At an annual growth rate of 31%, the social commerce industry is projected to reach $604.5 billion by 2027.
With social platforms like Facebook, Instagram and TikTok prioritising ecommerce, marketers must focus more on creating effective social commerce strategies. Firstly, use social commerce features to create a sense of community among audiences and provide customers with a seamless shopping experience.
Leveraging in-platform audience insights can further help brands identify areas of improvement. Marketers should use these insights, be up-to-date about latest trends, and proactively monitor user comments to inform their social commerce strategies.
Though social media platforms are yet to offer in-app checkout options globally, businesses should be prepared to adapt to changes, when necessary. They should also be prepared to address consumer concerns around sharing sensitive banking information, in addition to collecting first-party data from in-app purchases.
[5 minute read]