Social Commerce consists of selling and buying products or services directly on social media platforms. Unlike traditional eCommerce, Social Commerce provides a streamlined shopping experience as consumers stay on social media platforms from product discovery, evaluation, and purchase, to product review.
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The benefits of Social Commerce
Social Commerce is thriving. Research shows that its market size was valued at $575.8 billion in 2021 and is expected to grow to $6191.13 billion by 2030. Social Commerce offers brands a unique opportunity to connect with consumers in a more personal way. I see three benefits to considering Social Commerce as part of your Customer Experience (CX) strategy:
- Through Social Media, brands can cultivate customer relationships and create loyalty by providing a conduit for personalized shopping experiences.
- Social Media platforms, such as Facebook, Instagram, and TikTok, offer brands the ability to reach a large audience quickly and easily. This makes Social Media an ideal platform for marketing products and services and for Social Commerce to thrive.
- Social Media can be used to collect real-time feedback from customers about products and services, which can be used to improve the customer experience and adjust your commerce strategy.
How to select a Social Commerce technology
When selecting a Social Commerce technology tool, consider the essential features for the success of your overall strategy. Some key features to look for include the following:
- The ability to create a storefront on a social media platform. A storefront on a social media platform can be used to sell products and services. It can also be used to promote a brand or business. Make sure the Social Commerce technology you select allows you to link your product catalog to your social storefront.
- The ability to track and analyze data to understand customer behavior. Monitoring and analyzing customer data is important for understanding how customers interact with your Social Commerce storefront. Look for a Social Commerce technology that embeds customer data analytics. This will also help you understand what products and services are most popular with your social customers. Selecting a Social Commerce technology that allows tracking customer behavior will help you make informed decisions about your social commerce strategy.
- The ability to manage orders and inventory. When selecting a Social Commerce technology, it is vital to consider the ability to manage orders and inventory. This functionality allows businesses to track stock levels and order new items as needed. Additionally, it allows social media users to view product availability and place orders directly through the social media platform. Also, look for a Social Commerce technology that enables sending customer notifications to update them on their order status and capture any of their product reviews.
- The ability to create and manage promotions. When it comes to Social Commerce, being able to create and manage promotions is key. An excellent social commerce technology will allow you to easily create and manage promotions, whether for a sale, a giveaway, or another promotion. Make sure to look for this feature when selecting a social commerce technology.
As social media platforms grow their user base, Social Commerce is becoming an increasingly important aspect of the Customer Experience and many brands' overall strategies to delight customers. Through social media, brands can connect with customers more personally, cultivate loyalty, and collect real-time feedback. With all these features, businesses can connect with social media customers and provide them with a streamlined shopping experience.
Online resources to learn even more about Social Commerce
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