What’s coming to social media in 2020?
It can be hard to predict the future, especially for something as fast-changing as social media. But if you look to today’s trends and the latest buzz, you’ll start to see the signs.
Social commerce is one of the hottest trends in social media today, and it looks to have an even bigger impact in 2020.
Continue reading to find out the latest on what social commerce is, what it looks like, and how you can make the most of this buzzworthy new channel to further your brand and your business.
What is social commerce?
Social commerce is selling products directly within social media platforms.
This is different than social media marketing, where you might try to drive referral traffic from social media to a website or online store. With social commerce, the store — the entire shopping experience — happens without the customer ever leaving the social media site.
How does social commerce work?
There are a ton of benefits to this, as you might imagine. It’s a far more streamlined process, especially when you can enjoy things like chatbot checkouts, and autofill payments and delivery details. There are fewer clicks and taps with social commerce than with traditional e-commerce through a web store.
The efficiency of the social commerce purchase journey far outdoes the typical e-commerce purchase. There’s a really great blog post on BigCommerce about this. Basically, the math goes like this:
- If you have a traditional website and store, let’s say you get 10,000 visitors to the site.
- Of that group, 25% give you their email address
- When you send that group an email, 25% of them open it.
- Then 5% of those who open the email click on the link in the email.
- And three percent of those clicks end up buying something.
That’s a grand total of 1 purchase, after starting with 10,000 visitors.
Now, compare that to a hypothetical social commerce journey. Let’s take a messenger chatbot for instance.
- Start with 10,000 chatbot visitors.
- Of that group, you can message 99% of them
- Open rates are quite high for chatbots, around 75%.
- So from the group that sees your message and opens it, let’s say that 48% click through
- And then 1% purchase something.
That’s a total of 35 purchases, compared to the one (1) purchase in the website example.
Now, it obviously goes without saying that your mileage may vary here.
These are just example numbers. But hopefully they highlight some of the advantages of the ease and efficiency of social commerce.
There’s also a strong case to be made on the qualitative side of things. Andrew Waber of Teikametrics, writing on Marketing Land, points out that there are really four separate stages of shopping experience. These are:
- Shopping as play
- Shopping as exploration
- Shopping as entertainment
Today’s e-commerce channels mainly fulfill items 1 and 2, while 3 and 4 are more future-looking trends to build towards. Social commerce delivers on both of them much more readily than traditional e-commerce channels because it is a much more natural extension of existing consumer behavior.
Speaking of existing consumer behavior, it’s become widely known just how much consumers are shifting to social and mobile as primary means of content consumption and product discovery.
- This year, time spent on mobile devices is estimated to surpass time spent watching television
- 30% of online shoppers say they would are likely to buy direct from a social media network like Facebook, Pinterest, Instagram, Twitter or Snapchat.
- Social Media Messenger sales have been massively outperforming email
- Social media referral traffic to online stores has grown more than 100% in the past two years, more than growth of any other channel