In our first weekly news update Your Goldlist, that you can watch here, we talk about how social commerce is developing into something way more than just buying on a social media platform.
55% of shoppers made a purchase through a social media app, proving that times are changing in the way we shop.
So many people are on social media and with 24% of people discovering brands via recommendations on social media, no wonder the features of each platform are forever developing. Each platform wants to be the first of their kind. If one app has got it, then the rest will follow suit and it’s that exact thing which has happened this year. In 2020, it was reported that the pandemic accelerated the rise of social commerce by five years according to Social Media Today.
With shopping features cropping up on each social media platform, the expectations to be able to buy on the spot are high. Should it be the norm to buy from social media if we’re using it so much?
This gives us the biggest question of all; why social commerce? There are four reasons why social commerce should be all businesses next venture:
- It helps brands to engage with their customers and interact with them
- It provides incentives for customers to visit a brand’s website
- With companies advertising their products on social networks, customers have a platform to talk about the brand and its products
- It provides all the information customers need to research, compare and ultimately choose a brand over its competitor
With the rise in influencers on different social media platforms, there is a lot more #gifted, #ad, and #affiliate posts that influencers are uploading. Influencers receiving products to promote is definitely helping the development of social commerce as 21% of people are motivated to purchase products by the number of likes and comments. People are comfortable buying products that come recommended from influencers they follow, saving them the time of searching to buy similar products elsewhere whether in a shop or online.
Many companies are now trying to either add social commerce features or are trying to acquire a business that would evolve into social commerce. For example, PayPal tried to acquire Pinterest, Nu Skin acquired Mavely and TikTok partnered with Shopify. If there’s a stand out ‘buy’ button, 11% are more likely to make a purchase. Before long that figure will be over 50%!
Do you think social commerce will ever get outdated or will it become the new way of shopping entirely? Let us know what you think and tweet us @goldlistapp
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