With sales already amounting to over $117 billion, according to Statista, social commerce sales are expected to multiply by almost 600% in the next 6 years. The rising tide of social commerce is transforming the shopping experience with no signs of slowing down. According to Statista, such trends are fast entering the Asian markets as well with 46% of Chinese internet users purchasing from social networks and over 70% of consumers from Thailand and Vietnam wanting social media commerce integration.
So, what exactly is social commerce and how is it different from social selling?
Unlike social selling, which focuses on building a stronger customer-brand relationship, social commerce involves direct buying and selling of products and services on social media platforms. With social media penetration as deep as 86% in Malaysia and 84% in Singapore, it is inevitable that social media will become an important step in the customer purchase journey, not just serving the purpose of awareness and connection, but also boosting sales and revenue growth.
From becoming aware of the platforms that you can open your shop on to learning about how you can incorporate this into your social media marketing strategy, this might be time to deep dive into the world of social commerce for you and your business.
TRENDS IN SOCIAL COMMERCE
Big social media companies realize the potential growth of social commerce and are taking steps to make their sites more friendly for businesses to sell their products. This comes with smoothly integrating this shopping experience with the overarching social media experience for customers. Here are some of the latest developments in the social commerce scene:
Learn more about how to choose the right social media platforms for your business here:
THE INCREASINGLY COMPLEX B2B DIGITAL CUSTOMER JOURNEY
of consumers interact with multiple channels before making transactions.
This no longer stands true for just B2C customers. Statistics show that 36.6% of B2B decision-makers discover new products and services through social media while 23.2% of B2B decision-makers prefer to contact suppliers via social media. These numbers are increasing and B2B businesses will feel the changes in their clients’ digital journeys. Social commerce in the B2B space will soon become a reality.
Check out more insights about changes in the B2B digital customer journey here
CREATING A SOCIAL COMMERCE STRATEGY FOR SALES
Are you losing out on customers by not engaging in social commerce? Over the past year, 52% of socially-engaged consumers have made a purchase directly from social media platforms. Social commerce brings with it opportunities for brands to create more consumer touchpoints that will boost sales and drive revenue growth. Here are the 3 main steps to incorporating commerce into your social media management strategy for positive revenue growth.
1. Customer Journey
Get to know exactly who your customer is and where they are shopping.
2. Multi Touch Attribution
Integrate multiple touch-points and link their contributions to conversions.
3. Track & Review
Experiment, monitor the results, adapt according to the feedback and repeat.
Catch more details about how you can use social commerce to accelerate your sales performance in our complete blog here.
BOOST YOUR ENGAGEMENT WITH OUR 360° DIGITAL MARKETING SOLUTIONS
Are you ready to create an integrated 360° digital marketing plan that will complement your online marketplace or e-commerce sites with social commerce to stimulate revenue growth? As a Google Certified Partner, VK Transformation is passionate about helping B2B and B2C businesses accelerate their business model, brand and marketing transformation with our experience, proven track record EDG programmes and EDG grants of up to 80% for SMEs & 60% for non-SMEs. Feel free to connect with us over a virtual coffee chat to learn more about our experiences.
FOR MORE DETAILS CONTACT OUR TEAM
Founder and Managing Director
Practicing Management Consultant
Performance Marketing Analyst
Digital Marketing Consultant
Digital Content Marketing Consultant
For more information reach out to us on our website and feel free to share our newsletter.