What is Social Commerce?
Social commerce channels are poised to become the new standard of commerce, with more than $53B in revenue expected in 2023. It's not a question of why, but when a brand will adopt this new channel to sell.
Social commerce revenue is expected to exceed $80 billion by 2025.
Social commerce requires catalog connections in the existing ecommerce storefront that collect product, pricing, image, and other key purchasing data to populate product suggestions natively within the social channel of choice.
The typical consumer spends 151 minutes a day on social media, which presents brands with a big opportunity to interject products during browsing time. By leveraging dynamic product suggestions and related content, a brand can suggest products at the right time and the customer can purchase when it's top of mind.
Relating to consumers through a social channel lets brands humanize the purchasing experience, extended gratification, and allows the customer to share their recent purchase through the social channels – extending customer lifetime value and affinity.
Fashion, retail, and luxury goods remain the top verticals for social commerce, but as consumer expectations and habits evolve, more industries will engage as consumers demand to purchase within the channels they visit most.