It’s a known fact that the world has gone totally mad for social media. Social media platforms are being constantly created such as Clubhouse, Parler and TikTok which climbed to the top back in 2020. Each and every one of them is trying to get ahead of the game. In the UK alone, there are 48 million active social media users, making that 67% of the UK population. A staggering 81% of these users use social media on their phone which they spend an average of 110 minutes on social media per day.
Let’s start with Facebook as an example. When the ‘Marketplace’ was added to their features, a whole new wave of shopping commenced. Businesses and practically anyone with a Facebook account could use Marketplace and sell pretty much anything. Skipping ahead a few years and we open our Instagram pages only to find that our notifications tab has moved and has been replaced by the shopping tab.
The most recent social media platform to have added a shopping feature to their agenda is TikTok. TikTok have recently partnered up with Shopify to allow users and TikTok For Business accounts to link their products on their page on Shopify.
"Shopify merchants with a TikTok For Business account will soon be able to add a shopping tab to their TikTok profiles and sync their product catalogues to create a mini-storefront that links directly to their online store for checkout,” Shopify explains.
"Creators are paving the way for a new kind of entrepreneurship where content, community, and commerce are key," said Harley Finkelstein, President of Shopify. "By enabling new in-app shopping experiences and product discovery on TikTok for the first time, Shopify is powering the creator economy on one of the fastest-growing social and entertainment platforms in the world. We are excited to help this next generation of entrepreneurs connect with their audiences in more ways—and with TikTok as a visionary partner."
Not too long ago, Etsy acquired social marketplace Depop for $1.6 billion creating an even larger online marketplace empire. With this collaboration, who knows which other social media app will join the movement.
The fast and ever growing idea of social commerce has impacted hard especially due to the COVID-19 virus outbreak in 2020. People were making online retail purchases more frequently with sales increasing by 46.1%, the fastest rate recorded in the past decade. No wonder why big retail brands wanted to get involved. Retailers were able to use social commerce to not only promote their products, but entice users to buy from them. All whilst keeping on trend.
With that being said; will social commerce take over and will we be seeing the likes of Snapchat and Youtube follow suit? Let us know your opinions on social commerce and if it has now become the new way of shopping by catching us on twitter @goldlistapp