Social media has an effortless way of continuing to adapt to consumer needs and evolving trends in today’s society. The pandemic has fueled growth in e-commerce, only further accelerating existing social commerce trends.
Why is Social Commerce Important?
With every added step required to make a purchase, there is a risk of inconveniencing the customers or giving them a chance to change their mind. In recent years, social channels made it possible to purchase products without leaving the app. This is important to help businesses provide an omnichannel experience, allowing users to seamlessly browse, add to cart, and purchase without having to leave the social environment.
It’s Where Millennials and GenZers Shop
Global social commerce market is set to reach $604.5 by 2027, growing at a CAGR of 31.4%. If a brand’s target age range is within the 18 to 34 age group, these users are already on social apps scrolling, and likely ready to make a purchase. Social commerce also offers hyper-targeting, which makes audiences on social more qualified and relevant.
Grows Your Audience
Social platforms, specifically Facebook/Instagram, have huge user bases that are continuing to increase. Brands can consistently grow their target audience by showing up on their preferred social network. Once they catch momentum on building their target audience within social, brands can then deliver the product they want to see and will most likely be willing to purchase. After that user makes a purchase, brands can then grow their social marketing strategies—creating a retargeting strategy around past purchasers specifically on social channels.
The Leading Social Commerce Platforms
Only a handful of social media platforms offer an integrated “shop now” feature. As we see revenue grow within these current platforms, we will likely start to see other social platforms start to offer social commerce. The social platforms which dominate the commerce space currently:
Facebook Shops: Facebook allows brands to customize their shop with images and fonts that best complement the brand, as well as import an existing catalog from their website.
Instagram Shops: Instagram added a “shop” icon, making it easier for users to access their shop page from the main navigation bar.
Pinterest: Pinterest does not currently allow users to purchase within the app, but brands can upload a catalog and inspire users to shop.