Social commerce is growing in importance as people become more accustomed to shopping via social media, and brands are beginning to pursue best practices in the space.
Reprise Commerce recently took part in a webinar that explored the findings from a global social commerce study. The research study by MAGNA, in partnership with Snap and Reprise Commerce, revealed the direction of travel for social commerce around the globe.
The research provided both qualitative and quantitative data, revealing the direction of travel for social commerce and the platforms, tools, and technologies which are helping to drive the channel forward.
The webinar – What Does the Future of Social Commerce Entail? – was presented by Kara Louis, Global Agency Research Lead at Snap, and Prayushi Amin, Associate Director, Intelligence Solutions, MAGNA.
Tom Bates, Snap’s Head of Creative Strategy, and Sarah Barker, VP Global Commerce Solutions, Reprise Commerce, also featured in a fireside chat that explored current social commerce trends and predictions as to what the future of the channel holds for brands.
1. The Path to Product Discovery
Social media (67%) has become the most dominant channel for product discovery, ahead of marketplaces (52%) and search engines (48%).
Shopping via social media is also already popular – particularly among younger generations – and this trend is set to ramp up in the coming years, particularly when platforms invest in and adopt social shopping features such as shopping tabs, virtual shopping groups, integrative AR, and shoppable buttons.
2. The Future of Influence
Social media influencers play a significant role in providing recommendations and inspiration to shoppers, but friends and family hold more sway over our purchase decisions. Brands can capitalize on the influence of friends and family by utilizing platforms’ ‘shareable’ features such as chats or virtual shopping parties.
3. Transformation of the Purchase Journey
Social commerce has the potential to collapse the traditional shopping journey into a more streamlined experience, whereby people discover products in-app that can also be purchased in-app – without the need to navigate away or complete additional steps.
However, 36% of respondents said they were nervous to share their personal financial information with social media platforms, meaning brands and social platforms will have to work hard to prove their trustworthiness.
4. The Path for Direct-to-Consumer (DTC)
92% of survey respondents said they would be willing to purchase directly from brands on social media platforms if offered good deals and discounts, user-friendly apps, real-time customer service, instant shopping capabilities, product recommendations or timely updates on sales and events.
5. Emerging eCommerce technology
Technology in social commerce is moving from entertainment to utility, particularly when it comes to AR (Augmented Reality) and VR (Virtual Reality).
In fact, 64% of respondents claimed they would be less likely to return a product they’d experienced virtually before purchasing.
To watch the webinar please complete the form below.
How can Reprise Commerce help?
The survey and its findings suggest that there are great opportunities for brands with a social commerce strategy in place, including boosting DTC revenue. Much of this success will depend on the adoption of the right technologies and partners, however, and that’s where we can help.
As the specialist commerce unit of Reprise, we are uniquely placed to bring together social media best practices with eCommerce excellence. We’re proud to have more than 350 commerce experts amongst our team of 2500 performance marketing specialists around the globe, so if you’d like to find out how we can boost your social commerce offering, please get in touch.
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