Social commerce is the next wave of online shopping and everything is set to lead the future of ecommerce. This new market is growing bigger and brighter than ever. Integrating e-commerce with social media, social commerce, is the future of online shopping. According to Statista, the Global Social Commerce Market Expected To Grow To Over $ 3 Trillion USD over the next eight years.
Social commerce is the last showcase. It offers the ability to create seamless shopping experiences for people right in the app while catching up with friends and family, consuming related content and learning about their favorite brands, products and services. To know, Social commerce is the use of social engagement to create business transactions. The result is a more engaging customer experience that eliminates friction and increases revenue.
Millennials and Gen Z have now become the dominant and majority share of consumers and will clearly be for years to come. Shopping through social media has simply become a natural organic extension of their daily routines, as these consumers are digital natives who grew up on social media. Therefore, social media platforms like Facebook, Instagram, Pinterest and TIC Tac introduced stores as native extensions to their platforms to anticipate this growing trend. In fact, 27% of internet users worldwide rely on social media to find products to buy. (GWI, 2020). And over 55% of social media users in the United States aged 18 to 24 have made at least one purchase through social channels, followed by users aged 25 to 34. (Statistical, 2021). As the influence of these platforms grows on Millennials and Gen Z consumers, the importance of social media commerce will increase.
Social commerce encourages people to connect with a business through two-way communication. This not only allows customers to engage with your business, but it also gives them the ability to use social media as an effective customer service channel. The most effective and forward-thinking trend in social commerce is live shopping, while combining technological advancements in live streaming and social media channels with the familiar nostalgic concept of home shopping.
Direct shopping Where direct shopping, is rapidly being adopted by the world’s leading B2C brands to deliver personalized one-to-one and one-to-many video shopping between sellers and consumers. Live Shopping opens up a whole new world of possibilities for brands to connect with shoppers on an emotional level, quickly, to dramatically drive sales. Video shopping is almost like the experience of a mall, but takes place entirely on social media, with friends also being able to participate in a real social experience, including 360-degree product visualizations and on-time customer service. real with a virtual agent who offers useful information to guide buyers towards the purchase.
When the viewer joins a live shopping session, they can participate in ongoing comments on anything they see, so there is immediate interaction. The point is, when viewers watch live content at this time, they have an emotional reaction and that reaction is important for brands because audiences are more likely to buy from a brand that they have. an emotional connection. Simply put, live streaming with the virtual store gives shoppers the ability to interact with the virtual agent in real time and experience the products in a way that accelerates purchasing decisions while enabling two-way communication in time. real. For example, 70% of internet users in the United States who regularly watched influencer-led live feeds said they were likely to buy products recommended by influencers. (Insider Information, 2021)
Likewise, the new social commerce also incorporates the notion of personalized service via Live streaming. These virtual agents are like in-store product specialists, stylists or store clerks who can instantly answer questions, share the latest offers, or recommend additional products to the consumer.
With alluring popularity and ever growing user base, social media built into stores or social commerce platform is here to stay. Therefore, given the power and reach of shared community networks, businesses cannot afford to ignore them. Now, to keep up with the trend, businesses need to allocate an exclusive budget to meet their social commerce marketing strategies as they generate massive sales through their huge daily and monthly active users. Likewise, the platforms are also expected to respond to the trend to seize existing and future social commerce opportunities by adding new products and product updates.
Ayrin Islam, based in Montreal, Canada, is the co-founder and CEO of RingID, a social networking platform that combines social networking, social commerce and financial services into one seamless experience. With a keen interest in advanced technologies and a bachelor’s degree in finance, she started her first business after graduating from college. As the woman in charge of other established tech companies, she has the skill to keep up with the latest trends in the global tech industry and assess them through her own skilled interpretations. This led to many key accomplishments from time to time and ringID was the result of one of them.
focused on South Asia; Ring ID is the world’s leading community social network, strengthening the livelihoods of millions, who were waiting for a chance for independence and success. ringID is building the next-generation platform for social commerce – powered by fintech, enabling consumers to access services faster and more responsibly, enabling merchants to grow and e-commerce to thrive, and creating income opportunities for millions of young adults. Thanks to ringID, over a million users gain and actively make a living from the ecosystem using their existing skills and knowledge.
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