How can social commerce help the payment industry?

Have you come across advertisements between all those stories on your Snapchat lately? If yes, then you have a nice example of an Off-site Social Commerce right in front of you, gently coaxing you to consider using that product or service. So what exactly is Social Commerce and how does it boost business?

The world of Social Networking is on fire and keeps burning brighter. Over 2 billion monthly active users are on Facebook, 1.2 billion on WhatsApp, 1 billion on YouTube and 700 million on Instagram. Commerce started on social networks over a decade ago. Yahoo! developed the term Social Commerce in the year 2005 to describe a new form of e-commerce.

Advantages of social commerce

Social Commerce offers social media users several advantages. They can maintain shared lists, and access product reviews, customer ratings and other forms of user-generated details. These features help them, as potential consumers, to arrive at the best decision for making a purchase. Customers can get reassurance from the views of other online shoppers, reducing their uncertainty about the quality of the product or service that they will be buying.

Social Commerce on Facebook

Social Commerce is an active presence in the social media biggie, Facebook. One example is when a business creates a Facebook page and send out invitations to a very well-researched audience segment. Many companies take advantage of various tools and analytics to research everything about their target audience on Facebook. Facebook offers analytics and options to select the best audiences based on geographical, age, and other attributes. Businesses can connect with their consumers, who can give them candid feedback on their goods and services.
With the right kind of analytics and strategies, you can boost your business by marketing on Facebook. You can connect with your target audience and make their business a big success.

Social commerce adoption

In this age of millennials, almost 33% people between the age of 18 to 25 like making purchases directly from Facebook. Other platforms are also popular: 27% prefer using Instagram and 20% prefer using Twitter from their shopping. It’s still an Industry with a growth curve. The percentage declines as the age bracket moves to the older generations, but the momentum suggests growing adoption ahead.

How to take advantage of social commerce

Social Commerce is strong. Demand is growing and tactics are evolving. People increasingly rely on social networks for their needs. People even depend on the social network to find themselves a date. No surprise then that social networks are proving popular for commerce.

When starting out in social commerce, be sure to keep certain things in mind. Conduct a thorough analysis of your target audiences, and what would work for them. For example, selling real estate on Instagram won’t work well, since that is a social media platform often used by people in the age bracket of 16 to 35. People in this bracket generally aren’t yet interested in developing their assets, or have the cash to make such purchases. Know your medium and audience before taking the measures to connect with them.

Keep your advertising material crisp, entertaining and interactive. Find common ground to connect with your targets. Get constructive feedback, resolve queries and issues, and be more open about your goals as a brand. Done right, social commerce can boost your business. Contact us to know more