The ecommerce industry has become a very competitive space during the last several years.
In actuality, more than half of Internet users throughout the world made a purchase online in the last year.
In fact, 67 percent of Millennials would rather shop online as opposed to going to a physical store. This is very good news for your ecommerce brand.
Yes, obviously you’ve got plenty of competition when it comes to selling products online. But if you have the right tools and marketing strategy, you can do a lot of things to get an edge over your competitors.
You ought to understand how to design a homepage that converts. Additionally, it is important for you to know which elements add credibility to your website.
While all this is necessary, it’s not enough. In addition to your website, you need to be taking advantage of as many platforms as possible to effectively market your products.
That’s because you can’t always rely on customers navigating to your site. You need to make sure your products are easily available for purchase in areas where your clients spend lots of time.
Enter social media networks.
Just like ecommerce, social media continues to be a growing trend. There are nearly 2.5 billion social media users throughout the planet.
Your ecommerce brand may already have an active presence on social media. It’s a crucial marketing strategy, but you can take this approach one step further.
Use social media to market your goods.
If you have never done this before, you might not know where to start. Fortunately, you’ve come to the perfect place. I’ll tell you all you will need to know about how social trade can boost the revenue stream of your ecommerce shop.
What is social commerce?
Let us start with the fundamentals.
Social trade is a relatively new concept. The term was first utilised in 2005. But since then, its meaning and application have evolved.
With social trade, you may sell your products through a third-party platform. More specifically, the platform you are selling through is a social media network.
By way of example, if a Facebook user sees something they would like to buy, they can do that right through Facebook’s interface as opposed to having to navigate to the vendor’s website.
This is very good news for your ecommerce store. If you’re relying on consumers to go to your website after seeing an ad that promotes your products, it is hurting your conversion rates.
It’s too many steps. Sure, you’ll still find some conversions. But simplifying the steps in the purchasing process will increase your conversion rates.
Have a Look at the impact social media has on buying decisions:
The majority of consumers say they rely on social media to guide their buying decisions. When a consumer sees a product on social networking, the chances of them buying it move up.
An additional 31 percent of people say they use social media to browse for products they are interested in buying.
For ecommerce businesses, it is a no-brainer to implement a social commerce strategy.
If you are new to social commerce, Facebook is the most logical place to start. Eventually, you’ll add this feature to your other social networking pages also, but this is the best place for you to get your feet wet.
As I said before, social commerce is still new.
But the majority people who have made purchases through social networking platforms are doing so via Facebook:
As you can see, roughly 35 percent of social networking users say they have never bought something through social media. But nearly 50% of social networking users say they’ve used Facebook to make a purchase.
This makes sense. Facebook has always been a trendsetter in the social networking world.
Their platform is very friendly for both everyday users in addition to brands.
Facebook business pages have the ability to leverage this platform in many strategies to drive sales.
They could list products directly on their webpage.
This feature mimics the appearance of a normal ecommerce store we’ve all grown used to.
This brings their customers to the screen you’re looking at now.
However, if customers click the”Shop Now” button on the top of the screen, they’ll return to the brand’s website.
It’s important you make the most of these two buttons. As we saw, not all customers have adapted to the social commerce trends. You don’t want to turn their business away. Some people may not be comfortable yet purchasing directly through Facebook, so giving them the option to come to your website is essential.
To set up purchases straight through Facebook, you’ll have to connect a Stripe or PayPal account with your page.
I realize that these fees could be higher than the credit card charges on your site, but it is just something you will have to accept.
Even though the payments get processed through third party businesses, you won’t have to use those platforms for groups. All of your orders can be managed directly from your FB shop.
You will have real-time information and access to your current, pending, and past orders purchased through Facebook.
Sell on Instagram
Facebook purchased Instagram in 2012.
On an average day, 95 million pictures and videos are printed on Instagram. The implementation of their”Shop Now” feature is turning them into a social commerce powerhouse.
Here’s an example of how West Elm implemented this feature with a sponsored Instagram ad:
Exactly like a regular Instagram post, these advertisements can contain several photos and videos. It is called a carousel advertisement. If the first picture captures the user’s attention, they may scroll through others to see what else this brand is selling.
In any event, the”Shop Now” button stays part of the post the entire time. It’s an efficient way to improve conversions.
As we discussed previously, the further steps involved in the purchasing process, the worse your results will be.
If your current Instagram strategy is having a post on your own profile with a caption that says”connection in bio” to entice purchases, it is probably not a huge success. There’s too much friction.
In addition to carousel advertisements, you can promote using a single photo, single media, and slideshows. The slideshow produces a video by automatically gearing up to 10 photos.
It is also possible to change the CTA button of your ad to”Learn More.” Here’s an illustration from Rumble Boxing:
This button takes users to a landing page where they can find more information about courses and programs. From here, they are ready to make purchases too.
Selling through Instagram advertisements is great as you’re ready to select which users will see your posts.
You can customize your advertisement based on your own goals, such as:
Item catalog sales
All these options are available once you build your business on Instagram.
Add buyable pins
As an ecommerce store, you want to have an active presence on Pinterest as well. If you’re not knowledgeable about Pinterest, I will briefly explain how it works.
By way of example, someone may use Pinterest for ideas on how to decorate a room in their dwelling. If they like something, they could save the post or”pin” it to one of the boards.
Pinterest is great for businesses as it has a feature allowing the businesses to set up buyable pins for ecommerce shops.
When a user sees this table when they are browsing on the stage, they can make a purchase with just a couple clicks.
This is fantastic news for shoppers browsing on their mobile devices.
With this feature, buyers can complete the purchase process with only one click, which will increase your conversion rates dramatically.
Recent studies show that 73% of Millennials would love to be able to make their payments from mobile devices.
Zin Home also saw a 20% increase in earnings after implementing Apple Pay.
It’s important for you to establish your social commerce plan on mobile applications that process transactions. In addition to Facebook and Instagram, Pinterest should be your priority as well.
Leverage social influencers
No social trade campaign would be complete without the help of social influencers.
Once you form relationships with these influencers, you’ll have them post content to their personal profiles.
It is a viable marketing strategy. That’s why the majority of businesses are increasing spending influencer marketing over the next year:
This strategy is continuing on an upward trend. In the past 12 months, there has been a 325% increase in searches for”influencer marketing” on Google. If you haven’t been researching the subject, it seems like your competitors have.
Research demonstrates that influencer marketing has a return on investment rate that’s 11 times higher than that of other content advertising campaigns.
Working with social influencers to promote your products will go together with your social trade strategy.
It is tough for ecommerce shops to remain relevant in such a competitive space.
However, you should look at these trends as an opportunity instead of a struggle. To get an edge over your competitors and boost sales revenue, make your goods available for purchase on as many platforms as possible.
Make the most of social commerce shops as well as your traditional ecommerce site.
The majority of consumers who have purchased products on social commerce platforms have used Facebook to do so.
Use social influencers in conjunction with your social trade strategy to maximize your brand exposure.
How is your ecommerce firm utilizing social commerce platforms to drive sales?