The 2024 Buzzword You Need to Know Now
Shopping and social media marketing have a lot in common. They’re both needlessly gendered in a way that leads some of us to dismiss it altogether, for example. But they have something more important in common than that—just one word.
A product or service says, “Your life could be a little better.”
An influencer or social media star says, “Your life could be like mine.”
They’re both intense, personal, parasocial activities. What do they have in common?
One hundred years ago, if I liked your wool, I might buy it from you or ask to buy the sheep. If I liked your song, I’d toss you coin. If I enjoyed your book, I’d buy it from you.
Human connection was part of commerce, perhaps even its heart. I’d come back to hear more songs and listen to more music. But here’s the key: I’m out of luck if you’re not there to offer these things.
Twenty years ago, with the rise of music streaming, the music industry suffered a change-or-die moment that eventually resolved to one thing. You guessed it. The Eras and Renaissance tours are all about it. Taylor Swift’s phenomenal success this year proves it.
Self-published writers and YouTube or Soundcloud musicians were the first to offer themselves to the masses in this way. They were the first adventurers in this space. But now we are all coming home again to a time when commerce can be both entirely personal and utterly available to all.
Combine shopping with social media, and you get a self-propelling, self-lubricating machine that prints money and irons out its pain points at speed and at scale.
We crave a connection with what we admire. Social commerce, AI, and digital marketing are making it happen.
In Other Words
What we could never do before is traffic in artistic commerce at scale. How do we replicate that personal connection we all feel while converting for our own work or an affiliate product?
Social commerce is increasingly significant and influential, seamlessly blending e-commerce with social media.
2Stallions predicts social commerce will gain significant traction, redefining consumer interactions with brands. This trend is the obvious endpoint of closer integrations between social media platforms and e-commerce, offering seamless shopping experiences within our social networks.
In a recent Sprout Social survey, over 60% of respondents said they have used social commerce features, and more than half said they plan to use them more in the future.
McKinsey & Company estimates the global social commerce market will reach two trillion dollars by 2025.
The rise of social commerce dramatically demonstrates a shift in how consumers discover and purchase products, leveraging the power of social networks for a more integrated and interactive shopping experience.
Here’s a detailed look:
Definition and Concept
Social commerce refers to selling products directly through social media platforms. There are many ways to do this, as we’ll see.
Unlike traditional e-commerce, where the journey from product discovery to purchase might involve multiple steps and platforms, social commerce streamlines this process, allowing users to complete their purchases within the social media platform.
If we combine that capability, which already has proliferated several niches and best practices, with the parasocial and brand relationships we develop on social media, it’s a virtuous cycle:
A customer gets free content from their favorite content producers, eventually and seamlessly buys one of the products they mention, feels doubly connected with the influencer, and it all starts up again.
Platforms like Instagram, Facebook, and Pinterest allow users to buy products without leaving the app, providing a seamless shopping experience — and engagement on the platform, which they are desperate for.
An influencer or customer’s social media posts can directly link to products, making it easy for users to click and buy or feature-tagged products in images or videos. In the day of the micro- and nano-influencer, this service could provide substantial income to influencers savvy enough to get noticed.
This feature combines live streaming with the ability to purchase products featured in the stream, enhancing engagement and immediacy. It combines the feeling of “haul” post-shopping videos with the sugary sweetness of shopping with your best friend.
- Enhanced User Experience: By minimizing the steps to purchase, social commerce offers a more convenient and streamlined shopping experience.
- Increased Engagement: Social platforms facilitate more significant interaction around products, including likes, comments, and shares, boosting visibility and engagement.
- Personalization: Social media algorithms can tailor product recommendations based on user preferences and behaviors, leading to more personalized shopping experiences.
- Influencer Partnerships: Brands can collaborate with influencers to promote products, leveraging their credibility and reach to target specific audiences.
Privacy and Security Concerns
Handling transactions on social platforms raises concerns about data privacy and security. New standards in authorization and authentication will fill the gap; Google Passkey can already do it.
This is a very important one, and we’ll see many of these stories. Relying solely on social media for sales can be risky. Changes in algorithms or policies can destroy visibility and sales — all in one careless push of a button by the platform’s creators.
Ensuring product quality and consistent customer service can be challenging, especially when dealing with multiple vendors.
- AR/VR Integration: Augmented and Virtual Reality could enhance social commerce by offering virtual try-ons and immersive shopping experiences.
- Emerging Markets: Social commerce should snowball in regions with high social media penetration and mobile usage.
- Evolution of Payment: Integrating digital wallets and cryptocurrencies could further streamline the payment process in social commerce.
Dallas SEO Dogs | Your Partner in the Future of Content
Social commerce is rapidly transforming how we shop, seamlessly blending e-commerce with social media for a convenient and personalized experience. Combining the power of influencers, AI, and digital marketing allows brands to connect directly with consumers, driving sales and fostering loyalty.
To capitalize on this booming trend, brands can leverage shoppable content, influencer partnerships, social media ads, and data-driven strategies to reach a wider audience and thrive in the evolving retail landscape.
For a look at the future and what we can do for your brand, please contact Dallas SEO Dogs today.