2023 April 02 Archive - EXEIdeas – Let's Your Mind Rock

Social Commerce Has Revolutionized How We Shop, Bringing The Buying Process To The Comfort Of Our Fingertips. From browsing products on social media to making purchases, the integration of commerce into social platforms offers numerous benefits for businesses and consumers.Social commerce refers to the use of social media platforms to facilitate online shopping and e-commerce transactions. It involves integrating social media features, such as social sharing, product reviews, and user-generated content, into e-commerce websites and apps. This allows customers to shop within the social media platform or from the e-commerce platform using social media credentials and also provides a social component to the shopping experience.Social commerce has gained momentum over the years as social media platforms have evolved to offer more integrated and seamless shopping experiences. Many social media platforms, including Facebook, Instagram, Pinterest, and Snapchat, now offer features that allow businesses to sell directly to consumers within their apps. These features include shoppable posts, product catalogs, and in-app checkout.Social commerce offers a number of benefits to businesses and consumers. For businesses, it can increase brand awareness and engagement, and also drive sales by making it easier for customers to discover and purchase products. For consumers, social commerce provides a more convenient and social shopping experience, with the ability to easily share and recommend products with friends and family.However, social commerce also presents some challenges, such as the need for businesses to maintain a strong social media presence and engage with customers on multiple channels. Additionally, privacy and security concerns must be addressed to ensure that customer data is protected.Overall, social commerce is a growing trend that is transforming the way we shop online, offering a more integrated and social shopping experience for consumers and new opportunities for businesses to reach and engage with their customers.In this blog, we’ll highlight 7 key advantages of social commerce.Global Social Commerce Market Statistics & Customer Behaviour:Nearly 28% of internet users between the ages of 16 and 64 said their primary motivation for using social media was to get ideas for things to do or buy.A little over 26% said it was to find things they could buy. With 23% of respondents stating that they use it primarily to view the content posted by their favorite brands, it is proving to be an effective channel for brands even if they aren’t using it for shopping.Online statistics provided by Statista suggest that worldwide sales made through social media platforms will total $1.298 billion by 2023. Its popularity is growing; according to additional projections, it will reach almost $3 trillion by 2026.US Social Commerce Future Sales:Although China continues to lead the way, social commerce is expected to expand further in the US. The number of social buyers in the US is predicted to reach 108 million by 2025. According to eMarketer, social commerce sales could reach $107.17 billion by the following year.In 2022, social commerce sales in the United States increased to $53.10 million in value, accounting for 5.1% of all online sales. This amount increased in comparison to the $39.51 million reported in 2021.Even though that is remarkable, keep in mind that it was predicted that China would surpass the $350 billion mark by 2021. As was mentioned in our fourth point, social commerce in China was worth more than $360 billion in 2022.7 Benefits Of Social Commerce:Convenient Shopping:Social commerce has made shopping much more convenient for consumers. By allowing customers to shop directly on social media platforms, the buying process has become quick, easy, and accessible. Customers can browse and purchase products without leaving the social media site, saving time and effort.The integration of commerce into social media has revolutionized the traditional shopping experience and has made it possible for consumers to purchase products from the comfort of their homes.Increased Visibility:Social commerce provides businesses with increased visibility and reaches a larger audience. By selling products directly on social media, businesses can tap into the large user base of these platforms, resulting in more sales opportunities.Social commerce also allows businesses to showcase their products and brand in a more personal and engaging way, attracting new customers and increasing their customer base.Customer Engagement:Social commerce allows businesses to engage with their customers in real-time and receive feedback on their products. This interaction helps businesses to understand customer preferences and improve their product offerings.Social commerce also provides customers with a platform to voice their opinions and provide feedback, which can be valuable for businesses. This two-way communication helps build trust and fosters customer loyalty.Better Customer Insights:Social commerce collects data on customer behavior, preferences, and purchasing habits, providing businesses with valuable insights into their target audience. This data is beneficial for making informed decisions about product offerings, marketing strategies, and customer engagement.Social commerce also allows businesses to track customer behavior and preferences in real-time, allowing them to adapt to changing market conditions and customer needs.Increased Brand AwarenessSocial commerce can help increase brand awareness by creating a direct and personal connection with customers through social media platforms.This can result in increased brand loyalty and repeat purchases. Social commerce also allows businesses to showcase their brand values, mission, and vision, helping to build a strong brand identity and reputation.Lower Costs:Social commerce eliminates the need for a physical store, reducing business overhead costs. This can result in lower prices for customers and increased profitability for businesses.Social commerce also eliminates costly advertising campaigns, as businesses can reach their target audience directly through social media platforms.Cross-Promotion Opportunities:Social commerce allows businesses to cross-promote their products and services with other companies on social media platforms. This can result in increased sales and reach for both businesses and a better shopping experience for customers.Social commerce also allows businesses to collaborate with influencers and other businesses to promote their products, further increasing their reach and visibility.Wrapping Up:In conclusion, social commerce offers a range of benefits that businesses can leverage to enhance their online presence and drive sales. From increased reach and engagement to personalized shopping experiences, the benefits of social commerce are undeniable.It is an effective way to connect with customers, build brand awareness, and drive sales through social media platforms. So if you’re looking to boost your online sales, don’t miss out on the opportunity to take advantage of the many benefits of social commerce.About the Author:Walter Williams is a tech enthusiast who spends his time reading and writing about latest marketing trends, social commerce, and tech.Find Me On LinkedIn