Gone are the days of passive scrolling on social media. Today, consumers discover, engage with, and even purchase products directly within social channels, blurring the lines between entertainment and shopping. Social commerce is exploding, with global sales predicted to surpass staggering $6 Trillion by 2030. An Accenture estimate stated that global sales in social commerce reached $492 billion in 2021 and would reach to $1.2 trillion by 2025. According to Shopify data, 49% of firms intended to boost their social commerce spending in 2023.
Social media platforms are no longer just pretty pictures and witty captions, they have gone beyond their traditional role of entertainment and become an avenue for a seamless shopping experience.
Strategies for social commerce in 2024
Social commerce is taking over as it bridges the gap between discovery and purchase. Here are some key strategies for your organization to thrive in social commerce in 2024.
Know Your Audience
The first step to social commerce success is understanding your target audience. Actively monitor conversations and trends on relevant platforms to identify your customers’ interests, pain points, and preferred content formats. By tailoring your content and product offerings to resonate with their specific needs, you build trust and establish yourself as a leader in your niche.
Choose the Right Platform
Not all social channels are created equal when it comes to social commerce. Different audience segments engage on different social media platforms. Identify platforms where your target audience spends their time and aligns with your brand personality. Consider a multi-platform approach if your audience is diverse, ensuring consistent brand messaging and experiences across channels.
Embrace User-Generated Content
Authenticity is key in the social space. Leverage user-generated content (UGC) in the form of customer testimonials, reviews, and even product demonstrations to build trust and social proof.
Build a Community
Social commerce transcends mere transactions. Foster a vibrant community around your brand by actively interacting with followers and addressing their concerns with sincerely. For example, by hosting Q&A sessions, polls, and live chats to keep your audience engaged and make them feel like valued members of your brand family.
Optimize for Seamless Checkout
Frictionless buying is crucial for higher sales. A bad shopping journey can convert an interested consumer to a hesitant and disinterested on-looker, to even a hater in extreme cases. Integrate in-app checkout features or link directly to your online store. Offer multiple payment options and ensure a mobile-friendly experience. Every step between discovery and purchase should be smooth and effortless.
Social commerce thrives on data. Track performance, analyze customer behavior, and personalize your approach. Identify what types of content resonate with your audience, and which platforms drive conversions. By gauging out such metrics-driven parameters, you can figure out areas for improvement in your social commerce strategy. Recommend products based on browsing history, offer targeted discounts, and tailor your content to individual preferences. Every interaction is an opportunity to build a deeper connection. Data-driven insights will help you refine your strategy and maximize your ROI.