Social Commerce Trends to Watch in 2023
Social media is quickly turning into social commerce, and it’s a huge market with many opportunities for small businesses.
Social media has always impressed me with its development and changes in response to shifting customer preferences. During the last two decades, there has been a gradual transition from basic text-based updates to more graphic and ephemeral material, spearheaded by app-based platforms like Instagram and Snapchat; concurrently, social commerce has developed.
Today, in this post, we will see some key news in social commerce.
It’s been fascinating to see how these developments have come together to spur innovation in social media beyond the traditional use of the medium for interpersonal communication. With the advent of social media and its subsequent rise to prominence, companies have become more important in the content we encounter on all platforms.
While research shows that people are not interested in or paying attention to brand content, customers are fascinated by the prospect of shopping in various virtual settings.
Since more and more people rely on social media to research and make purchases, the social commerce industry is projected to continue its explosive expansion in 2023. eMarketer predicts that by 2023, the worldwide social commerce industry will grow to $30.5 billion from only $23.7 billion in 2018.
While discussing the latest updates in social commerce, let’s begin with what social commerce is.
What is Social Commerce?
When a buyer completes a purchase while logged into their social network account, this is an example of social commerce, a subset of electronic commerce. Social media sharing links to products on store websites with buy now buttons is also considered impulse buying.
Social purchasing is on the rise in the United States. Still, it is most prevalent in China and Russia, where 51.5% and 49.5% of social network users have purchased through a social channel.
Let’s see some news in social commerce – what’s happening in the industry!
Influencer Marketing is Driving Consumer Behavior!
Brands are turning more often to “influencers,” or people who have built up a sizable social media following, to advertise their wares to an audience that is particularly specific to that company. It is anticipated that this pattern will continue until 2023, as an increasing number of firms will use the power of influencers to reach prospective clients.
Brands may find success in reaching their desired demographic via influencer marketing, which also helps establish credibility with end users. Many customers see influencers as reliable sources of information, and these customers are more likely to purchase based on a suggestion made by an influencer they already follow. In addition, the use of influencer marketing may assist firms in distinguishing themselves from their rivals and standing out in crowded markets.
Businesses are using Social Media for Customer Service
Another news in social commerce to keep an eye on is the growing use of social media to provide customer support. A growing number of companies use social media platforms as a channel through which to communicate with their clients and provide assistance is a pattern that is anticipated to continue.
Using social media platforms to deliver customer care may bring about several advantages for companies. First, it facilitates connection with clients that is both more effective and prompt.
Clients may more readily contact the company via various social media platforms, and they will get a response in real-time. The satisfaction and commitment of customers may increase as a result of this. In addition, utilising social media to provide customer care may assist companies in developing trust with their customers and enhancing their company’s reputation.
Businesses may demonstrate their dedication to ensuring the pleasure of their customers and show that they respect the input they get from those consumers by actively responding to the enquiries and complaints that those customers submit.
Social Media Takes Over as the Go-To Shopping Destination
The rise of social media as a shopping platform is a major force in developing social commerce. There has been a notable increase in the number of customers using social media sites like Facebook, Instagram, and Pinterest to seek out new items and make purchases, and retailers have noted.
According to research conducted by Harris Poll on behalf of Sprout Social, 70% of small companies now have a social media presence, with many making direct sales to customers through these channels.
The widespread availability and accessibility of social media shopping platforms likely contribute to this development. Customers don’t have to leave the platform to shop from their preferred brands and merchants, which speeds up the purchasing process. Moreover, social media enables personalised and targeted advertising, which may lead shoppers to items that better meet their requirements.
The proliferation of mobile commerce also helps explain why people increasingly turn to social media as a purchasing hub.
In 2023, more consumers are projected to use mobile devices to make purchases, which will lead to an increase in the number of companies that make shopping-related content available on mobile devices by optimising their websites and social media profiles.
More and more people are turning to social media platforms like Facebook and Instagram to do their shopping because of how convenient it is to do so while on the move.
There are Emergence of new technologies
New technologies that become available in 2023 are also anticipated to contribute to expanding social commerce. With the increased availability of AI and ML, for instance, companies can improve the specificity and effectiveness of their social media advertising. Consumers will have a more immersive social media purchasing experience thanks to the growing usage of virtual and augmented reality.
Also, 2023 should see a rise in the social commerce sector’s utilisation of virtual and augmented reality. With this technology, customers may better understand what it would be like to use or own a thing before actually purchasing it. This is especially helpful for furniture and home décor that are hard to visualise or display in a conventional setting.
So, coming to an end for news in social commerce – In 2023, social commerce is certain to have expanded significantly. The social commerce industry’s future is also influenced by the growing popularity of using social media for customer care. Many companies use social media to communicate with their clients and provide instant responses to their inquiries.
It’s an exciting moment for businesses as more customers look to social media to inform their shopping choices and as new technology emerges to accommodate this shift. Successful firms of the future will be those who understand how to use digital platforms like Facebook and Twitter to their full potential. This might be the year when the rest of them finally join the social media world.