How To Unlock Business Growth With Social Commerce Marketplaces

Ecommerce business environment is changing at a remarkable rate. But can you boost business growth with social commerce marketplaces?

In this modern digital era, businesses have options like social commerce platforms to showcase their products for sell. The platforms offer business owners a great way to connect with potential customers.

With these platforms, you can upscale your online eCommerce business to reach a global audience and easily attract a wide range of customers.

To say that every eCommerce business owner wants to generate leads and make sales is not an overstatement. In fact, the aim of every business owner is to drive web traffic to their site and boost sales as a result.

What is Social Commerce?

Simply put, social commerce is the combination of social media and online shopping in one place or platform.

Social commerce makes use of the power of social platforms to make peer recommendations, smooth transactions, and product discovery easier.

As a matter of fact, social commerce enables customers to browse, pick, and buy products directly within social media apps such as Facebook, Instagram, and TikTok, rather than sending them to external websites.

If you are running an eCommerce business or selling stuff online, social commerce enables you to leverage the power of social media to make sales.

The world of social commerce marketplaces, however, is emerging within this dynamic environment as a fresh and promising trend.

We will examine social commerce marketplaces in this article to see what they are and why ecommerce businesses should be interested in them.

SEE ALSO: How To Improve Your Mobile Commerce Strategy

The growth of social commerce

The retail landscape is changing rapidly in the digital age and social commerce marketplaces are helping to take social selling to the next level.

Social commerce marketplaces elevate the practice of social selling to a heightened level. These digital platforms empower businesses to establish their presence by setting up shop directly on social media platforms.

With this, businesses can effectively engaging with users who allocate a substantial portion of their time on these platforms. Below are factors contributing to the growing popularity of social commerce marketplaces:

#1]. Mobile accessibility

Mobile accessibility is arguably the best thing about social commerce marketplaces is the fact that they are designed with mobile users in mind.

The fact is that the majority of people are using smartphones to access social media platforms and for online shopping. This is one of the reasons why businesses should have a presence on social media platforms.

#2]. Trust and social proof

Nowadays, trust and social proof plays a significant role in influencing customer loyalty because shoppers trust the opinions of their peers.

When it comes to social commerce, user-generated content, reviews, and recommendations are essential. Businesses can leverage this by encouraging user-generated content and showcasing it on their marketplace profiles.

#3]. Targeted advertising

We all know that social media platforms offer some robust advertising tools for businesses to accurately target their ideal customers.

Being on social commerce marketplaces will offer brands some of the best opportunity to reach the right audience and potential customers.

Brands can effectively leverage targeted advertising on social commerce marketplaces to their own advantage. This ensures that products are displayed to users who are most likely to make a purchase.

#4]. Enhanced shopping experience

Every customer wants to have a hassle-free shopping experience and this is where social commerce marketplaces can be really useful for brands.

The platform allow users to explore products through visually appealing posts, videos, and live streams. This helps potential customers to enhance their understanding of the products before deciding to make purchase.

In other words, social commerce marketplaces offer a more immersive and engaging shopping experience. With this, users will be able to improve their shopping experience and encourage shoppers to keep coming back.

#5]. Seamless transactions

Seamless transaction means that customers can complete purchases without leaving the social platform. This is because the platform offers integrated payment options to ensure that transactions are hassle-free.

The fact is that delivering a seamless payments experience is key to your customer experience and growth. Additionally, this frictionless process reduces drop-offs in the sales funnel, leading to higher conversion rates.

SEE ALSO: How To Drive Sales Through Facebook Commerce

Examples of social commerce marketplaces

Several social media platforms have embraced social commerce and offer marketplace features to businesses to reach more potential customers.

Therefore, bringing social media features into online marketplaces offers a better opportunity for sellers to achieve their business goals.

Below are social commerce marketplaces that you can use to power your eCommerce business. These online eCommerce marketplaces let people socialise effectively and easily do their online shopping.

Why social commerce marketplaces?

So, why should eCommerce business owners embrace social commerce marketplaces and leverage the platforms for their business growth?

If you are running an eCommerce business, below are some of the reasons why you should incorporate social commerce into your strategies.

#1]. Expanded reach

The fact that social media platforms already have billions of active users is a great advantage for brands to expand their reach. If you are running an eCommerce business, you should try to leverage it for your business growth.

This means, by setting up shop on social commerce platforms, you can tap into a vast and diverse audience that may not have discovered you otherwise.

#2]. Expanded engagement

Engagement plays an important role when it comes to eCommerce business and customers experience. With this, customers will feel heard and understood, which can then lead to increased satisfaction and loyalty.

Being on social commerce means there is opportunity for brands and customers to engage in two-way communication. Businesses can engage directly with customers, answer their queries, and build stronger relationships.

#3]. Data-driven insights

With social commerce platforms, data such as customers behaviour, preferences, age, sex, and others are abundantly available to tap into.

So, incorporating social commerce into your business means you’ll have access to valuable data-driven insights to power your business growth.

This data can help inform decision-making processes in marketing strategies, product development, and even customer segmentation.

#4]. Cost-effective marketing

At times, targeting and reaching the right audiences or potential customers could eat up a big chunk of your advertising or marketing budget.

However, being on social commerce offers businesses a cost-effective marketing option compared to traditional advertising. This means businesses can allocate their budgets efficiently to reach the right audience.

#5]. Competitive advantage

If you are running an eCommerce business, being on social commerce marketplaces will offer you a competitive advantage over other businesses.

in other words, being an early adopter can provide a competitive edge. As a matter of fact, businesses that embrace social commerce marketplaces can position themselves as innovative and customer-centric.

Conclusion

As a matter of fact, the introduction of social commerce marketplaces is having game-changing effects on eCommerce businesses.

It means the platform is helping to redefine the ecommerce landscape as it offers businesses new avenues for growth and customer engagement.

If you are running an eCommerce business, then you can leverage the power of social commerce marketplaces. You can use it to reach a broader audience, drive sales, and build lasting relationships with customers.

In conclusion, integrating social commerce into your ecommerce strategy could be the key to unlocking your business growth and full potential.

 

---

 

References / Resources

• 👉 Social Commerce: Definition, Tactics, and Examples. By MAYA DOLLARHIDE. Updated March 27, 2022.
• 👉 What is Social Commerce? Definition and Guide. By Holly Stanley.
• 👉 Social commerce 2023 trends: Tactics and tools growth. By Gavin Llewellyn. Posted on 17 Feb, 2023.
• 👉 Social commerce: A guide for brands and retailers. By Audra Fields. Posted on Sept 8, 2023.
• 👉 The Ultimate Guide to Customer Engagement. Business News Daily.
• 👉 Seamless Payments in a Digital World. Digital Payment, Bloomberg.

 

 

PLEASE SHARE ON PINTEREST