Indian users today make up a substantial share of users on international social commerce platforms and are a key target market for such platforms to extend. And social commerce presents a cost-effective alternative for businesses reeling under the pressure of scaling customer acquisition costs and stumbling to protect these treasured customers from competitors pursuing them endlessly with deep discounts. For retailers interested in building out cohesive social shopping experiences, we have listed 5 hands-on social commerce trends to consider:
Future of Commerce: Conversation
It’s well-known that customer experience plays a major role in determining the progress and growth of any company. This is where embracing conversational commerce will change the way your business performs in the time to come. According to a social commerce survey, conversational commerce (49%) is gaining popularity in India, as 9 out of 10 people relished the shopping experience of interacting with chatbots.
Through text, chat or live video, users can interact with stores in real-time, asking questions, viewing products, and getting recommendations that encourage them to follow through with purchase transactions. As a result, it will help boost physical sales and increase foot traffic in stores. Thus, conversational technology delivers a huge opportunity for brands and retailers to sweeten the customer experience and maximise sales across various channels.
Leveraging UGC x Micro-influencers
User-generated content continues to be more trusted than many other forms of media, and in certain cases, much more popular. Now leverage UGC via micro-influencers to deliver your brand message even better! Study shows that at least 30% of consumers make a purchase simply because their favourite influencer promoted it. Also, 8 out of 10 consumers believe that UGC strongly influences their purchasing decision.
By involving micro-influencers in a UGC hashtag or giveaway contests, you can amplify brand visibility and reach through their dedicated follower’s network, thus scaling up UGC. To make the most of UGC, find a platform helping brands discover influencers and unique content from all corners of the internet, including TikTok, YouTube and Instagram, to engage the audience and drive sales.
Livestream Shopping will Dominate
Blending entertainment with instant purchasing, Livestream shopping offers retailers, brands, and digital platforms a new channel with enormous scope for creating value. It enables discovery, browsing and purchasing on one platform without the need to interact with any external websites or apps. Thus, creating seamless UX with fewer clicks, higher potential revenue, and conversion rates.
Globally, 85% of respondents who watched shopping livestreams report that they are more likely to purchase via social media. Moreover, online shoppers in India are envisioned to reach 220 million by 2025. Live commerce increases a brand’s charm and uniqueness and draws additional web traffic. In addition, it strengthens customer positioning, especially young ones keen on innovative shopping formats and experiences.
Specialist Social Marketplaces
With social exchange at the forefront of everyday interactions, it only makes sense for businesses to push marketing out through these social channels to reach the most valuable viewers possible. More than half (59%) of social buyers surveyed said they are more likely to support small and medium-sized businesses through social commerce than shopping through E-commerce websites.
New-age digital-first brands are cropping up across categories prompting them to use non-traditional channels such as Facebook and Instagram for marketing. YouTube is now also on the verge of becoming the next hub for promoting online markets. Similar to influencers and vloggers, brands are coming forward and promoting their businesses on YouTube.
Designing Frictionless Experiences
Brands that offer frictionless and seamless experiences across all platforms are bound to see the increased acquisition and retention rates. 46% of consumers said they would pay more for a friendly and welcoming experience, whereas 55% said they would pay more for fast and efficient services.
More efficient devices would enable XR use cases where there is a 5G-Advanced connection, granting users the true perception of living remote and allowing them to efficiently interact in such surroundings, no matter where they are physically located. In addition, brands must aim to streamline the entire process and ease the journey to complete purchases on social commerce platforms to offer the digital convenience that users are looking for.
As is evident above, from the rise of multiple platforms and advancing user needs, social commerce is here to stay. However, when it comes to planning out a social commerce strategy, it is important to look for a solution that will be cohesive and simple to manage. #ARM Worldwide can help you optimise the customer experience and tap into social shopping. We hope you decide to keep a watch on these social commerce trends and jump on the social commerce bandwagon soon!