Social Commerce This trend sees all aspects of shopping, from browsing to checking out, being done via social media platforms. Twitter’s TwitterShops was announced in March. This makes it clear that social commerce is not a way to’retweet’. This is the latest in a long list of social commerce innovations. Instagram has expanded its reach to include an in-app checkout interface ,, and TikTok teaming up with Shopify in order to create what Gen Z’ers may call ‘ShopTok’.
Social Commerce allows businesses to reach customers right where they are, at the intersection between digital commerce and social media. This allows them to borrow traffic from both these booming spheres. This allows you to win customers’ interest organically and keeps them coming back for more.
This is what marketers dream about. Why isn’t every retailer embracing the chance to be social? Simply put, many retailers aren’t agile enough.
The scale of the app-ortunity.
Those that are agile enough are seeing huge growth in sales taking place over social media platforms. They integrate’swipe up’ and ‘buy now” links into existing social media ads. They are also using the dedicated shopping functions of platforms like Instagram to transport their digital storefront onto other applications. The market is also increasingly being influenced by social media, as influencers and live streamers promote products through their channels.
It is easy to see why social commerce has the potential to surpass Amazon. In just one day in 2021, two of China’s top live-streamers sold $3 billion worth of products. This is three times the average daily Amazon sales. The global social market was worth $492 billion in 2021, and it’s projected to grow by a quarter (26 percent) annually in the coming years– almost three times faster than traditional commerce.
Social Commerce takes power away from Amazon and other tech giants and gives it back the innovators and newcomers. Fifty-nine percent of consumers say they’re more likely to buy from a small business when shopping via social commerce vs. online. And, 44 percent are more likely to buy from a brand that they have never come across before.
The market is booming and there’s plenty to be had. Some players, even established online businesses, haven’t yet reached the pitch. They are miles away, slowing down due to a rigid and inflexible tech stack.
Composing a social strategy.
With the rise of social commerce and talk of the metaverse echoing around the retail sector, your brand has got to be able to keep up with the new– with social commerce being just the latest trend on the block. This is not possible if your technology infrastructure belongs in the dinosaur age.
Many digital commerce businesses still depend on monolithic solutions such as SAP. Monolithic platforms are not able to be customized, speeded up or innovate. This is the problem with this approach. Up