With the ease of availability of products and services right at our fingertips, customers are flocking towards quick and easy accessibility. Customers are more likely to abandon their search for the ideal product when any unnecessary steps are involved within the process. Not only does it cost companies a potential customer in the present, but also loses them a future customer hesitant of visiting their website again.
The e-commerce industry is being revolutionised by social commerce, which introduces the selling of goods directly on social media. With the years of trust, awareness, and community influence garnered across social media, brands have begun using these platforms for popularity, while integrating e-commerce websites like Amazon, AliExpress, and Shopify for ease of transactions.
This paradigm has allowed social media platforms to gain more customers to advertise for, while the brands and e-commerce websites reap the rewards from increased social media presence and popularity.
In the West, in the USA alone, social commerce accounted for $19.5 Billion of sales in 2019. That number was predicted to hit the $50 Billion mark by 2023, but with the pandemic driving a boom in online shopping and e-commerce, sales hit nearly $210 Billion by the third quarter of 2020.
In the Asian region, China witnessed $186 Billion worth of sales in 2019, with the number predicted to hit $475 Billion by 2023. However an additional factor of the use of their messaging app, WeChat, helped to secure more than $115 Billion of the total sales in 2019.
With this trend seeing a surge in online shoppers, social media platforms like Instagram, WhatsApp, and Facebook have also begun to integrate their own forms of ‘markets’ that allow easy and quick accessibility to products being advertised on the same platforms.