Social commerce is the act of buying products directly through a social media platform. It does not redirect the customer to a separate website or have unnecessary steps in the purchasing process. Social commerce is rapidly growing, and is expected to reach over $50 billion annually in 2023.
Social commerce is different from ecommerce. One key difference is how fast a purchase is made. Ecommerce requires digital ads, social media posts, and a variety of other marketing strategies to direct users to an online store. Then there are quite a number of other steps a user must take before buying a product. Each step increases the risk of losing the buyer’s interest and potentially losing a sale.
By taking out these steps, social commerce increases purchases. Impulse buying has also increased because those unnecessary steps are gone. Ninety-two percent of users access the internet through a mobile device. Some ecommerce sites aren’t mobile friendly which leads to a loss in sales. Social media platforms are inherently mobile friendly leading to an easier experience for users.
Most social media platforms support social commerce. The following platforms are some of the best social commerce sites.
As of 2021, Facebook had almost 3.45 billion monthly active users. Because of this huge audience, there is tremendous potential for sellers. Facebook Shops was launched in 2020. It was intended to help small to medium sized businesses shift to an online shoppable storefront. It is of course mobile friendly and also free. These shops are completely customizable. You can import an existing product catalog or create an entirely fresh one.
The buyer can complete the purchase right on the Facebook platform. There is also the option to link them back to an ecommerce site. As always, you can utilize your Facebook page to share upcoming news, engage with your audience, and talk about your new products.
Seventy percent of shoppers look to Instagram forp product discovery. There are 1 billion active users on the platform. This makes it one of the most prominent social commerce platforms out there.
Instagram is perfect for sharing photos about your brand. The more eye-catching the better. You can set up Instagram Shopping if you have a Facebook business profile. This will link your Facebook Shop to Instagram. You will be allowed to upload your product catalog and create product tags for your items.
Instagram users can also purchase via product stickers that you embed in your story. You simply choose an image for your story and select the sticker icon with the product you wish to link. Customize the location, color, and size of the sticker, and share it to your story.
RingID is a social platform with over 20 million active users. It is primarily used in South Asia, but its popularity is growing daily. It has a bit of everything, allowing users to engage with each other in unique ways.
RingID makes social commerce very simple. One option for users is to promote their own service such as advice, an opinion, legal aid, teaching, etc. They can offer this service for free or charge a subscription fee.
Influencers also have the option to create a free Virtual Storefront. In these storefronts they can feature their favorite products from any brand. They can then interact with users via live broadcasts, posts, and other ways. If a user purchases a product from a Virtual Storefront, the influencer receives a commission directly into their built-in ringID wallet.
A huge benefit to Pinterest is that most users are more interested in the content rather than the creator. This is a big difference from other social media where the influencer carries a lot of weight. On Pinterest, 77% of weekly pinners have discovered a new brand of product on the platform.
By utilizing Pinterest for Business, sellers can create Product Pins. These pins show the product and pricing. Product Pins allow users to save products right to their own boards. Or, if they want to buy the product, they are redirected to the product page on the brand’s website.
Tik Tok has recently expanded into shoppable posts and livestream shopping capabilities for influencer marketing. Product ads can appear as videos on users’ For You feeds. Below these video ads there is a “Shop Now” button which directs the user to the seller’s ecommerce site to complete the purchase.
More recently, there is the option to build a shoppable storefront within TikTok’s Shopping tab. A Shopping tab can be added to a seller’s business profile. This allows users to make purchases within the app.