Social commerce is the use of social media platforms to facilitate the buying and selling of products and services. This can include things like shopping on social media sites, using social media to find and purchase products, or sharing products with friends on social media and receiving a commission for any resulting sales. Social media sites and apps such as Facebook, Instagram, and Pinterest have all introduced features that allow users to shop and make purchases directly on their platforms, making it easier for businesses to reach and sell to their customers online.
There are several ways that stores can implement social commerce:
- By creating a presence on social media platforms and using them to promote their products and services. This can include posting about new products, sharing promotions and discounts, and engaging with customers by answering questions and responding to comments.
- By adding social media buttons or links to their online store or website, allowing customers to easily share products with their friends and followers.
- By using social media to offer exclusive deals and promotions to their followers. This can help drive sales and encourage customer loyalty.
- By using social media to connect with customers and gather feedback. This can help businesses understand what their customers are looking for and tailor their products and services accordingly.
- By using social media to showcase customer reviews and testimonials. This can help build trust and credibility with potential customers.
- By offering the option for customers to purchase products directly through social media platforms, such as by using the “buy” button on Facebook or Instagram.
According to Statista, global sales through social media platforms are estimated to reach $992 billion U.S. dollars in 2022 and will become even more popular in the future. Social commerce sales are forecasted to reach approximately $2.9 trillion by 2026 .
We all understand that traditional e-commerce is great for consumers to search and find what they need or are looking for, social commerce allows for the discovery of new products and brands through social media, in a way that’s closer to real-life shopping with friends and family. Social commerce enables smaller brands to compete with larger brands by using options of social sharing .
The nature of social commerce allows for quicker purchases and easier sharing of new products between friends.
Build relationships with your community and mainly convert customers to your brand promoters . on top of that social fields are the ultimate place to find and work with Nano influencers, those with fewer than 10,000 social media followers, and micro-influencers, who typically have between 10,000 to 100,000 followers are becoming more popular with brands.