Whether you're an e-commerce entrepreneur or a consumer, social media is a valuable tool to increase your sales. It's also a great way to make your brand more authentic and connect with your audience. The popularity of social platforms has made it easier for consumers to make purchase decisions.
Earlier, social media was only used for sharing status updates, photos and videos. But over the last five years, the platforms have evolved into a new kind of shopping destination. They now act as discovery engines for brands, and the potential to enhance product presentation and streamline the purchase process is high.
As of July 2019, there were 3.46 billion active mobile social media users worldwide. According to Statista, this number is expected to grow to more than 80 million by 2020. Several channels act as a discovery engine for brands, including Facebook, Instagram, YouTube and Pinterest. These are some of the most popular destinations on the web, and many of them will become more important in the future.
Social commerce is a hybrid form of e-commerce that uses social platforms to drive purchase decisions. This approach has a number of advantages, including the ability to track and measure your marketing spending and sell directly to your target audience. In addition, a brand's presence on social can help increase brand awareness, as well as increase direct conversion rates.
Many social platforms provide direct links between advertising impressions and verified purchases. This enables companies to show ads to the right people at the right time, and encourage repeat purchases. Moreover, social channels are a great place to share customer feedback. Consumers will be more likely to share positive experiences than negative ones. Ultimately, it's up to retailers to adapt their products to meet consumers' needs.
A recent report from Accenture estimates that social commerce will grow to $1.2 trillion by 2025. This includes a three-fold increase in US social commerce spending by 2021, which is projected to reach $492 billion. Despite these statistics, the trust gap between brands and consumers continues to be a major barrier to entry. This suggests that brands must address consumer concerns, such as privacy and security, and that they should consider the impact of their digital footprint on customers.
Some shoppers shop online, while others prefer to visit a brick-and-mortar store. If a company's products can be adapted to the ways that consumers want to shop, they will be more successful.
When a brand goes viral, it can see a spike in sales. However, if the brand doesn't adapt to the needs of consumers, it will be destroyed by competitors. To protect your brand, you must have a complete strategy for influencer partnerships, and you'll need to make sure that you create content that is social-first.
Social media has the potential to be the most effective e-commerce channel. However, it may not reach the same levels of adoption as traditional e-commerce. With social channels becoming a more integral part of the buying process, it's important to use them wisely.