Social Commerce is taking off: 6 questions boardrooms need to ask right now
Social commerce is becoming increasingly important. Tools like ‘Shop Instagram’ allow users to have an instant shoppable experience. Users inspired by an ad or influencer are able to convert immediately. It is up to brands to meet users where they are and take advantage of this opportunity.
“Researchers predict social commerce will grow by a 31.4% compound annual growth rate between now and 2027, at which point the global market for shoppable experiences on social media channels is expected to reach $604 billion.” *
In order for digital marketers to capitalize on this I believe they will need to put an increased focus on social content and partners. They will need to create strategic partnerships with creators to get in front of their target audience and establish credibility. Brands might need to loosen up the reins on their brand in order to relate to consumers. They will need to work to find an authentic brand voice in social channels that is relatable and think outside of their traditional marketing ways.
With an increasing focus on social commerce this is also an opportunity for traditional brands to reinvent or re introduce themselves. While brands can use social commerce to attract a new customer base they will need to be mindful to not isolate their existing customer base. Engagement will be important for brand awareness but engagement cannot carry the brand. How to turn that engagement into conversion will be key. Once brands get that intiatil conversion they will need to work to keep customers engaged with fresh content and drive replete purchases.
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