid advertising are frequently used by eCommerce businesses to increase site traffic. On the other hand, social commerce sales depend on user-generated content and social media platforms to increase traffic and revenue.

Social commerce enables businesses to use the communal nature of these social networks to create a brand community. Brands develop customer loyalty by encouraging consumers to interact with one another and share their experiences with the company. The purchasing experience is fully tailored for social buyers on eCommerce platforms, which gives companies more control over the process.

Limitless Benefits of Social Commerce for Your Business

Not sure if social commerce is a good solution for your ecommerce store? To help you determine whether you want to give social commerce a try, here are just a few of its benefits.

• Increased traffic and audience engagement
  

  Since people can simply and rapidly connect with your business through social commerce, it may also help you enhance traffic and engagement. This is crucial because as your brand gains exposure to more and more potential customers, you’ll increase sales and profit (assuming that your conversion rate stays the same). However, it makes it much simpler for customers to share your material with others who might be considering a purchase.

  According to the GWI survey, 27% of internet users globally cited social media as a source for product discovery.

• Expand Your Market
  

  Social media sites have huge user counts, especially those that provide social commerce possibilities. This increases the chances that your target market is on the site and is eagerly looking for your goods or services. Utilizing social commerce choices increases the probability that those customers will complete a transaction by lowering friction and facilitating an easy purchasing procedure through these product pages.

• Establish Trust with the Audience
  

  Customers are more inclined to trust your brand if they can simply contact your business. However, compared to an eCommerce site, social media is often far more intimate, providing visitors the ability to truly get to know your brand’s personality and passions. Due to the fact that consumers like to buy from companies, they are acquainted with and at ease with, social commerce can actually enhance sales by fostering more brand trust and familiarity.

• Track Your ROI and Increase It
  

  Social commerce has the potential to provide a high rate of return. Monitoring your social media data is crucial if you want to get the most out of your social commerce strategy. You can analyze your social commerce initiatives and make the required modifications to gain better results thanks to the fact that the majority of the larger social media platforms come with built-in analytics tools.

Features of Social Commerce To Scale Your Business

Social commerce is a cutting-edge approach that incorporates social media and eCommerce that enables companies to offer their goods and services directly on social media platforms. Social commerce has gained popularity among businesses of all kinds in recent years since it provides a variety of powerful features that can assist businesses in enhancing consumer engagement, enhancing conversion rates, and boosting revenues.

• Shoppable Posts
  

  Shoppable posts are one of the most important aspects of social commerce. These are posts that highlight goods and services available for direct purchase on social media. For instance, Instagram now enables businesses to tag products in posts, which users may click to buy. By simplifying the purchasing process for clients, this tool can greatly increase conversions for businesses that sell goods via social media.

• In-app Checkout
  

  In-app checkout is another effective social commerce feature. Customers can use this functionality to finish their transactions without ever leaving the social media site. For instance, Facebook has unveiled a service that enables users to make purchases using Messenger. By streamlining the checkout process and making it more convenient for customers, this feature can aid in lowering the cart abandonment rate.

• Customer reviews
  

  Social media channels are outstanding sources to gather client feedback and they are highly recommended for scaling businesses.  Customers can submit evaluations directly on many social commerce platforms, which can help establish credibility and trust with new customers. Businesses can also use consumer feedback to enhance their goods and services, which will ultimately increase customer satisfaction ratings.

• Personalized marketing
  

  Businesses can use social media platforms’ effective advertising solutions to connect with their targeted audiences. For instance, businesses can target their ads on Facebook and Instagram based on a variety of demographics, including age, gender, location, and interests. Businesses can increase conversions and revenues by ensuring that their advertisements are viewed by the most relevant audience.

• Data Analytics
  

  Social media networks give businesses access to useful data analytics tools that can aid in performance monitoring and decision-making. Businesses can monitor their sales, engagement, and reach on social media sites so they can determine what is and is not effective. This information can be utilized to modify marketing tactics, raise consumer satisfaction, and eventually increase sales.

Platforms That Support Social Commerce

What online communities does your target audience frequently visit? These are the social e-commerce examples where you may discover your target audience and adapt your marketing strategy.

• Facebook
  

  Through Messenger, WhatsApp, or Instagram Direct, you may communicate with current and future clients using Facebook Shops. A free social commerce store may be created by eCommerce business owners using this mobile-first purchasing experience. Facebook Shops allow business owners to build social proof and establish or import a product catalog, and they are completely customizable. In a survey by Statista, nearly 31% of people rated Facebook as the best social commerce platform due to positive user experience.

• Instagram Shopping
  

  Instagram Shopping is a popular feature that enables brands to tag their products in their posts and stories, allowing users to shop directly within the app. By clicking on a tagged product, internet users are directed to the brand’s eCommerce website, where they can complete the purchase. Instagram shops have become increasingly popular among brands, with more and more businesses adopting them to reach their target audience and drive sales.

• TikTok
  

  TikTok is one of the newest social media sites available, but it has swiftly developed into a marketing force for influencers. TikTok launched Seller University in February 2021. (testing in Indonesia). The website aims to increase the number of ways people may earn money from the website by selling their own items there (instead of sharing links that take users off the platform to complete purchases, as is the current method). For influencers that concentrate on affiliate marketing to make money, there will also be an opportunity to sell as an affiliate.

• Snapchat
  

  Snapchat leverages augmented reality (AR) to allow users to virtually “try on” clothes and shoes and view how certain things may appear in their homes. Snapchat has an advantage in this area thanks to its creative use of augmented reality, even if Instagram includes a try-on tool for cosmetics and eyewear.

• Twitter
  

  For years, Twitter has offered shopping solutions. Social selling on the platform has seen changes throughout time. The most recent version, Twitter Offers, enables marketers to create specials and share them with Twitter users, as well as to enable in-app product shopping. Other than these platforms, Pinterest is widely used for product pins to promote them.

Conclusion

The fusion of social media and e-commerce is about to bring in a time of tremendous transformation in the world of online shopping. The potential influence of social commerce networks in this context is yet very much open to being felt and utilized. eCommerce and social media are about to start a mutually beneficial cycle of improvement.

So if you are an eCommerce business and looking for a new digital selling approach that prioritizes audience engagement and fosters trust in a way that traditional online retail simply can’t match, Live stream shopping is the solution. Adapting to social platforms like Facebook, Instagram, and Tik Tok can give your sales a significant boost.

If you are ready to incorporate Social Commerce features into your e-commerce strategy? Get in touch with an experienced Social Commerce solution developer at Technocrats Horizons.