Social media e-commerce and its growing importance:- www.deekpay.com

Social media is not just a place to take photos and post daily updates. Instead, it has become the go-to tool for branding and customer service in the business world. Social media e-commerce, also known as content-driven e-commerce, has become increasingly popular due to its ability to cater to consumer preferences and personalities.

As a subset of e-commerce, social media e-commerce allows consumers to interact with companies, view products and make purchases directly through social media platforms. This explains why most companies today are exploring ways to integrate social media e-commerce into their business.

The study found that more than 50% of millennials use social media to shop online. What's more, the segment is expected to grow to nearly $20 billion by FY2025, with a compound annual growth rate (CAGR) of 55-60%.

How is social media e-commerce different from social media marketing?

In contrast to social media marketing, social media e-commerce allows consumers to discover products as they browse through the dynamics. User comments and private message interactions about the actual viability of a product can be seen as product reviews.

Therefore, you don't need to do additional research before purchasing a product. In addition, social media e-commerce allows users to complete their purchases directly from the social media app.

What are the benefits of social media e-commerce?

Growing pool of Gen X and Millennial users:

The growth momentum of social media e-commerce in India shows no signs of slowing down. Millennials have seen a significant increase in time spent online following the convergence of social media and e-commerce. Hence, it is a great opportunity for sellers to reach these consumers even if they are not social media marketing experts.

All you need is an engaging brand page, relevant content, eye-catching images and the right keywords and tags.

An opportunity not to be missed

Studies have shown that most millennials use social media to follow brands. In addition, businesses now have teams dedicated to social media operations. The social media e-commerce space is expected to grow tenfold in the next five years as more and more people are attracted to this new trend. Therefore, if your business doesn't keep up with the times, you could be missing out on more than expected.

Shopping made easier than ever

Today's millennials want to buy everything their favourite influencers use. The biggest challenge is finding products on different websites and paying for them through different apps. However, with the advent of social media e-commerce, purchasing has become as simple as "look at it, like it, buy it".

This is due to the simplified use of apps, wider audience reach and user growth of over 20% per year. It's no surprise, then, that more and more people are using social media platforms for product research and purchases.

Social media e-commerce has been "socialised"

Building trust is critical to the success of social media e-commerce. Even today, consumers may be sceptical of reviews on a seller's website. But on social media, users are able to make faster buying decisions due to the built-in social evidence. In addition, companies must always promote themselves. All the work is done by user-generated content such as likes, comments, follows and shares.

The more people identify with and support your product, the more reliable your brand becomes. Additionally, social shopping gives customers the opportunity to communicate with real users of your product through private messaging.

Social media e-commerce is for everyone

Social media e-commerce has been proven to help sellers in remote areas of the country earn a decent living. Anyone looking for extra income, including housewives, students or other micro-entrepreneurs, can join this latest trend. Moreover, no professional training is even required to be a part of this journey.

Which social media e-commerce platform should you start your business on?

While Facebook and Instagram are leading the way in social media e-commerce, other social media platforms such as Pinterest, TikTok, and Snapchat are also stepping up their game.

Each platform has its own unique features that appeal to a specific audience and has its own competitive advantage.TikTok had a large market share in this space in early 2021, but now Instagram and other competitors have overtaken it. So, ideally, you can start with Facebook and Instagram and then gradually expand to other platforms.

reach a verdict

Social media e-commerce is undoubtedly the future. Not only does it empower individuals to promote their products and services, it also gives small businesses an extra edge over their larger competitors.

It allows sellers to design customised campaigns that target specific demographics, taking into account the types of products and services they want to offer. Despite the many advantages, one thing is certain: social media e-commerce is changing the retail landscape and will continue to be so influential for years.

Therefore, if you are planning to launch your social media e-commerce business in the near future, a reliable payment gateway such as PayU can be your partner. With PayU providing you with instant settlement of customer payments, you can focus more on growing your business and providing more services to consumers. What are you waiting for? Start your social media e-commerce journey today!

common problems

What is the process of social media e-commerce? In a social media e-commerce business model, customers can access items listed by different companies. User-generated likes, comments and retweets on brand posts add weight to the decision-making process. Customers can also find real-time users of the product and quickly discuss the potential of the product through private messages. Once they are convinced, customers can purchase the product directly from the social networking application without leaving the platform.

Why is social media e-commerce so popular? Social media e-commerce platforms allow customers to interact with the company when using social media platforms, making it an effective customer support channel to ask and solve problems. Brands are also finding it easier to promote their products because of the large audience that already exists on social media platforms.

What is the importance of social media e-commerce in startups? By being present where consumers spend their time online, social media e-commerce creates a smooth marketing route for startups. Social media e-commerce also simplifies the process of finding a new product and completing a purchase, eliminating concerns that might cause a customer to change their mind about not purchasing a product.