Social media has evolved into both a platform and a marketplace. People can learn about brands there and interact with them, as well as shop from them and keep tabs on them.
The popularity of social media is changing how consumers interact with and purchase from brands, which is changing the retail industry. Therefore, it’s critical for business owners to comprehend social commerce, its significance, and future developments. One thing is certain: social commerce is here to stay and will significantly transform the landscape of digital marketing.
Social commerce: what is it?
The term “social commerce” refers to online shopping where the entire transaction takes place on social media platforms, from product research and discovery to the payment stage. More than 1 billion people connect with business accounts every week, according to recent data from Meta, using Facebook Messenger services. Every month, just on WhatsApp, more than 150 million people look through the product catalogs of different companies. That’s a large number of interested potential clients. Therefore, the opportunities for brands are vast.
Other studies predict that the global social commerce industry will be worth $1.2 trillion by 2025. This growth is anticipated to be driven primarily by Gen Y and Gen Z social media users. The pandemic has made everyone a digital native and increased social media usage among all age groups, including for shopping, creating the ideal conditions for social commerce to grow more quickly in the post-pandemic economy.
Social media sites used to be viewed exclusively as promotional tools. However, as mobile app technology has advanced, they can now serve as all-encompassing sales, customer service, and product discovery channels. As a result, social media has evolved into a platform where consumers can find and interact with brands, make purchases from them, and keep track of their progress.
The new shop fronts are social media platforms
Instagram, TikTok, and Snapchat are the new “doors to stores” in today’s social-first environment. Bringing your in-store experience online directly on your customers’ preferred social channels, where they spend the majority of their time, is a challenge presented by the growth of social commerce, but it is also an opportunity. In order to fulfill that promise, messaging apps are essential.
If social media platforms are the new storefronts, contacting a brand through Messenger, WhatsApp, or Instagram DMs is the equivalent of going into a physical store. Will your company be available around-the-clock and prepared to attract these customers with high intent?
The customer journey becomes significantly more dispersed and decentralized as we transition from a web-centric to a social-first experience. Brands must connect the dots and develop a seamless customer experience while maintaining a 360-degree, single view of the customer in order to streamline the customer experience across social and messaging applications. This is made possible by a unified social inbox with conversational AI capabilities.
The advantages of social commerce
Brands are turning to social commerce to stay in touch with customers across the vast and constantly evolving digital landscape because Google has abandoned the tracking cookie and Apple has started restricting the ability of advertisers to re-target visitors.
With social commerce, brands can have one-on-one, private conversations with customers across social media platforms, effectively simulating the in-store experience of interacting with staff instead of merely going to a static digital storefront. The core of social commerce is these individualized experiences.
Conversations are now the new cookies and the vital thread to maintaining customers’ interest and loyalty as a brand can interact directly with a customer across multiple channels in almost real time.
Using the thread of conversation, brands can interact with customers at every stage of the buying process, whether they are asking about a product’s availability or sizing before making a purchase, the return policy during the transaction, or the tracking of an order after the sale.
In light of this, it is clear that social commerce offers enormous advantages. Social commerce allows businesses to:
- Create an integrated shopping experience that is exclusive to the social channel preferred by the customers without redirecting them to an external website.
- Be present and accessible to customers at all stages of their journey.
- Improve your understanding of the customer through one-on-one conversations.
- Ultimately, it provides a seamless and customized shopping experience.
Conversations are extremely important.
Social commerce is redefining a new era of customer relations that brands must learn, earn, and own. Brands must foster loyalty and create value for customers at every stage of the journey rather than relying solely on cookies and third-party data to gather customer data. Because of this paradigm shift, we were motivated to be creative while developing social media marketing strategies for businesses and successfully implementing their social initiatives.
Unquestionably, social commerce is the future of business. As brands begin to focus on this emerging opportunity to bring their products and teams where their customers already are, those that prioritize customer experience and personalization will win the battle. Furthermore, this new era of shopping, which emphasizes relationships over transactions, will be driven by conversations.
Engage with potential customers on social media and develop a strong rapport that leads to a sale and continues further. At AuroIN, dedicated social media experts will handle all of the activities required to increase traffic and engagement with your prospects and encourage them to take the final action.