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On today’s Business Beat, Jeff Sloan talks about the impact of social commerce, a form of e-commerce that’s booming on social media channels.
Tune in to the Business Beat, below, to find out just how fast the global social commerce industry is expected to grow:
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Good morning, Paul! Well, you know, what’s hot in retail today? Of course, you do. If you said e-commerce, you’d be right. No one could argue that, but you know what’s emerging as even hotter for retailers these days? It’s known as social commerce, a form of e-commerce that relies specifically on social networks. By way of example, social commerce includes purchase opportunities you might discover on say Facebook or TikTok. Now social commerce has been a buzzword for years now, but seems to really be coming into its own lately.
A new report just out by Accenture indicates that the global social commerce industry is expected to grow three times faster than traditional e-commerce and brands and retailers are taking notice as consumers spend more time on social media platforms to get their news and entertainment and conduct communication. And, of course, the big social media platforms have taken notice. Facebook, Instagram, Snapchat, TikTok, all rolling out shopping features. Even Walmart’s gotten in on the action with initiatives to ramp up its social commerce capabilities.
Now Robert and Murdoch global software and platforms, industry leader at Accenture had this to say about the booming: “The steady rise and time spent on social media reflects how essential these platforms now are in our everyday life. They’re reshaping how people buy and sell, which provides platforms and brands with new opportunities to get new users, create new user experiences and drive sales.”
Paul, as I see it though, it’s a natural. You’re merging two activities heightened by the pandemic, t hat being time spent online on these social media platforms and the desire to purchase more online. Moreover, this is a direct consequence of how consumers are now being driven by purchase inspiration, resulting from endorsements by everyday people. Like those homemade videos you see on Instagram Reels and TikTok, for example, rather than by expensive Madison Avenue ads.
My recommendation, Paul? Leave your wallet in the other room when you get on a social media platform these days. In any case, the social commerce boom is now upon us.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.