Social Media eCommerce: What Sellers Need to Know
Social media eCommerce is on the rise. Discover what sped up its growth, why brands need to adapt and more (including recent statistics).
Terms such as “social media eCommerce” and “social commerce” are major buzzwords in the eCommerce industry as of late. We all know that new social media eCommerce platforms are emerging every day (such as Facebook and Instagram Shops). But what does this all mean for you as a seller?
Today, we’ll break down a few social media eCommerce trends. We’ll also explain why and how brands need to adapt in order to stay competitive. And finally, we’ll look at a few relevant facts and statistics surrounding this ever-growing field.
Social Media eCommerce Is On the Rise
Social media eCommerce is growing fast. While this isn’t necessarily a surprise, the rate of its growth has escalated even more quickly than was previously forecasted.
While the eCommerce industry in general was already experiencing a steady increase in adoption rates during recent years, this article from TechCrunch shows how the recent COVID-19 pandemic has accelerated the shift to eCommerce by 5 years.
That shift has naturally led social media channels to focus heavily on integrating online shopping capabilities into their platforms. Nearly every social platform is now either offering or exploring ways to let customers discover and purchase products directly from posts on their streams.
Case in point, Facebook, which also owns Instagram, has released Facebook Shops and Instagram Shops. These shops can be added directly to a brand’s Facebook Business page or Instagram Business profile. They consist of a shop tab and a product catalog, managed by Facebook’s commerce manager and catalog manager.
Currently, Facebook is not charging for sales made on the platforms unless they opt to utilize Facebook’s checkout process (in which case, sellers pay $0.40 for sales under $8 and 5% on orders over $8).
If successful, and it very likely will be, Facebook’s foray into social media eCommerce will result in an influx of other platforms following suit and getting in on the trend. Some analysts even posit that this new social commerce wave could eventually overtake the likes of long-time eCommerce juggernauts such as Amazon and eBay.
Brands Must Adapt in Order to Stay Competitive
So what does all of this mean for you as an eCommerce seller? It means brands need to constantly adapt and evolve in order to stay competitive. If you’re an online seller, the last thing you want to do is fall behind as shopping trends and customer expectations shift and change.
In a recent interview published by Retail Insights Network, Productsup CMO Marcel Hollerbach said, “Consumers expect a seamless online shopping experience with fast and often free delivery. They also crave brand experiences and, while the return of physical stores gives consumers a nice retail experience, we shouldn’t forget they are still using more online channels than ever before.”
He went on to say, “Most social platforms have jumped on the social commerce bandwagon, with many launching nascent eCommerce functions that are unsurprisingly set to flourish. The future of eCommerce lies in being more intuitive than the competition, grabbing consumers with content that resonates with them… Customers expect social media content, advertisements included, to be targeted to their interests, as well as to the aesthetic of the platform on which they exist.”
Social Media eCommerce Facts & Statistics
A recent infographic created by Squarelovin and published on Social Media Today showcases several interesting new facts and statistics about the rise of social media eCommerce:
- 55% of consumers reported having purchased through a social media channel in 2020.
- 42% of shoppers say they use social media to research new products.
- 31% of respondents say they bought a product directly over social media ads in 2020.
- 24% reported having discovered brands via recommendations on social media.
- 21% say they are motivated to purchase products based on social media likes / comments.
- 19% bought a product because of an influencer’s post in 2020.
- 11% say they are inspired to purchase because of a social media buy button.
- 9% reported having clicked on an Instagram sponsored post.
Furthermore, this article published by The Drum compiled a range of additional figures. For instance, 70% of consumers reported in a recent survey that they search for products on Facebook and Instagram. In addition, 54% of respondents said they bought something after seeing it on Instagram, and 87% reported having taken some sort of action after seeing product details on Instagram.
With new social media eCommerce platforms emerging every day, you can bet Replyco has our collective finger on the pulse of every advancement. We are continually developing additional integrations so you can seamlessly consolidate your customer messaging into a single inbox no matter where you sell.
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As already stated, adapting is the key to staying competitive.
There’s simply no reason to continue handling messages the old, time-consuming way.