As more of today's companies continue to move their businesses online, many are still curious about the best ways to connect with their customers. One way we've seen companies quickly and effectively adapt to selling online is through social commerce.
Today, the number of people online and active on social networks is at an all-time high. In fact, according to We Are Social and Hootsuite's 2020 Global Digital Report, there are currently 4.54 billion internet users and 3.8 billion active social media users around the world. Coupled with the fact that 87% of online shoppers believe social media helps them decide what to buy, it's clear that there's immense revenue potential in online sales channels like social commerce.
But what exactly is social commerce? How does it work? And why should your business consider it?
What is Social Commerce?
Social commerce enables businesses to sell products and services directly through social networking platforms like Instagram, Facebook, Pinterest, Twitter and more. And as social media continues to evolve, so does the importance of social commerce, with the likes of Facebook Marketplace and shopping directly from Instagram. Social commerce differs from social media marketing because purchases are made directly on the social platforms themselves, instead of off-platform landing pages or websites. This creates a frictionless purchasing experience for your customers because they don't have to start the buying process all over again on a new platform.
Selling through social commerce is a quick and easy way to reach your customers where they're spending much of their time online.
How Does Social Commerce Work?
Social commerce technology solutions make it easy for you to set up products to sell on any social platform in hours, not days. The technology generates a checkout link which you add to the product information, so payment for the product is securely processed directly in the platform as part of the platform experience. This creates an easy and frictionless shopping experience for your customers and helps boost sales conversions for you.
Why is Social Commerce a Viable Option for your Business Right Now?
With the number of people using social media skyrocketing, moving your business online via social commerce enables you to easily sell to those consumers and tap into new potential revenue. Plus, with today's global pandemic and social distancing guidelines, more and more people are turning to social media for social interaction. So much so that more than 25% of U.S. and U.K. consumers say they're checking social media more frequently since the pandemic began. For many businesses, this is presenting the perfect opportunity to meet their social media followers and customers where they are and provide the products and services they need, all without leaving the comfort of their homes.
Staying Ahead of the Commerce Curve
As commerce continues to evolve online, so do the ways in which you can connect with your customers. Social commerce is a prime opportunity to build lasting connections with your customers online. Businesses exploring social commerce solutions, like our PayLink App available in the App Store and Google Play, should evaluate both the social platforms they're looking to use and the capabilities of the social commerce technology that's right for them. Our PayLink app makes it quick and simple to share your products and services over most social media platforms with secure payment links to boost sales and enable easy check out.
In short, social commerce is true innovation for online shopping. And with the right social commerce solution, your business can leverage untapped revenue potential and continue connecting with your customers, wherever they are.