5 minute read

Take advantage of social commerce to connect to your customers online

Tuesday, January 18, 2022

5 minute read

As more businesses expand online, they’re realizing the importance of having a multi-channel sales strategy—and are looking for the best ways to connect with their key customers. One way to quickly and effectively adapt to selling online? Social commerce.

Today, the number of people online and active on social networks is at an all-time high. In fact, according to the 2020 Global Digital Report from We Are Social and Hootsuite, there are currently 4.7 billion internet users and 4.33 billion active social media users around the world. Coupled with the fact that 50% of consumers learn about new brands on social media, it's clear that there's immense sales and revenue potential in online sales channels.

The Opportunity for Social Commerce statistics

But what exactly is social commerce? How does it work? And why should your business consider it?

What is Social Commerce?

Social commerce lets businesses sell products and services directly through social networking platforms like Instagram, Facebook, Pinterest, Twitter, and more. As social media continues to evolve, so does the importance of social commerce. Social commerce differs from social media marketing because purchases are made directly on the social platforms themselves, instead of off-platform landing pages or websites—like Facebook Marketplace and Instagram Shopping. This creates a frictionless purchasing experience for consumers because they don't have to start the buying process all over again on a new platform.

Selling through social commerce is a quick and easy way to reach your customers where they are online.

How Does Social Commerce Work?

Social commerce technology solutions like PayLink make it easy for you to set up products to sell on any social platform in hours. The technology generates a checkout link that you add to the product information, so that payment for the product is securely processed directly in the platform as part of the platform experience. This creates a frictionless shopping experience for your customers and helps boost sales conversions for you.

Why is social commerce right for your business?

With the number of people using social media skyrocketing, moving your business online via social commerce lets you reach new consumers and tap into new potential revenue. And with today's global pandemic and social distancing guidelines, more and more people are turning to social media for social interaction. According to an April 2021 report, the average time spent on social media each day is nearly 2.5 hours, up nearly 15 minutes from pre-pandemic levels. For many businesses, this presents the perfect opportunity to meet social media followers and customers where they are and provide the products and services they need—all without leaving the comfort of their homes.

Staying Ahead of the Commerce Curve

As commerce continues to evolve, so do the ways in which you can connect with your customers. Social commerce is a prime opportunity to build lasting connections with your customers online. Businesses exploring social commerce solutions should evaluate both the social platforms they want to use and the capabilities of the social commerce technology that's right for them.

FACT:
There will be 7.9 million social buyers in Canada this year, almost a quarter of the population ages 14 and older, up from 6.9 million last year.
source: https://www.emarketer.com/content/what-s-state-of-social-commerce-canada

In short, social commerce is a true innovation for online shopping. With the right social commerce solution, your business can leverage untapped revenue potential and continue connecting with your customers, wherever they are.

Ready to boost sales and simplify checkout? Our PayLink app makes it quick and simple to share your products and services over most social media platforms with secure payment links. Visit our website for more information, or find the PayLink app in the App Store and Google Play.

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