In order to deliver a seamless shopping experience, brands need to focus on social commerce as part of their overall e-commerce strategy. Social commerce takes many forms, including in-app purchases, buyable ads, buyable organic posts, influencer content, live stream videos, to name a few.
The global social commerce market size was $0.62 trillion in 2021 and is projected to reach $7.03 trillion by 2030.
Insider Intelligence predicts there will be 97.2 million social commerce shoppers in the United States, or 38.2% of internet users.
Let’s see how brands can seize the opportunities of social commerce for a successful cross-platform e-commerce strategy.
Main social media platforms
“Tik Tok in particular is the wave of the future of social shopping. In early 2022, the #tiktokmademebuyit hashtag had over 8.5 billion views. TikTok has overtaken Instagram and Google as the destination for Gen Z to find product reviews. Over 49% of TikTok users say they purchased a product from the social media app,” shares Katharine McKee, Founder of Morphology Consulting, a digital commerce consultancy. “This content is hyper-niche specific through open data, so when someone sees a video of a product, it’s someone who is incredibly similar to them in their wants and needs, rather than their demography. These videos are not shot or produced by brands and are unfiltered reviews of products that fit your specific needs.
McKee goes on to share a piece of advice that many of us probably haven’t even thought of — just browse Barnes and Noble’s most popular TikTok books. “You can take a look at the different Book Tok sections of Barnes and Noble to see just how varied the types of books made popular by the app are. And who wants them. It’s a treasure trove of consumer behavior on which retailers should jump in. The now-viral example of Meredith trying and hating Jones Road’s What The Foundation and the infamous clapping of owner and makeup artist Bobbi Brown – it’s the schism of the two worlds The brand found the negative video offensive But anyone who wears makeup like Meredith does immediately knew it wasn’t the product for them. There’s a big democratization of how we view the things we consume that’s incredibly powerful – brands and retailers should take note.
When done right, direct shopping can attract more customers and increase conversion by increasing brand appeal and differentiating a brand from its competitors.
“Live shopping is the next big step in social commerce. Since the format heavily favors content with organic layered commerce, successful programming generally educates or entertains, which provides added value to the consumer. The format is a great way to connect with customers and build brand loyalty while increasing purchases. Direct purchases have excellent statistics. 60% of people who have tried live shopping said it increased their selling experience, and well-executed programs see around 30% conversion. Plus, Live Shopping is tailor-made for Gen Z and millennials looking for experiences. These groups are leading the way in adoption with over 50% of them interested in buyable live streams and growing year over year,” says Elizabeth Kressel, Founder and CEO of Lizard Strategy, a commerce agency electronics and live shopping.
“While launching a shopping event directly on social platforms has been a staple for many brands, standalone live shopping platforms such as Firework or Bambuser offer additional social commerce benefits. The beauty of these standalone platforms is that they allow you to host the shopping event on your own site or app while simultaneously broadcasting it to social media. site allows for more brand control and the ability to own your own content and data, as well as being able to leverage your audience on social media.After the event, you can use these platforms to build a buyable video that you can trim and repost on social media or your own site to drive additional sales.Also, social platforms don’t have were designed to natively host e-commerce, but standalone platforms integrate all content, commerce and community components,” adds Kressel.
Improve the customer experience
As technology has continued to advance, so have customer expectations. Customers expect instant gratification and quick communication regardless of the platform they use to contact a brand. This has created an environment in which businesses have no choice but to keep abreast of the latest technological advancements and pay attention to how consumers use social media and on which platforms.
“Through testing, we determined that our client spends a lot of time on YouTube looking for bag reviews, so that’s where we allocated additional marketing dollars,” says Vanessa Jeswani, co-founder of Nomad Lane, a travel bag and accessories. retailer. The company approaches everything with a test and learn approach. “Social commerce continues to grow in the United States, and it can be tempting to jump on every new platform or opportunity. The first step should be to identify where your target market hangs out.