The dawn of social media networks has created an enormous impact on the business landscape. When customers are satisfied with your business, it is easier to share and recommend your brand on social media. These modern networks became a place where every content has the opportunity to go viral. Therefore, these channels play a significant role in word-of-mouth marketing, making social commerce a useful tool for any business.
As technology benefits businesses, it has dramatically shifted the way people shop. What works a few years back may not work these days. Creating a long sales funnel can hinder your sales conversion. With the competition going stiff, creating a shorter sales funnel is essential.
What is Social Commerce?
Social commerce means the direct selling of products within various social media platforms. It is often confused with social media marketing, where your content tries to drive traffic from a social platform to a website or online store. With social commerce, the entire shopping experience happens without the customer ever leaving the social media site for another platform. That shortens the sales funnel, giving you more advantage in converting your leads.
Popular Social Commerce Networking Platforms
Some of the biggest social media platforms are also the biggest names in social commerce. The most popular are Facebook, Instagram, and Pinterest.
The most prominent social media network in history, Facebook, has grown to be one of the most powerful social commerce platforms. Facebook now boasts of 2.7 billion active users. Moreover, Facebook has paved the way for business owners to grow their brands.
Facebook lets you create a page for your business, upload products, and create promotional posts. You can sell directly on your page while managing orders. Many companies can be seen running several promotional activities on Facebook to highlight their brand. This social media platform has taken a bold move toward social commerce with Facebook Page Shops and Messenger. Businesses can now have the chance to establish an entire store within Facebook, easily and smoothly.
This Facebook-owned social media network has captured many shopping enthusiasts and started the social commerce trend. Facebook data reveals that 70% of shopping enthusiasts turn to Instagram for product discovery. That has resulted in the introduction of Instagram Shopping. This feature allows users to purchase any time by tapping on images and stories to view products featured on it.
Instagram Shopping is now available to companies in over 70 countries that allow you to sell physical goods. What you need is to have an Instagram business account; then, you can connect it to a Facebook page to make shopping more seamless.
Pinterest’s Buyable Pins may not be as popular as the other two; however, it is useful for a shorter sales funnel. Buyable pins were released in June 2015. There were 30 million on the site at that time, but just after three months, Pinterest reported that the number had doubled. According to Shopify, Pinterest has an average order value of $50, which is higher than any other social media site.
What’s unique about Pinterest is that content is original and does not require a new set of materials. According to one source, 80% of Pinterest content is repinned. That is a significant benefit for all original content creators.
Pros and Cons of Social Commerce You Should Take Note Of
Switching to social commerce can give full advantage to your business. However, take note of some things in your strategies. Here are the Pros and Cons of social commerce to help you decide to rely on it for your business.
- It’s Holds Tons Of Opportunities
The internet is a threshold for a world of opportunities. With social networking sites, you can either choose to engage your current audience or develop an excellent campaign idea to capture your target market. Either way, you have the chance to reach a market full of potential buyers or existing ones who need a little encouragement to help them make up their minds whether to buy from you or not. Pushing social commerce on your channels can help them make a decision faster.
- Less Cost Yet Effective
You may already know that doing social media marketing costs way less than any other marketing medium you choose. Despite the low demand in the budget, it can find an effective way to promote your product.
Social commerce is a cost-effective strategy as it does not any other channel to convert leads into sales. You can spend on paid ads on your social media channels and expect a direct return to your investments.
- Growth of Desired Audience
Every day, thousands of new users create a profile on various social media sites around the world. Millions are already active on it. Likewise, many new users are joining every hour. One of your essential considerations for your business is how to reach and sell to your target customer. Should you decide to lean on social commerce, your followings are continuously growing and accessible.
- Authentic Traffic
Social media has become an avenue to talk to your audience directly. As you grow your audience, each social media platform allows you to start a conversation with your target market. Customer engagement is one of the most significant benefits of social commerce. It ensures that it can reach an audience whenever you share content. By being visible in a follower’s updates feed regularly, you’re seizing an opportunity for a robust branding opportunity. People who have constant contact with a company are more likely to retain recognition with that particular business.
- Customer Engagement
Another significant benefit you can get with social commerce is how it encourages people to connect with you. It allows customers a chance to engage with your business. Moreover, it also allows them to use social media as an efficient customer service channel where it’s possible to solve problems. Social media word-of-mouth (sharing/reposting) helps with audience building and increased engagement and website traffic.
- Step Ahead With Competition
While social media lets you reach your audience, build your brand, or profit sales, your competitors are doing the same. You have the advantage of staying ahead of your game by keeping an eye on your nearest competition. You can also bring something refreshing and better than your rival brands to your target market.
- Exposure To Competition
There is no denying that social commerce can be a useful tool to drive traffic and sales. However, being active on social platforms gives your competitors a chance to study your tactics. They can analyze your business methods through your social media platform. This move puts your business at the risk of being outdone.
- It Can Get Risky
Different people have different interpretations. So, you have to make sure that to deliver a crystal clear message, whether it’s a written article or a promotional ad, so that nobody can misinterpret your message.
- Not Everything Converts
When you rely on social commerce, you may quickly get excited about the likes and comments you receive. However, you always have to remember that not everything converts into a sale. When you do your promotion through paid ads, not all the audience engagement you get will convert.
Even if your post becomes viral, you should consider that a considerable percentage will not be turned into sales. So, to make your most effective, you need to make simple yet effective ways. You need to engage with your followers by acknowledging their likes, responding to comments, and answering queries.
Leaning on social commerce is significant. However, it would need much effort and work from your end. You have to listen to your target audience and make it easy to purchase from your social platform. Your customers should be able to click on a button easily. When done correctly, social commerce can play a significant role in helping your business reach success.