In the fast-paced world of online business, social commerce is transforming the way we think about traditional eCommerce. It’s a simple yet powerful concept: instead of relying solely on eCommerce websites, brands now leverage the reach and influence of social media platforms to sell their products or services.
But there’s more to social commerce than meets the eye. It’s not just about selling products directly on social media. It involves promoting products and guiding customers to dedicated eCommerce websites where they can make their purchases.
To understand its impact, it’s important to recognize its significance. Social commerce flourishes by leveraging social proof. It incorporates the benefits associated with influencer marketing, without actually needing influencers to achieve the desired results. It’s an exciting development that highlights its potential to revolutionize the way brands connect with their audience and drive sales.
The difference between social commerce and regular eCommerce is that while traditional eCommerce is typically confined to dedicated websites, social commerce has its own space in the world of social media.
As we dive into the world of social commerce trends in 2023, it’s crucial to grasp the nature of this continually evolving concept. By understanding them better, businesses can stay ahead of the game, boost their online presence, engage customers in innovative ways, and drive revenue growth in today’s ever-changing digital landscape
In this article, we’ll explore 10 bold trends that have the power to reshape the digital marketplace.
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10 Bold Social Commerce Trends to Try in 2023
So, let’s uncover the exciting possibilities that social commerce holds for businesses:
1. Augmented Reality (AR) Shopping
AR shopping experiences are gaining popularity by allowing customers to virtually try on products before making a purchase.
Businesses can leverage this technology to create interactive and immersive shopping experiences that enhance not only customer engagement but boost conversion rates as well.
Social media platforms like Instagram and TikTok are leading the way when it comes to incorporating AR shopping features. These platforms allow you to transform your surroundings on-screen, giving you the ability to modify and enhance the look of your environment.
For instance, on Instagram, you can add virtual elements to your photos and videos, while TikTok offers similar ways to enhance the content you create.
2. Shoppable Live Streaming
Live streaming has become a powerful tool for social commerce. Businesses can now integrate shoppable features directly into their live streams allowing customers to purchase in real-time.
Just so you know, over the next few years, live streaming platforms are expected to experience significant growth due to increased consumer demand and faster connectivity. According to predictions the live-streaming market will see a rise, growing at a CAGR (Compound Annual Growth Rate) of 13.47% and reaching a whopping $29 billion between 2023 and 2027.
3. Social Media Messaging for Customer Support
Social media messaging platforms, such as Facebook Messenger and WhatsApp, are becoming important channels for customer support and post-purchase assistance.
In 2023, social media customer service embraced greater automation, personalization, integration, and collaboration with other platforms.
Customers also love social messaging for customer service. According to Sprout Social from 2020 to 2021, the volume of consumers who preferred using social messaging for customer service jumped an impressive 110%.
4. Voice Technology
Millennials and Generation Z are increasingly embracing voice search as a convenient alternative to typing. Those who opt for voice technology are also more likely to make purchases using it.
Both Android and Apple have integrated voice assistants into their devices, constantly refining their functionalities (not mentioning stand-alone devices such as Amazon Alexa and Google Home).
According to Statista, eCommerce purchases made through voice technology are projected to surge from USD 4.6 billion this year to USD 19.4 billion in 2023, a quadruple increase within two years.
Brands that are forward-thinking can begin strategizing now to optimize their voice technologies, including voice search options and conversational shopping experiences.
5. User-Generated Content (UGC) as Social Proof
Gen Z, Millennials, and Gen X distinguish themselves from Boomers by favoring social media and YouTube ads as their preferred means of discovering products. They are aware brands and marketers have inherent bias. While this doesn’t imply intentional deception the selective information may not always present the complete picture. This is shaping the bright future of user-generated content.
User-generated content, such as customer reviews, testimonials, and social media posts, serves as powerful social proof for potential buyers. Encouraging customers to share their experiences and leveraging UGC in social commerce strategies can help build trust, credibility, and drive conversions and sales.
6. Influencer-Driven Sales
Influencer marketing has evolved beyond brand endorsements. Businesses are now partnering with influencers to directly sell products to their followers.
The continuous trend in influencer marketing is partnering with micro-influencers. Small businesses, in particular, are discovering micro-influencers offer a means to optimize ad budgets while simultaneously reaching a broader audience.
According to forecasts, the global gamification market is projected to grow from $9.1 billion in 2020 to $30.7 billion by 2025, with an impressive annual growth rate of 27.4%. North America is expected to dominate the gamification market in the coming years thus securing the largest share of the market.
It’s necessary to mention that gamification and Artificial Intelligence (AI) will continue to go hand in hand. More than 80% of business leaders consider Artificial Intelligence a top priority for their organizations. Furthermore, an increasing number of companies are harnessing the power of combining gamification and AI, resulting in significant enhancements to their marketing strategies.
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8. Social Listening and Sentiment Analysis
As third-party cookies are dead now, brands increasingly rely on zero-party data to personalize offerings. 90% of businesses will collect such data, while 85% stated that zero-party data is vital to creating effective personalized experiences
This is increasing the role of social listening and sentiment analysis as social media provides a treasure trove of valuable customer insights. By utilizing social listening tools and sentiment analysis, businesses can gather feedback, understand customer preferences, and tailor their social commerce strategies accordingly.
9. Social Commerce Ads
Social commerce ads are by no means something new. As these platforms continuously improve their advertising capabilities the market is growing.
According to predictions, US-based brands might increase their budget for social ads from $65.31 billion in 2022 to $71.05 billion in 2023. This forecast comes in response to the recent decision by Google and other browsers to block third-party cookies, which track visitors’ details and their browsing activities, including social media.
10. Social Shopping Integrations
Social media platforms are increasingly integrating shopping functionalities directly within their platforms. Businesses can take advantage of features like Instagram Shopping and Facebook Marketplace to showcase products, simplify the purchase process, and tap into the vast user base of these platforms.
As social commerce continues to evolve, businesses need to adapt and embrace trends to stay competitive in the digital marketplace.
From leveraging augmented reality shopping experiences to utilizing social media messaging for customer support, each trend offers unique opportunities to engage customers, drive sales, and enhance brand presence.
By incorporating these social commerce trends into their strategies, businesses can uncover even better ways to create a seamless and rewarding shopping experience for their customers in 2023 and beyond.
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