How Social Commerce Can Lead To A Successful Multi-Platform E-Commerce Strategy
To provide a seamless shopping experience and succeed in ecommerce, brands must include social commerce in their strategy. Examples of social commerce formats include in-app purchases, shoppable advertisements, organic shoppable posts, influencer content, and live-streamed videos, among others.
The global social commerce market size is predicted to reach $7.03 trillion by 2030, while there will be 97.2 million social commerce buyers in the US.
Here’s how brands can seize social commerce opportunities:
Leading Social Media Platforms
“Tik Tok in particular is the wave of the social shopping future. TikTok has outstripped Instagram and Google as the destination for Gen Z to find product reviews. Over 49% of TikTok users say that they have bought a product from the social media app,” shares Katharine McKee, Founder of Morphology Consulting, a digital commerce consultancy.
When someone sees a video of a product on TikTok, it is of someone with similar wants and needs, she said, and aligned with their specific needs.
Live Shopping
When done right, live shopping can attract more customers and increase conversion by increasing brand appeal and differentiating a brand from competitors.
“Live shopping is the next big achievable push in social commerce,” Elizabeth Kressel, Founder & CEO of e-commerce and live shopping agency Lizard Strategy, says. She adds that “successful programming generally educates or entertains, which provides value-add for the consumer. The format is a great way to connect with customers, and build brand loyalty while increasing purchases.”
Kressel reveals that 60% of people who have tried live shopping said it increased their sales experience, and well-executed programs see about 30% in terms of conversion. She added that live shopping is fit for the experience-seeking Gen Z and Millennials.
Improve Customer Experiences
As technology advances, customers also expect instant gratification no matter which platform they utilize. This has compelled companies to stay abreast of the latest technologies on which platforms.
“It can be tempting to jump on every new platform or opportunity. The first step should be to identify where your target market is spending time,” says Vanessa Jeswani, Co-Founder of Nomad Lane, a travel bag and accessories retailer.
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