Since social media has risen drastically in popularity, more and more businesses are turning to them to gain more customers and raise more awareness to their brands. This act of networking online to promote products and drive sales is known as “social commerce.” While platforms such as ringID give businesses a new chance to grow, it’s not as easy as just signing up. There are many important facets to social commerce, and it’s important to understand what they are and how they different from each other. Here are some of the most common:
Social Network Driven Sales
This occurs when a prospective customer follows a desired product from a social media platform and purchases the item on the original business’ website.
User Curation
This drives sales by allowing users to create lists of their most wanted products and share them with others, who can then make purchases from said list.
Peer-to-Peer, or P2P, Platforms
Though certain aspects of social commerce are still in their infancy, P2P marketplaces, such as eBay, have been around for a long time. These allow users to post products up for sale at a fixed price; some platforms even allow interested buyers to auction for desired products.
Businesses now can either master a single avenue of social commerce, or they can combine numerous aspects into a single marketing strategy.
Why is Social Commerce Necessary?
Nowadays, shopping online is easier than ever. In 2021, there were 2.14 billion digital buyers worldwide engaging with goods and services. Because of this, websites need to be easy-to-use as well as engaging, but oftentimes, they’re challenging to navigate, especially for new users or they make expected changes that can deter returning customers. With a growing number of cyberattacks, some users are worried about making purchases on unfamiliar websites.
Customers are more likely to buy from platforms they already recognise. By successfully marketing on ringID for instance, a social commerce platform with a user base of over 20 million, businesses are equally as likely to build brand loyalty and engagement. In fact , social commerce is becoming a more lucrative option for businesses as it helps them save time on advertisement, and they can just set up their virtual shops right where their target demographic already is.
Social Commerce’s Key Components
- Providing a seamless way to gather feedback
- Making products and businesses more accessible
- Creating promotional material for products and events
- Creating or increasing engagement through interactive content
- Generating word of mouth, especially between returning and potential customers
How Can Businesses Benefit from Social Commerce?
Social commerce helps take advantage of a rapidly growing digital market, and even if a business isn’t on every social media platform available, it helps to have roots in at least one. Digital sales have already exceeded $875 billion dollars in 2022, and that number is expected to grow by at least 150% in the next three years. Because of this, businesses are looking for a way to stay connected to their customer base, whether that’s through social media or by launching their own apps.
Brand awareness and relevancy is important now more than ever. Information is exchanged so quickly in the digital landscape, and brands that don’t make the effort to meet their consumer base halfway risk falling into a niche market. For small- and medium- businesses, this could be a perfect way to control the narrative and experience growth through unexpected avenues. However, for large businesses and mega-corporations, this could be a grim sign and signal the end of the road for their branding.
There are a bevy of social media options to choose from, but each of them work in different ways with different demographics that they cater to. Despite the flexibility of options available, Twitter works best with short, static posts that can be easily shared; Facebook advertisements can be longer and more informative, but the platform has a generally large, older demographic. Experimentation is the name of the game, but instead of forming new strategies for a multitude of social media platforms, ringID allows businesses to create a single home and cast a wide net over a variety of user demographics and personalities. This safety net can allow businesses to try new marketing strategies and receive valuable feedback in real time, and users benefit from being able to view and buy purchases directly on the platform.
RingID allows brands to “work smarter, not harder” as they expand into the social commerce space. Companies can view their metrics to see which method of promotion is working best for them and tailor their content. This makes optimizing their marketing strategies cost-effective, fast-paced, and can pay off in spades if the business’ social presence is regularly maintained.
0
0