How Can Social Commerce Help Your Business?
Contributing Author: Josh Wardini
How can social Commerce help your business and improve sales?
You may or may not have heard of the term social commerce. Even if you have heard the phrase used in passing, you may wonder exactly what it is, and why you should care? This article aims to provide information on what social commerce is, and why it is important in the world of online retail and eCommerce.
What is social commerce?
Social commerce, in short, is a combination of social media and eCommerce. Social commerce is where social network platforms such as Facebook and Twitter join together with eCommerce platforms or implement their own eCommerce solutions to enable users and businesses to sell to the public.
When users then log on to their social media platforms, they may have the opportunity to browse online stores, search through the marketplace, and purchase goods and services without having to move to a different website.
In short, social commerce brings eCommerce functionality to social networks where previously it was just present in dedicated online stores and sites such as eBay and Amazon.
The brand that has benefited the most by creating engaging and memorable content over various social networks is Nike. Its social marketing team works wonders is generating following and customer engagement.
What platforms currently have social commerce functionality?
Most of the popular social media networking platforms already have a myriad of social commerce functions. The following are some of the networks that have social commerce:
- Facebook: Marketplace, eBay deals, buy button, Facebook shoppable
- Twitter: Buy now buttons, promoted tweets
- Instagram: Partnership with Shopify, “Shop now” feature
- Pinterest: Buyable pins, shopping cart, partnership with Target
- YouTube: Adverts, silver and gold level subscribe buttons
As you can see, all of the main social media networks have some form of social commerce with Facebook being the most prolific and varied. As time progresses, other social networks follow suit, and we should see a variety of different social commerce features added.
Why is it beneficial?
In today's modern world, social commerce is hugely beneficial. Social commerce provides us with a greater means to shop online and it reduces the amount of effort we have to put in to find products and make a purchase.
For businesses, social commerce presents a whole new world of opportunity and provides the potential to appeal to a much wider audience. Consider the reach that social media has - millions of people have social media profiles, and most of those people also use Facebook, Twitter and Instagram on a daily basis. Having the ability to sell to this huger audience can greatly increase your revenue and business exposure.
Furthermore, social media is available 24/7 - conventional store-based retail is confined to daytime opening hours and cannot generate sales any time of the day. Users can log on to Pinterest for example at 1am in the morning and purchase an item if they wish - that is unbelievably valuable to business!
We hope you have found this article illuminating - you should now have a clear idea of what to expect from social commerce. Furthermore, you should have an understanding of why it is important, and where it is currently used.
The infographic below provides some interesting statistics and facts relating to the craze that is social commerce - enjoy!
Link to the infographic https://www.16best.net/blog/social-networks-and-their-importance-in-ecommerce-gateways/