Did you know the first social media platform was launched back in 1997. And it wasn't Facebook. It was called SixDegrees.
Since then many social media platforms have come and gone. Today, there are hundreds of them. They range from social networking and image sharing to video hosting and community blogs.
A recent survey by Kepios found that there were 4.7 billion social media users around the world in July 2022. That's almost 60% of the global population! So it's fair to say social media is huge. As if we didn't know already.
Popularity of social media stems from the Generation Zs and Millennials apparent obsession with the platforms. From Snapchat and TikTok to Instagram and Facebook, social influence is big business.
A study by Statistica showed that social media users spend an average of over 2 hours per day on their preferred platforms. That’s a lot of ‘social’ screen time!
It's a ripe and immense market place with unbound opportunities and potential riches. That's where social commerce comes in.
What is social commerce?
In essence it's a mash-up of social media and ecommerce. It's a window to goods and services. An opportunity to discover brands. Yet it's more than that.
Why redirect users away from their addictive social media platforms to another website? That's just one click too many for some.
Why not take the store to the customer? A bit like a 21st Century ‘meals on wheels’. The less traction the better. That's what social commerce is about.
It allows users to buy things. They can add products and services to their carts, and buy without leaving the social media app.
Big players like TikTok, Pinterest, Facebook and Instagram have refined this process with features that allow users to buy while scrolling through their posts.
This mobile-first approach, which Codehouse has been doing for years, creates a seamless, quick and easy path to purchase. There's no protracted purchase journey here.
Social commerce relies on snap decisions. It feeds off the impulsive nature of social media usage.
Accenture predicts that social commerce spending will top over £1 trillion by 2025. That's a lot of pie. And businesses want a slice of it!
Even QVC is getting involved. Perceived as a channel for people with nothing better to do at 3am, QVZ is now on-trend.
It has partnered up with social influencers. It's holding livestreaming shopping events! As a result it's connecting with Gen Z and Millennial markets, which are defining the customer experience in the social sphere. This is the transformative power of social commerce.
What does the future hold?
The future of social commerce looks healthy. Its unabating march will make many businesses profitable and socially relevant.
If it hasn't already, then social commerce must become an integral part of your omnichannel strategy. As a business, you must future proof your digital landscape, like delivering more online shopping experiences that align with your customer needs.
Building trust, loyalty and advocacy comes from understanding your audience and the channel. Plan accordingly and you too could reap the benefits that social commerce offers.
Working with Codehouse
At Codehouse, we've been building digital experiences that make a difference for over 15 years.
Our experienced teams have worked their magic on a variety of customers, whilst using technologies that build transform customer relationships. If you have a digital project you want to talk to us about, get in touch when you're ready.