The inevitable rise in the fame of social commerce is capturing the market with its nuanced social interaction potential and user contributions to assist online buying and selling of products and services across locations on the digital sphere. In addition, audience behaviour has evolved a lot over the past decade. Customer communities tend to make purchases through trusted chains; hence, to reach out to a wide range of unattended audiences, brands need to leverage the Business Growth benefits that Social Commerce upholds.
The industry is definitely expected to scale and invite the best opportunities for the budding brands, and here are some facts that support the upcoming success factors.
The Future of Social Commerce (data every brand should look at):
- $2 billion is the current valuation of the Social Commerce Industry.
- The audience demographic is expected to increase by the end of the year at a fast rate. Hence it will offer a newer customer base to the brands and enhance Lead Generation and Sales.
- The global estimated spending on social commerce is expected to grow by 62%.
- The Indian Social Commerce Industry is evolving into an ocean of opportunities, and by 2030 the market will exceed the $100 billion estimate.
- A Global Social Commerce Market is expected to surpass $1.2 trillion by 2025.
- We are going to look at solid customer community transactions where users will be a major contributor in scaling the business opportunities for the brands via word-of-mouth and social interactions.
Audience Behaviour Towards Social Commerce
Social Commerce is highly customer-driven, and its effectiveness plays on the entire shopping experience of the users that will have to do with the growth possibilities of future business. Hence, brands must understand the criticality of the audience preferences and adapt to the changing times in terms of audience targeting/ user engagement strategies.
Social Commerce giants, namely Meesho, DealShare and many more became what they are today by decoding the crucial pointers mentioned below.
Key Social Commerce Factors to Look at:
- Use Methods to ‘Connect First’ and ‘Sell Second’
- It is essential to connect with the audience first, it allows capturing their attention and lets you be discovered by the related groups.
- Focus on the Social Commerce Strategy
- Brands need to know the calibre of their Social Commerce Strategy that will help them to reach out to the extended audience circles as well.
- Understand The Psyche Of Audience Demographics
- Recognise the niche potential in direct accordance with your audience’s interest. Once you crack what your audience likes or prefers, you can efficiently grow your business via Social Commerce.
- Be Clear About The Product Selling Potential
- It is important to measure the product performance factor that is more likely to contribute to the sales. While targeting the audience, keep thorough data-backed analytics that will guide you to target the local audience with relevant options.
- Encourage The Target Audience to Resonate With Your Brand
- To support attraction and interaction, brands need to build audience relevance and improve brand engagement.
How Social Commerce Is Becoming The Talk Of The Town?
To revolutionise the shopping experience via networking amongst the social groups is the art of social commerce. The industry is expected to grow rapidly with an advanced form of customer community engagement where relatable group interactions directly contribute to business transactions.
The reason why social commerce is becoming the talk of the town is due to the big opportunities it encircles. The effectiveness of Social Commerce is directly related to the trust factor, audience groups hold amongst themselves, and once a brand knows what its customer wants, it opens an immaculate business growth vertical.
Why Should Brands Venture Into The Social Commerce Industry?
It is high time for brands to understand the need for Social Commerce in order to comprehensively leverage its key benefactors.
Below are some of the advantageous points to look at:
Brands get to engage with the unattended audience
By optimising the campaigns with a newer set of audiences, budding brands get to target and engage potential prospects who are more likely to transact and convert.
Brands encounter bulk buying/bulk selling
The best performing aspect of Social Commerce is sizable sales. When customers make purchases in groups based on the trust and connection factor, it is better for the brand in sales parameters.
Brand preferability of the audience strengthens
Social commerce not just contributes to the business side of a brand but helps the audience make better choices in terms of opting for more credible and trustworthy options.
Brands get to promote their products via networking circles
Target one, engage with many!
Social Commerce plays on this simple rule and the results always exceed the audience interaction expectations for brands hailing from diverse industries.
Brands can target online shoppers by connecting chains
The power of word of mouth in the Indian market is exemplary and Social Commerce believes in leveraging it to its absolute potential. When you hear about the suitable experiences of people with a brand in your known circle, the brand subconsciously grabs your attention.
How can Brands lead the race via Social Commerce?
Tackle the Barriers
- Build trust amongst the target audience
- Invest in logistic networks
- Reach the customer segments with well-formed chains
- Formulate real-time trackers for complete transparency
- Add suitable payment options based on the locale.
- Ease Customer Aggregation
Make Productive use of Social Commerce Strategies
- Know Your Channel – Suitable Platform
- Adhere to Updations- Evolve To Grow
- Keep It Simple – Seamless Transactions
- Easy Checkout for Rapid Sales- Boost Sales
- Customise your ads – Attract and Engage
- Leverage influential UGCs – User-generated Content
- Ease Buyer Journey – Enhance Product Authenticity
Optimise Your Goals
Lastly, the most suitable and lucrative strategy a brand can dive into is to keep optimising. The more your campaigns are well-strategies and up-to-date, the more you are bound to enhance the sales outcomes. Every brand holds the potential to lead in the relevant industry with a significant adaptation of market-penetration manoeuvres for 360-degree Business Growth.
Article is authored by Siddhartha Vanvani, Founder & CEO, Digidarts.