We’re moving towards a point where social networks will become as significant as traditional networks. By 2025, it will be unlikely that anyone will be able to survive without being part of some kind of social network. They are already not just a place for people to connect, but where transactions are made. And with more retailers getting on board, you’ll be left behind if you don’t.
Social commerce is booming and the prevalent customer need has been satisfied as retail enthusiasts can indulge in e-commerce while browsing their social media. The demand for this functionality has increased rapidly as 29% of people’s daily screen time is spent on smartphones, compared to only 5% five years ago (Salmat). Customers are now engaging with companies who are on board with providing this new retail feature and actively offering and promoting social shopping.
Social platforms such as Instagram and Pinterest have implemented this through highly relevant shoppable ads that drive a higher e-commerce conversion rate. Facebook and Twitter have also created a solution using their ‘buy now’ buttons and the Facebook storefront.
Customers are buying the ‘must have’ items they see while scrolling their feeds with the click of a button. Making a purchase has been integrated into social media so swiftly that it does not feel like online shopping at all. While this may be dangerous for the impulsive shopper, companies are taking advantage of the ever so seamless user experience to provide their customers with the most convenient service.
What Are the Benefits?
It goes without saying that implementing social shopping features encourages purchases.
But what’s more powerful is the accurate targeting you will be able to achieve. Algorithms are used to track customer purchases and online browsing history as well as their activity on social networking sites. This data is used to determine the ads that are displayed on a customer’s social media and outcome has never been more timely and relevant.
The social shopping feature also gives you the chance to sponsor ads to target customers who don’t follow you but are noteworthy, potential buyers. Sponsored tweets and Facebook posts are already beneficial to businesses, but adding a ‘buy now’ feature to these posts only amplifies your ROI.
The accuracy and simplicity of this feature gives the right customers a good taste for your brand, increasing conversion rates and your overall sales.
It is now up to retailers to get on board and learn how to capitalise on this growing revenue stream.
That’s the why. Now let’s talk about the how.…
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