Currently,social commerce is responsible for bringing in roughly 10% of all e-commerce sales but that percentage is set to significantly grow over the next few years. This isn’t surprising, given the numerous ways in which social commerce can be beneficial for your brand.
The top 3 reasons why your brand should care about include the availability of valuable customer data, access to customer feedback, and the ability to reach out to a larger target audience.
Read on to find out more about the importance of social commerce and how your brand can benefit from it.
What is social commerce?
Before we explore how social commerce can be beneficial for your brand, let’s first see what it is exactly. Simply put, social commerce refers to the use of social media tools and platforms to reach out to a larger audience and sell services and products via these platforms.
What this means is customers can easily and quickly purchase a brand’s products or services on platforms like Instagram and Facebook without actually heading over to the brand’s website. Social media platforms act as virtual web stores that allow customers to complete purchases within the app.
Due to the power and popularity of social media platforms and the convenience of buying on these platforms, social commerce is highly popular and brands are increasingly incorporating it into their business model.
Why your brand should care about social commerce
Here are the top 3 reasons your brand should care about social commerce and how it can benefit from it.
1. Collect data about your target audience
One of the biggest reasons why social commerce is important for your brand is because it enables you to collect data on your target customers. Since social media platforms are a major source of data on customers, brands can use it to their advantage to aid them during various product marketing and development phases.
Social media platforms have their own tools for providing customer data to brands. Tools like Facebook Audience Insights and Instagram Insights provide valuable data such as age group, gender, location, etc. Moreover, other useful data such as a user’s hobbies, interests, and profession can also be gathered by brands.
This data allows brands to create highly specific marketing and ad campaigns so that they can reach out to their target audience more effectively.
Check out this guide to learn more aboutcollecting customer data via social media.
2. Receive valuable feedback from customers
Another important benefit of using social commerce for your brand is the availability of and access to valuable customer feedback. Since customer feedback is highly important for a brand in improving its products and services, it can greatly benefit from it.
Using the various tools social media platforms offer, brands can interact with customers, learn about their experiences, and listen to their reviews and opinions. Not only will this result in greater customer satisfaction but it will also allow brands to improve their products and services.
3. Reach out to more potential customers
Perhaps the biggest benefit of using social commerce for your business is the ability to reach out to a larger number of your brand’s target audience.
More than half of the world’s population uses social media, so it is easy to see how you can utilize that to your advantage through social commerce. And what’s more, the number of social media users will only increase in the future.
With such a large number of people using social media platforms and a significant percentage of them making purchases through these platforms, you can easily reach out to a large and diverse target audience.
