Social commerce is an $89.4 billion market right now. In the next seven years, it is estimated to rise to $604.5 billion.
If you own a company that sells products, this fact undoubtedly will make you feel like the dollar-sign-eyes-green-tongue emoji.
Are you curious about how Social Commerce is going to change the Social Media experience for potential customers? First, let us understand “What is social commerce?”
The process of selling things directly on social media is known as social commerce.
The entire purchasing experience — from product discovery and research through the checkout process — takes place on a social media platform with social commerce.
The opportunity it provides marketers to develop flawless e-commerce experiences directly within social platforms, which happen to be some of the most popular destinations on the web, is the key here. Rather than directing customers elsewhere (for example, to your website or a sales platform), consumers can frequently review and purchase right there in the moment.
How is Social Commerce different from E-Commerce?
E-commerce is a shopping experience that takes place through a website or a dedicated branded app. By definition, social commerce allows customers to make purchases while engaging in their social media experience. Social commerce is not the same as e-commerce.
Social commerce is not the same as social selling. Social selling is the practice of establishing relationships on social media in order to increase the size of your sales prospect list.
Now to talk about the elephant in the room, How is Social commerce going to change the experience of social media?
- Reach out to customers with ease
Social media platforms are being used for much more than just interacting with friends and family. Many media, including Instagram, serve as brand discovery engines. Users engage in a variety of activities, such as finding inspiration from individuals and brands, directly messaging friends for feedback, and shopping and making purchases.
- Create a seamless shopping experience
Every extra step in the purchasing process gives a potential buyer the opportunity to change their buying decision. Creating a seamless shopping experience for customers by removing barriers and providing direct and one-click purchasing choices will promote trust among the consumers and result in increased sales.
- Take advantage of the rising Online shopping trend
We are witnessing a significant increase in e-commerce across markets and territories. A greater proportion of consumers are becoming accustomed to purchasing online, providing marketers with the opportunity to test and learn selling and marketing across several channels.
Are you interested in jumping on this bandwagon of Social Commerce too? Reach out to The Social Lions via email or Drop us a “Hello” in LinkedIn Direct messages.
