One of the megatrends of the year, social commerce is like a new take on Influencer Marketing. But what does it mean and how is it relevant? Let’s find out!
Simply put, social commerce is the mixing of e-commerce and social media to utilise social media platforms and influencers as boosters to sell products and services. It points to the shift in the people-led selling process propelled by social media’s rise.
So far, China has been the leading player when it comes to social commerce. They leave no stones unturned when it comes to offering visibility, credibility, and lead conversion through different means like Live chat/streaming or Social Search optimization. The best part of their influencer marketing remains the structure of using the influencer’s content in different categories namely Wanghong, Key opinion leaders, and Key opinion consumers.
However, with social commerce gaining popularity worldwide, any business involved in e-commerce has the potential to benefit. While it is important to ensure that your social commerce strategy is tailored to your brand, a number of tactics can turn out to be suitable for your brand’s growth trajectory :
- Choosing the right platform : To pick right, you can focus on the 4Ks :
i) Know your Audience: Remember, it’s about your audience, not you. Understanding your audience helps provide insights into unmet needs. It won’t matter how amazing your content and products are, not even audience size if your selected channel doesn’t have the right target active.
ii) Know your Company: Your products, services and brand personality should be taken into consideration while choosing a platform.
iii) Know your Competitors: Research about tools, platforms, means, and methods used by your competitors. It’s useful to see what others in your space are doing, so you’re making an informed decision.
iv)Know your resources; Ask yourself if you have the resources to be successful and consistent.
For years, brands have been encouraging potential customers to visit their biography for a link to their store. In fact, Facebook recently updated their Live shopping platform.
- Influencer onboarding : Presenting the wrong influencers to your target audience is like purchasing a new phone without the charger. You won’t be able to make the best of it for too long. The right influencer has to be onboarded keeping in mind what the audience needs, who the audience trusts, and how the influencer connects with the audience. To get the influencer onboard, you simply need to approach the influencer, build a connection, discuss details of the campaign and work out a strategy with their unique inputs.
- Measuring result : Measuring the efficiency of influencer campaigns is a process that requires strict monitoring and data collection. Some metrics that can be measured easily include:
- Direct sales
- Website traffic
- Social media mentions
- Engagement rate
- Increase in followers
So what does this all mean for brands, influencers, and platforms? One thing’s for sure: social commerce is a model they must embrace. For platforms, it opens up new revenue streams. For influencers, this opens up opportunities to develop new types of shopping experiences, connect in new ways and engage followers while monetizing their content. And for brands, it means engaging directly with consumers through social platforms.