Why Retailers Should Start Using Social Commerce
Want to know what the secret to your eCommerce growth will be? Social commerce.
Yep, that’s right. The social commerce industry is currently worth $89.4 billion and guess what? It is projected to be worth a whopping $604.5 billion in the next seven years. That’s why you need to care about social commerce, and if you haven’t already started, then you need to jump on the bandwagon immediately.
That’s what smart e-commerce owners are doing now. Here are four reasons why social commerce is worth it.
But First, What Is eCommerce?
Social commerce is about consumers buying directly from your social media platforms. Everything from the discovery to reviews to the check-out takes place on your social media pages. Social media is the place where content goes viral, and people discover new things.
In fact, 60% of Instagram users say they discover new products on the platform and Facebook alone has 1.47 billion daily active users. With such statistics, it’s a no brainer. If that’s where your customers are then that’s where you need to be.
Do you know what else is great about using social media? It’s an effective marketing powerhouse! Plus, platforms like Facebook and Instagram are continuously making the shopping experience more comfortable. For example, Instagram’s “swipe up” feature can take your customer straight to the check-out page in a single swipe.
It doesn’t get much better than that. But, if you still need a little convincing, here are four useful tips for social commerce.
Make Engagement A Priority
To give your customers the best social commerce experience, you have to be well, social. Consumers love nothing more than talking to actual humans when they are interested in buying a product. Answer questions, offer value, encourage reviews, be authentic and just be human.
If you use chatbots then, great. They can be useful in helping move your customers along their journey. Just don’t rely on them entirely.
Listen to their concerns and opinions. You have a front-row seat to get in the mind of your audience so make the most of it.
Laser Target Your Reach
Do you know what else is so great about social media platforms? The legal data you have access to. Platforms like Facebook, Twitter, and Instagram have built-in metrics that you can use. These metrics can help you determine your engagement, reach, impressions, and so on. You can take serious advantage of the data analytics your social media platforms provide. That way you can place your products in front of people you know are more likely to be interested in your product.
You will be surprised at how many marketers overlook this step. But if you don’t break down and analyze your data, well you might as well throw your money down the drain.
Remove Any Potential Blocks
Be descriptive about your products or service and make sure the pricing can be seen. The key is to be as transparent as possible. Remove anything that will hinder a smooth shopping experience. The easier the process, the more likely they’ll buy.
Offer Consumer Financing
At the end of the day, your goal is to get them to buy. If they have reached your check-out page, it means they are serious about buying. The final push is to get them to buy. Just remember, not all customers are the same. That’s why you need to offer a variety of payment options like consumer financing.
Consumer financing is the fancier term for Buy Now Pay Later (BNPL). And guess who loves BNPL? Millennials. Where do millennials spend most of their time online? Social media.
When you offer a BNPL option from companies like ChargeAfter.com, you are allowing people to buy your product they otherwise couldn’t afford. Whether it’s financing for electronics, financing for mattresses, or financing for furniture, Buy Now Pay Later guaranteed approvals benefits the consumer and business owners. In fact, research suggests that people are more likely to buy from a retailer that offers a Buy Now Pay Later service.
They get to enjoy your product or service, and you get to enjoy the sale. It’s a win-win situation for all.
The Bottom Line
Social commerce is about the shopping experience beginning and ending on social media platforms. If done correctly, social commerce can be astronomical for your business’ growth. Not having a social commerce strategy will put you at a severe disadvantage. So, don’t put yourself on the back foot, develop a solid plan and strategy, and it’ll be more than worth it.
