Growth of Social Commerce in 2024
E-commerce is overcoming all the challenges from recent years and is evolving at a fast pace. It is expected that social commerce will continue to change and alter according to the needs of the future and bring in new trends and grow rapidly.
According to recent studies, the global social commerce market is expected to reach $100.5 billion by 2024, representing a significant increase from $23.7 billion in 2018.
As social media platforms continue to evolve and offer more advanced shopping features, social commerce is poised to become a dominant force in the e-commerce landscape.
Social commerce refers to the integration of social media and e-commerce, allowing users to purchase products directly within social media platforms or influenced by social media interactions.
We will look at how social commerce is changing the way we shop and what the future of social commerce might hold. By the end of this post, you will have a better understanding of what’s next in social commerce in 2024 and how you can take advantage of this growing trend to boost your business.
Understanding social commerce
Social commerce can be described as a product of social media and e-commerce.
By definition, it is a practice of brands where they sell products and services through their e-commerce websites by displaying content posted by their customers on their Social Commerce Platforms.
Brands convert these posts by existing consumers into shoppable galleries that make their e-commerce web pages attractive and engaging and brands can make their name and earn fame in the market as well.
Still not convinced? Well keep reading the blog to learn about some of the plus points incorporating social commerce can offer your business.
Benefits of social commerce
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Builds trust
Social commerce builds trust based on authentic content by their consumers. Customers automatically feel they can rely on the brand and its products. Not only you can showcase pictures but also feedback and rating from customers to build that base.
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Makes money
With the help of shoppable posts shown attractively on your brand’s webpage, you can increase sales and overall revenue as it builds trust and reduces the chances of visitor bounce rate because everything is provided there itself from reliable UGC to customer feedback.
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New shopping destination
With the times changing, people don’t have the time to come to the physical store of your brand. But don’t worry, you can overcome this with the help of social commerce. With the added advantage of shopping just through scroll and clicks, shopping has become so easy, just as the new young generation prefers it.
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Cost-effective
As brands have no sponsorship or collaboration to get into, social commerce can be almost free. You can save not only money but also time, research, and other sources by incorporating social commerce into your business.
Future key points as trends to keep in mind
Here are some of the trends and tips to keep an open eye for in 2024. Keep reading to learn and get better results.
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Role of social media
Social media is the force driving social commerce toward growth. Businesses understand that there is still a gap but this can be filled with the help of social media and together trust can be built in the mind of people.
Shoppable galleries are not enough; people have doubts and concerns about the brand. This is where social media comes into play, not only does it helps brands in generating awareness about themselves and their products, but it also introduces potential customers to the brand.
With time, having a presence and strong command of social media is going to have great advantageous paybacks.
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Impact of micro-influencers
Collaborating with micro-influencers might not attract a large number of followers for your brand today, but keep your faith in them. They come with a number of benefits such as a small but loyal community, working with them is budget friendly and they are more authentic and give time in creating content for your brand.
Look for influencers with knowledge of the same industry as your brand. Also while finalizing any deal, scan through their past content to check their record and personality on social media platforms as their content is going to be showcased on your social commerce.
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Frictionless social commerce
Customer experience is one of the foremost goals of a brand and that can be done through one thing only- by giving them a smooth experience on your social commerce website.
In today’s busy and developing world, people have no interest or time for any time of inconvenience. So make sure you provide them with frictionless access to your products and services. This can also be done by keeping your content updated and posting visuals using the latest features and tools technology has to offer.
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User-generated content
Brands have always advertised their products and services but with time people have begun to question them. With changing times, you have to grow as a brand as well.
With so much variety, people put their trust only in those brands that repost the content created by their customers. This shows the transparency of the brand with its visitors and consumers.
User-generated content can be in the form of pictures, videos, reviews, feedback, and testimonials. Now when you display all this on your social commerce website it tells visitors that your brand is authentic, has values, and doesn’t have anything to hide from them.
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Be creative and add fun
This trend can make the name of small and upcoming businesses in the market. All successful brands have incorporated this strategy into their marketing. A fun way of wisely attracting people to your brand is by hosting contests and giveaways.
As a brand, you can even organize events for a new product launch as this is definitely a solid trend to look forward to in 2024. Not only does this ignites excitement for the product but also is a great way to increase your engagement with your attendees. All the content created can be shown on your social commerce webpage.
Let’s conclude
In conclusion, social commerce has transformed the way businesses approach their marketing and sales strategies. With the rise of social media, e-commerce, and mobile technology, the trend toward social commerce is set to continue in 2024 and beyond.
Businesses must focus on building engaging social media experiences and implementing effective social commerce strategies to stay competitive in today’s marketplace.
The growth of social commerce is set to continue in 2024, with businesses needing to focus on implementing effective strategies and keeping up with emerging trends in order to stay competitive in the marketplace.
