Social commerce shopping is skyrocketing especially due to the pandemic. People are buying on social media sites to be safe from the virus. As a result, small to large businesses alike are getting into it.
In one report, social commerce was worth $89.4 billion in 2020. Experts believe that this will see a 31.4% growth in the next seven years. In other words, it is set to reach $604.5 billion in 2027.
What is one of the reasons why social commerce is growing? Because it is crucial for survival. But that is not all. What are some other reasons? Keep on reading to know more.
Social Commerce Shopping
Social commerce is the love-child of e-commerce and social media. So, the shopping experience happens and ends on social media. The top platforms for that are Facebook, Instagram, and Pinterest. How does this happen?
While scrolling on your feed, you may find an ad with a “buy” or “shop now” button. If you are intrigued, you can click the item to see more details. You will be shown its sizes, colors, specs, and more. If you like it, you can then buy the item on the app itself. So, there is no need to leave the app. Once you are done, you can then continue scrolling on your feed.
What sets this apart from e-commerce is that there is no need for a dedicated site for selling and buying to happen. Also, it is not the same as social selling where sellers need to connect with their buyers first.
What, then, are the key factors that make social commerce important? There are four reasons. Let us get to know them.
Social Commerce Shopping: Why Important
Today, people are isolated in their homes. But social commerce can help give them the social experience they need. How? They can chat with peers about what they think about an item.
Social commerce removes friction by making the shopping experience seamless. Customers see an item, click the ad, decide, then buy it in-app. So, the customer journey becomes shorter and faster.
As said, social commerce is skyrocketing. Thus, many people are now buying from their social media sites. Before buying a product, they also compare items on these sites. As a result, your brand can enjoy real money if you have the right strategy in tow.
Millennials and Gen Zs are Here
If your target audience is Millennials and Gen Zs, then social commerce is for you. Almost half of the social commerce shoppers are of these generations. Also, they now have their buying power are only getting stronger. So, getting into social commerce is now crucial.
Social Commerce Shopping is Only Growing
As you can see, there are a lot of reasons why social commerce is important. Brands are wise if they put a focus on this market today. So, if you are not into it yet, go ahead and start now. Doing so will help your brand survive the harder days ahead.