- Social commerce is rapidly changing the way we shop.
- It combines traditional e-commerce with social media and peer-to-peer networks.
- Social commerce brings an unprecedented level of convenience and connection to online shopping.
Social commerce has opened up a world of new possibilities for shoppers, sellers and brands alike. With its potential to revolutionize traditional e-commerce, social commerce is set to disrupt how we shop. According to a report by BanklessTimes.com, the global social commerce market is expected to reach $1.2 trillion by 2025.
Commenting on the report, BanklessTimes CEO Jonathan Merry said,
The rise of social commerce is one of the most exciting developments in retail. It provides a new channel for brands to reach customers and offers shoppers an engaging, real-time experience that has been missing from online shopping.BanklessTimes CEO, Jonathan Merry
What Is Social Commerce?
Social commerce is an internet-based process that enables customers to purchase goods or services directly through their social network. It is different from traditional e-commerce because it facilitates a direct connection between buyers and sellers through comments, reviews, sharing options, and other forms of user engagement. This allows for real conversations about products and services, creating a sense of community around buying and selling.
Impact Of Social Commerce On Traditional Ecommerce
Social commerce stands to be a game-changer for traditional ecommerce in many ways. It offers shoppers an immersive, engaging, real-time experience that is far more interactive and social than traditional ecommerce platforms. It also allows brands to be more creative with their marketing and reach consumers in a way that was impossible before, enabling them to build deeper relationships with customers.
Additionally, it gives sellers a chance to tap into a global network of potential buyers, enabling them to reach an audience far wider than ever before. The power of social commerce was seen clearly when Chinese live-streamers Li Jiaqi and Viya sold $3 billion worth of goods in just one day — three times more than Amazon's daily sales on average.
The Benefits of Social Commerce
Social commerce offers a variety of benefits for shoppers, sellers and brands alike. It allows customers to access more products, services, and deals through their social networks while also providing a platform for them to interact and ask questions. For sellers, it offers more control over the customer experience and enables them to reach a wider audience of potential buyers. Finally, brands benefit from increased engagement through social media marketing and advertising.
Why Is Social Commerce on the Rise?
The way people shop and buy products has changed dramatically in recent years, thanks to the rise of social media. Social media has made it easier for people to connect and share information about products and services.
There are several reasons why social commerce is on the rise. First, social media platforms have become more user-friendly and allow seamless interactions. Second, there is increasing trust in social media platforms as a source of information about products and services. And finally, social media platforms provide a way for businesses to connect with potential clients more personally.
The increasing use of social media, the growing popularity of mobile commerce, and the rising number of internet users drive the growth of social commerce.
Key Platforms in Social Commerce
Here's a look at some of the key players in the social media and social commerce space:
Facebook is the largest social media platform in the world, with about 3 billion monthly active users. The platform offers a variety of features that businesses can use to reach and engage with potential customers. These features include ads, groups, and pages.
Instagram is a photo and video-sharing social media platform with more than 1.4 billion monthly active users. The platform is especially popular with younger users. It offers businesses several ways to reach and engage with potential clients. Instagram enhances social commerce by offering ads, stories, and influencer marketing avenues.
Amazon
Amazon is the world's largest online retailer, with more than $502 billion in annual sales. Besides, the platform also offers various other services, including Amazon Prime. This offers free shipping and streaming for Prime members.
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