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As 2024 unfolds, the blend of social networking and e-commerce—lovingly dubbed ‘social commerce’—continues to disrupt how we buy. It’s not just a passing fad; it’s a full-scale evolution responding to our digital-first lifestyle. Did you know US adults will dedicate a whopping 17.9% of their digital media time to social platforms this year? Thanks, eMarketer, for the heads up!
In this article, we’ll unwrap what social commerce really means and explore the big trends shaking up this space. So, without further ado, let’s get started!
The What and How of Social Commerce
Imagine this: you’re scrolling through your feed, and there it is—the perfect pair of sunglasses worn by your favorite influencer. With just a couple of clicks, they’re on their way to your doorstep. Convenient, right? That’s social commerce for you—a seamless blend of e-window shopping and impulse buying. This isn’t just about slapping a product photo on your Facebook feed; it’s about creating a shopping experience that feels like part of your social scrolling. Seamless, simple, and oh-so addictive.
Channels Leading Social Commerce
So, who’s leading the social shopping spree? Let’s meet the major players:
- TikTok: A video-sharing platform where 43% of Gen Z starts their product hunts.
- Facebook: With 62% of US social buyers clicking the ‘buy’ button here, it remains the old source of social commerce.
- Instagram: Home to 70% of shoppers ready to splurge after finding goods amidst their photo feeds. It’s not just about pretty pictures anymore; it’s a full-blown marketplace.
- Pinterest: Not just for dream boards anymore, Pinterest helps pin down actual purchases, especially among the well-to-do crowd looking to discover unbranded gems.
A Glimpse Into the Social Commerce Future
The trajectory for social commerce is steeply upward, with innovations and integrations on the horizon that promise to make social media shopping not just an occasional convenience but a significant part of our daily digital routine. Here’s a sneak peek at what’s coming up in social commerce for 2024 and beyond:
The road to social commerce dominance is paved with innovations, and the trends for 2024 suggest a landscape where the blend of social media and commerce reaches unparalleled levels of integration and engagement. Let’s dive into the future that awaits.
#1: The Livestreaming Wave
Imagine QVC but infinitely cooler and streamed directly into your social feeds. That’s the magic of livestream shopping, a trend that’s just warming up in the US, but watch this space—it’s going to be big. We’re talking a projected 36% growth, snagging over five percent of the e-commerce pie.
How did we get here? It all started in the gaming dens of 2007-8 with platforms like Justin.tv (you might know it better as Twitch!), where live gaming pulled viewers into real-time entertainment. Fast forward to today, and live streaming has broken free of its gaming shell to become a cornerstone of digital interaction across all social platforms. Whether it’s a product launch on Instagram or a tutorial on TikTok, the goal is the same: Go live, engage your audience, and watch the sales roll in.
Just look at how European apparel merchant Lindex harnesses the power of live streaming to remarkable effect. Their strategy? Create an inclusive, interactive atmosphere where viewers can feel like they’re part of a special event.
In one instance, the Lindex livestream pulled in twice the average viewership and notched an impressive 55% add-to-cart rate, proving that live streaming can be one of the most potent pipeline generation tactics if executed carefully.
The electric buzz of live interaction provides a unique stage to flaunt products, perform demos on the fly, and answer queries right at the moment, propelling sales in ways that stale ads or airbrushed banners can only dream of. But to truly kill it in the live-streaming social commerce arena, you’ll need a few key ingredients:
- Prime-Time Streaming. Understand your audience’s peak times and tailor your broadcasts to catch them exactly when they’re most likely to tune in.
- Engaging Segments. Use polls, QR codes, and interactive videos to keep the interaction lively and gather real-time feedback. But check the security and reliability of code generators or graphic creators you’re using—nobody wants their live shopping spree interrupted by a buffering wheel of doom or a security snafu.
- Exclusive Offers. Give your audience a reason to stick around—something they can’t get anywhere else. Create a live countdown to limited-time discounts, flash sales, custom clothes or exclusive products just for your live viewers.
#2: AR’s Takeover
Social media platforms, spearheaded by the likes of Instagram and Snapchat, have kicked the social shopping experience into high gear by integrating augmented reality (AR) into the buying journey. This means you can virtually try on eyewear from Warby Parker, see how a new shade of lipstick from L’Oreal looks on you, or visualize how a piece of furniture from IKEA fits in your room—all from the comfort of your couch.
And now, nearly half of all consumers say they’re more likely to purchase a product they can experience through AR, which isn’t surprising considering the instant gratification it provides. In 2024, we’re likely to see even more brands adopting AR to create immersive social shopping experiences. However, the most successful AR social media implementations will be those that marry fun with functionality. Here are some strategies to help you get there:
- Leverage User-Generated Content: Encourage customers to share their AR experiences on their social feeds. When users post their virtual try-ons, they’re not just endorsing your product; they’re extending an invitation to their followers to join in on the fun. To further boost credibility, consider adding reviews to shopify product pages, allowing customers to share their feedback and experiences directly.
- Offer Exclusive Previews: Use AR to offer sneak peeks of new products. This builds excitement and gathers early feedback, creating a buzz even before the product hits the shelves.
- Create Interactive Campaigns: Develop AR-based challenges or games like virtual scavenger hunts or interactive storylines where users can influence the outcome. This not only enhances user engagement but also makes your brand memorable and fun.
#3: Rise of the Micro-Influencers
The era of mega-celebrities dominating our feeds with endorsements might be taking a backseat to a more relatable cast—the micro-influencers. These are your everyday content creators who might not boast the multi-million follower count but certainly know how to stir up genuine interest.
With a striking engagement rate that averages around 6%, these micro-influencers dwarf the rather pedestrian 1.97% managed by their superstar peers. Rates like these are the reason why a whopping 90% of marketers are ditching the celebrity circus for these approachable voices.
Take CLUSE, for example. Their Instagram feed is not just the sleek images of watches and jewelry that draw you in but the familiar faces—actual customers, brand ambassadors, and micro-influencers who wear and flaunt these products.
This blend of high style and high relatability has catapulted CLUSE from just another brand on your feed to an icon of social commerce, nailing the sweet spot between aspirational and attainable.
But how does one harness this grassroots star power? Start by using influencer analytics platforms that help you sift through the digital noise and find your perfect brand ambassador. Once you’ve locked in your ideal influencers, forge strong contracts that are clear, concise, and mutually beneficial.
And if you find yourself juggling a bevy of micro-influencers, streamline the chaos with automated solutions like those from Parseur for invoice processing and DocuSign for contracts management to keep the magic of influencer-based social commerce alive without the logistical nightmare.
#4: The Booming Secondhand Market
The throwaway culture may be getting a sustainable makeover as resale is growing 21 times faster than the broader retail sector and is poised to leapfrog fast fashion by 2028. And platforms like Instagram and Facebook Marketplace are fastly becoming the hotspots for pre-loved treasures, turning the concept of “one person’s trash is another’s treasure” into a profitable paradigm.
But what’s driving this shift? A cocktail of increased environmental awareness, the thrill of the hunt, and, let’s not forget, the current economic situation. When budgets tighten, the allure of high quality at low prices is too good to pass up. So, if you’re looking to join the vibrant world of social resale, here are a few tips to make your foray a success:
- Create Curated Collections: More shops are offering specially selected, high-quality secondhand items.
- Be Transparent: Ensure product descriptions are accurate and detailed. Include high-quality images and be upfront about any wear and tear.
- Build A Community: Foster a community of like-minded shoppers who celebrate secondhand treasures. Utilize social platforms to share stories, swap styling tips, and celebrate finds.
#5: AI Integration Explosion
Beneath the shimmering facade of every social commerce platform lies AI, tirelessly fine-tuning every swipe and search to make your shopping experience not just smarter but eerily intuitive. From chatbots that field your queries with unsettling efficiency to algorithms that seem to know what you’ll want to buy before the thought even crosses your mind—AI is the rumbling engine behind this social commerce upheaval.
Take TikTok’s product identification feature, for instance. Though still in its beta phase, it’s already stirring the pot. This clever tool uses AI to recognize products in videos and suggest similar items that are available for purchase directly through the app.
It’s a game-changer that seamlessly blends content consumption with impulse buying, ensuring that if something catches your eye during a scroll, it’s only a tap away from being yours.
And it’s not just platform algorithms getting smarter. AI-based chatbots are undergoing a major glow-up, becoming so accurate at mimicking human conversation that you might just forget you’re talking to lines of code. These bots are now equipped with multilingual translations, allowing them to offer personalized shopping tips and support, combining the convenience of online browsing with the bespoke service you’d expect from a brick-and-mortar store. With such advancements, it’s no surprise that by the end of this year, retail spending via e-commerce and social commerce chatbots is poised to steamroll over the $142 billion milestone.
To capitalize on this trend, invest in AI tools that can integrate seamlessly with your social media channels. Use apps with AI to scoop up data, decode your audience’s likes and dislikes, and serve up content and products that hit home. The trick? Be subtle. You want to impress your customers with your insights without crossing into invasiveness.
Tips for Success in Social Commerce
Navigating this booming market requires more than just jumping on the latest trend. Here are some strategies to ensure your social commerce efforts not only catch the wave but also ride it to unprecedented success:
Understand Your Resource Capacity
Before diving headlong into the latest digital craze, assess your technological, financial, and human capabilities to make sure you’re not biting off more than you can chew. Then, opt for either resource leveling or smoothing approaches to make the most of what you’ve got without stretching your limits into the danger zone. This smart prep keeps your entry into new trends both sustainable and savvy, ensuring you don’t crash and burn before you even get started.
Test and Learn
The only way to truly know if a new strategy or technology works for your brand is to test it. Start small with pilot campaigns that allow you to experiment with different strategies and tools without committing a large portion of your budget. Analyze the data from these trials rigorously to understand what resonates with your audience and what doesn’t. Then, scale your successes and learn from the missteps—iteration is the key to perfection in this fast-evolving landscape.
Stay Agile
The digital landscape is notoriously fickle, with trends as fleeting as they are influential. Staying agile allows you to pivot as necessary, adapting to new technologies, market shifts, and consumer preferences with ease. Explore new platforms, adopt emerging technologies, and always be on the lookout for fresh ways to connect with your audience. This adaptability not only protects you against market volatility but also opens up new avenues for growth and innovation.
Shopping at the Speed of Social
As social media and ecommerce become increasingly intertwined, social commerce promises a more integrated, interactive, and personalized shopping experience. By staying ahead of technological trends and consumer expectations, brands can leverage social commerce not just to sell, but to connect, creating memorable experiences that turn viewers into loyal customers.
About the Author
Sam Klaas
Sam Klaas is a seasoned marketer and content creator with a background in B2B SAAS and product marketing. He specializes in creating growth-focused content for high-growth startups and is passionate about using the power of language to inspire action.
