Social Commerce Trends:
According to Mashable and The Social Skinny, by 2014, social commerce sales are expected to climb to over $14 billion, reaching $30 billion by 2015, with half of web sales occurring through social media. Industry giants such as American Express (through #AmexSync) are making bold moves in social commerce, syncing accounts with Twitter to allow for purchases through specific hashtag posts.
Although Ecommerce is still a small percent of retail sales according to Business Insider, it is growing faster than offline retail. Especially as users spend more time on their mobile devices and social networks, and the availability to purchase items through these networks increases, social commerce will continue to expand. From the option to give gifts through Facebook to being able to buy products through a brand’s Facebook page or Twitter hashtag post, social networks such as Facebook and Twitter are making it easier than ever to one-stop-shop. Pinterest is a huge asset to the social commerce market as well, with the ability to fuel consumer purchases by using their shared interests. According to Daily Deal Media, because of Pinterest’s social photo-sharing capabilities and their influence on consumers, retailers such as Etsy and Nordstrom have strategically created “visual storefronts on the site’s pinboards.”
Although big names such as Amazon, Apple, Target, and Macy’s still dominate the Ecommerce scene, online based shops such as HauteLook, ShoeDazzle, and Beyond The Rack are growing their social commerce presence. They have a strong banner ad presence on sites such as Facebook, with effective email campaigns as well as widely followed Twitter accounts. So, the question is, what does all of this mean for your business?
To Stay In The Game Social Commerce Is Your Aim
Using social commerce is an excellent way to spread not only your online presence, but your actual business! Over 50% of consumers are willing to post about products/services in Facebook or other social networks if they get a deal or discount. Therefore, by helping your consumer you can help yourself. Get your consumers to promote your brand for you, and reward them for their customer loyalty! Promotions on sites like Facebook and Pinterest can prove extremely successful for businesses. “Liking,” “Sharing,” “Pinning,” and “Posting” are all ways for businesses to gain visibility, and for consumers to win something! Track your consumer activity and data to see how your business is doing with social commerce on the different networks, and use this to see which outlet works best for you and your customers.
If your company has something to sell, why not sell it on Facebook, Pinterest, or other social networks? Mashable reports that “about 20% of shoppers already prefer buying products through a brand’s Facebook page compared to its website.” Close to 90% of agencies already use social networks to advertise for their clients, and millions of small businesses have a presence amongst social networks such as LinkedIn, Facebook, and Twitter. If the trends of growing social networks and Ecommerce mean anything, this percentage of shoppers will only grow. Consumers want shopping to be an easy, low-stress experience, and with the amount of time spent on Facebook already, this allows them to shop without browsing around the Internet. It’s all there ready for them to buy (which certainly benefits you as well)! Just make sure you are showcasing your products in a way that will entice consumers (such visual creatures), and always remember to make your page easy to navigate and mobile-ready! Make it so payment is an easy process (PayPal often does the trick), and voilà!