Technology is changing the way we communicate and do business. Growing popularity of social media channels, such as Pinterest, Facebook, and Snapchat, has led to the explosion of social commerce. Social commerce includes use of social media and social networking sites to sell or buy products or services. Companies have started using user-friendly social media channels for their benefit by running marketing campaigns of their services and products on these platforms to attract more customers. Due to rising popularity of the mobile apps of these platforms, e-commerce advertisers have also started using banner display ads and sponsored content in order to engage their target audience.
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Latest Trends in Social Commerce
All popular social media channels have started incorporating innovative user-friendly features to make their shopping experience trouble-free. These features can be used on a variety of devices including laptops, PCs, smart phones, tablets, and Internet-enabled TVs.
Here are a few examples:
- In-app Purchases
This feature allows businesses to create a “Shop Now” option within the app.For instance, Facebook allows retailers to run product catalogs by displaying all the required product information and use its messenger app to communicate with consumers.
- User-generated Content
User-generated content can drive sales. A lot of social media users write reviews about various products and services. This user-created content can help companies promote their brand and drive sales, For example, some companies invite their customers to participate in designing ads and products.
- Videos and Video Ads
Social media platforms have started featuring video ads. For example, YouTube allows pre-roll ads that are played before the actual video. This allows users to make purchases right there, without having to leave the window.
According to the findings of a report made available by Radiant Insights, Inc., the global social commerce market is expected to witness a strong growth rate over the forecast period (from 2017 to 2022). Increasing popularity of social media platforms and growing number of social media users are projected to be key drivers for the global market.In addition, increased number of downloads of various mobile apps is projected to contribute toward market development.
Top companies operating in the worldwide market include Fab Commerce and Design Inc, LinkedIn Corp, PayPal Holdings Inc, Tencent Holdings Ltd and Facebook Inc.
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