Social Media: The Next Big Shopping Hub
By Andrea Pikscher - eGuide Content Marketing Manager
We know, and we’re here to tell you it’s okay. It’s okay, that you broke down, and you bought that product off social media that you kept seeing over and over again. We promise, it’s okay! You are not alone.
In fact, social media platforms are becoming the next big shopping hub. Here’s what you need to know about buying and selling on social media.
How Does Social Media Shopping Work?
We’ve all thought about it. “Woah, I was just talking about how I need to get new jeans, and all of a sudden Facebook is showing me new jeans.” While we might not have thought about buying a product off of social media a few years ago, now social media is quickly becoming the best new place for people to find products that they love.
It’s no secret that people are constantly using their devices, so instead of trying to get them off of their devices and into a physical store, getting them to shop where they’re already looking is proving to be easier for some companies and brands. Plus, for businesses, social media shopping can provide increased visibility, engagement, and ultimately, revenue.
Not to mention this process also becomes a lot easier for your customers. Social media shopping offers convenience for users who can browse, shop, and purchase products without ever leaving the platform they're already using.
Do You Really Need to Invest in Social Shopping?
You don’t necessarily need to invest in putting your product online, however, the numbers don’t lie. According to Influencer Marketing Hub, “98% of customers plan to utilize social purchasing to make at least one purchase this year.” The number last year was only 68% of customers.
Also, according to Statista, “social commerce generated $475 billion in sales in 2020 and will generate $3.37 trillion by 2028, growing at a 28.4% annual pace.” Those are HUGE numbers, and as the years go by, it will become harder and harder to justify not putting your product online.
Of course, there are still plenty of factors that go into making the jump to selling online. If you know for a fact that your audience isn’t going to be looking online for your product, you’ll most likely avoid making the jump for a while. But most people will have consumers on at least one social platform. So instead, you may need to take the time to narrow down where most of your target audience is spending their time scrolling.
It's worth noting that even if a business doesn't plan to sell their products directly on social media platforms, having a strong social media presence can still be beneficial for marketing and brand awareness purposes. Additionally, businesses can utilize social media to drive traffic to their website or physical stores.
Which Social Channels Should I Invest in?
Unfortunately, with most marketing there is no one size fits all approach when looking at which social channels to invest in.? You’ll need to take a look at your customer demographics to see where they’re most likely to hang out.
For example, if you’ve got a younger demographic, then Instagram might be your best bet. According to Caroline Forsey of HubSpot, Instagram has surpassed over 2 billion users. It also offers a great return on investment as it, "offers marketers the ability to increase reach and boost sales from non-organic content, such as Instagram Ads and branded content. However, it also shines when it comes to generating ROI from organic content."
However, Facebook is the most popular social media channel with 2.89 billion monthly active users. It can also be pretty versatile, allowing you to target your audience pretty specifically. It’s also not a bad channel for B2B marketing. Again, it just depends on what you’re selling and who you’re selling to.
Whether it’s Instagram, Facebook, YouTube, TikTok, or any other number of social media platforms, once you figure out where your audience is, selling to them where they’re already looking for stuff seems to be the way of the future. By understanding where their audience is and how to effectively engage with them on social media platforms, businesses can create a successful social media strategy that supports their overall marketing and sales goals.
The easier you can make it for a consumer to get from clicking on a product of yours that they like, to getting to your checkout page, the more likely they are to buy and enjoy their experience buying. By leveraging the power of social media, businesses can create a seamless and enjoyable purchasing experience for their customers while also fostering long-term relationships with them.
Consumers want products fast, and they want access to those they’re buying their products from. Social media makes that easier than ever, and having the ability to gain direct access to your consumers can be priceless. Use social media to create your best customer relationships and loyalty yet.
Sourced articles:
https://blog.hubspot.com/marketing/social-media-channel-roi
https://influencermarketinghub.com/social-shopping/
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