Digital
transformation has paved new ways for e-commerce businesses to boost sales with
social media platforms. With a genuine feeling of community and connection, it
has integrated purchasing and selling opportunities to help executives generate
revenue & what better way to communicate with your customers than social
media platforms?
An
online purchasing experience is referred to as e-commerce. However, social
commerce allows customers to make purchases while interacting on social media.
It includes everything from product discovery to the checkout process – the
entire shopping experience.
It
has been estimated that the global social commerce market will multiply almost
two-and-a-half times to reach US$ 1.2T by 2025 from US$ 492B in 2021. The
Indian social commerce industry has grown three times faster than its
conventional e-commerce counterpart.
This
branch of digital commerce has the potential to redefine the way people shop
for their favorite items, especially in a densely populated country like India
We
have barely scratched the surface of what social commerce can become. Any
brand, large or small, and any individual can now become or create a ‘brand’ of
their own and reach a market directly. This gives consumers more control. It
gives power back to the people. Rather than a handful of big retailers and
brands selling to mass markets of millions, millions of individuals and smaller
businesses are seen selling to one another within a vast social commerce
ecosystem.
Social
commerce is a democratizing force that is driven by creativity, ingenuity, and
the power of people. It empowers small brands and individuals and makes big
brands re-evaluate their strategies. The implications cut across every consumer
category, across products and services, and will impact every platform, brand,
and retailer.
These
social e-commerce players need to put people at the heart of their strategies
and embrace this rich ecosystem with new partnerships and business models.