SOCIAL COMMERCE IN 2021: EVERYTHING YOU NEED TO KNOW ABOUT IT!

May 31, 2021 | Fox Tales

Unless you have been on a social media hiatus for a VERY long time or have been living under a rock, you’ve probably seen some form of social commerce on your social media news feed. Also known as social shopping, it is now a prominent feature on every social media platform you can think of.

What is Social Commerce and Why You Should Care About It?

Very simply put, social commerce is where social media meets e-commerce. It is the process of selling products directly on social media. With social commerce, the entire customer shopping experience — from product discovery and research to the actual purchase and payment — takes place directly on a social media platform. And this makes perfect sense, right? Most purchase journeys have too many unnecessary steps in the conversion funnel. Social media is where your audience is at, so that’s where your brand should be. Through social commerce, your brand can make a more personalized and targeted in-app shopping experience for your customers.

Social commerce is constantly growing, and this market is valued at a whopping $89.4 billion globally right now! If that doesn’t make you sit up and pay attention, this will- the social commerce sphere is projected to grow to $604.5 billion in the next seven years. In India, social commerce is redefining the e-commerce ecosystem and India’s social commerce sector, which is a $1.5 to $2 billion Gross Merchandise Value (GMV) market today, has the potential to grow to $16 to $20 billion in just five years, increasing to $60 to $70 billion in revenue by 2030.  By the way it has taken off, it is safe to say that social commerce is here to stay!

What are the different Social Shopping options?

So, you’re convinced that social commerce is a good thing for your brand. Great! Here is what you need to know about the different social commerce options.

1. Facebook: Facebook Shops allows you to display and sell products on Facebook and Instagram. People who visit your shop can browse your products, make purchases, and get to know your brand. The Facebook Shop feature allows to create your shop in Commerce Manager, a platform you use to manage your inventory and sales on Facebook and Instagram. You can then choose a checkout method for people to purchase your products: On your business website, with Checkout on Facebook and Instagram, or through Facebook Messenger. Once you set up Facebook Shop, you can:

– Manage your catalog to add any products you want to sell.

– Create a collection, a group of products you want to feature in your shop.

– Customize the look and feel of your shop.

– Publish your shop. People can see your shop once we review and approve your collections.

2. Instagram: Instagram introduced Instagram Shopping – a feature that allows users to tap on images and stories to view products featured on it. Instagram Shop allows you to:

– Connect your Instagram business account to your website and Facebook page.

– Upload a product catalogue (you can create this yourself through Facebook or integrate through one of Instagram’s certified e-commerce platform partners such as Shopify or BigCommerce)

– Use product tags to highlight products in your photos and videos across feed and stories.

3. Pinterest: If you have a business profile on Pinterest and you’ve created shopping Pins with Catalogs, Pinterest allows you to feature your shoppable products on your profile. Pinterest Shopping allows you to:

– Create a catalogue of your products.

– Upload your products directly by adding a data source or integrating with a third party.

– Organize your products by creating product groups.

– Promote your products through ads.

Maximize your Social Commerce Setup

Once you have set up your social shop, here’s how you help it thrive:

– Remember to be social: Don’t forget the ‘social’ aspect of social commerce! Engage with your followers- respond to queries and comments, listen to and acknowledge feedback from followers, talk to your audiences, offer insight on the products, and post engaging content on your profile. Facebook recognizes brands that respond swiftly and gives you a rating for your page. So, the more responsive you are, the better your rating!

– Use Targeting Appropriately: Most social channels have highly nuanced targeting features to allow you to sell to your target audience. Use it! The best way to maximize your social shop is to ensure that your product is being viewed by the right audience.

– User Generated Content: If your customers are happy with your product, SPREAD THE WORD! Most shoppers take product reviews very seriously, so make sure that you encourage reviews from customers andshare them on your feed creatively. Encourage customers to tag your brand in their posts and feature it on your page and go live for product testimonials to collect user generated content that can help your brand.

– Easy Experience: Remember, your social shop represents your brand and it’s offering. You want to make sure that the entire process from product discovery to purchase is seamless and easy for your customers. From detailed product descriptions and answering DMs to the check out and payment process, put yourself in your customer’s shoes and streamline the process to ensure a pleasant shopping experience.

So, there you have it! Social Commerce is here to stay. If you haven’t already, jump on the social shopping bandwagon. It’s where your audience is! Social shopping can significantly enhance your brand’s digital presence and help your bottom line. Your shop represents your brand, so remember to be authentic to your brand values.