Every large and small organisation seeking to build customer trust and original content has entered the game of influencer marketing and social commerce. Influencers can reach an extraordinarily narrow audience through brand ambassador work, short-campaign content, event marketing, and more. And, given the connection that influencers can have with customers, marketers are harnessing the power of influencers to promote their products and services directly through social media.
Although influencer marketing has grown in popularity recently, many marketers still see it as a press-related endeavour to obtain attention rather than a content source for e-commerce. That said, many companies are developing e-commerce experiences that employ influencers as a content engine to drive their marketing efforts on and off social media. Let’s look at how the notion has grown in popularity and what to expect in 2023.
Micro-Influencers and Social-Commerce
With the changing landscape, customers increasingly depend on micro, macro, or mega influencers. And in the modern era, brands are especially considering collaboration with micro-influencers. Indeed, customer expectations evolve with time; they demand a more personalised purchasing experience that displays how a brand’s products may positively influence their day-to-day lives. To meet customers’ expectations, the new idea of “influencer commerce”, a merger of influencer marketing and e-commerce, came into the picture.
The phenomenal expansion of the micro-influencer with more than 50,000 followers is paving the way for widespread consumption of new trends, influencer niches, unique producers, and even regional content. As a result, brands recognised a market opportunity. Micro-influencers have grown into new-age celebrities who influence people’s purchase decisions.
Along with social commerce, live commerce (or live streaming e-commerce) allows brands to connect with their customers more personally and interactively and can increase sales and engagement. Live commerce has the potential to be a powerful tool for businesses of all sizes, including micro-influencers, as it allows them to showcase their products and build a sense of community with their followers. Micro-influencers can gain followers’ trust and deliver an authentic endorsement of firms’ products at a considerably lower cost than celebrity influencers. Thus, in a world where consumers are tired of advertising and celebrity endorsements, companies are increasingly considering micro-influencers who can help brands cut through the noise with the authenticity they require.
Social commerce and live commerce will likely continue growing in popularity in the coming years as more businesses and influencers discover their potential.
The Future
Although the notion of influencer commerce, social commerce and live commerce has recently taken hold in India, it’s a booming multi-billion-dollar market in China. According to a 2022 Qianzhan Industrial Research Institute market report, China’s Livestream market grew to just under US$ 330 billion in 2021, almost doubling from 2020 and is on track to meet the
US$ 479 billion market size projected by McKinsey for 2022. The livestreaming market in China alone is expected to reach US$ 700 billion at the end of 2023.
India is picking up influencer commerce and providing awareness, trustworthiness, and lead conversion through various channels such as vlogging, reels, live-streaming, or social search optimisation. This has increased the industry’s prominence and opened roads for e-commerce firms.
Several tactics may suit your business’s growth trajectory, but your social commerce strategy must be tailored to your brand.
Every e-commerce firm has the potential to benefit from social commerce and live commerce, which is becoming increasingly popular throughout the world.
Influencer marketing is here to stay for the foreseeable future. All thanks to new media, technologies, an increasing number of influential individuals, and online platforms, including e-commerce. To make your company stand out in this ever-changing climate, creating unique content, collaborating with micro-influencers, and staying current on emerging trends have become critical. As a result, the year 2023 seems promising for micro-influencers and social commerce, and brands can leverage the power of social media to accelerate their growth to newer heights.
(The author is Founder, Voxxy Media.)
