You’ve probably heard of the term “social commerce” in the last couple of years. Social commerce is one of the fastest growing trends in the Philippines due to the amount of time consumers, especially younger generations, are spending on social networking sites.
“The social commerce industry is moving beyond traditional e-commerce channels and brick-and-mortar retail establishments in the Philippines as consumers increasingly turn to social media platforms to find and purchase products through networking sites. social issues,” said Bernard San Juan III, Managing Partner of Truelogic.
According to Research and Markets, the social commerce industry in the Philippines is expected to grow by 30.4% in 2022, with an estimated gross merchandise value of $682 million. Apart from that, it is expected to grow 27% annually to reach $2.7 trillion by 2028.
A study by A Global Web found that Filipinos have embraced online shopping and are likely to do so even after the pandemic is over. About 62.5% of the population purchased a product online, and 43 million of them purchased goods via the Internet.
Growth will be driven by Gen Z and millennial consumers, who will account for 62% of global social commerce spending by 2025, Accenture reported. The report also revealed that apparel (18%), electronics (13%) and home decor (7%) will make up the most purchases globally.
San Juan explains how your business can take advantage of the growing social commerce trend.
- Use an AI chatbot to streamline sales and customer support.
A quick and competent response to a customer’s query can mean the difference between a sale and an abandoned cart. You can automate customer service and ensure your customers are supported 24/7/365 with the right tools.
“Use an AI chatbot to connect your social media channels and e-commerce. The chatbot answers questions in real time from customers who contact you on social media about your inventory or order tracking,” San Juan suggests. .
- Engage your audience.
You need to keep the “social” component in mind in order to create a great social commerce experience. You can’t just throw away your catalog. Respond to inquiries, provide helpful and engaging content, and be authentic. Create a chatbot to help customers move through the buying process.
Pay close attention to comments and shares in your store, and if necessary, respond or provide customer support. Setting up social media monitoring across all platforms can be a great way to uncover comments or business news outside of your immediate circle.
- Promote Reviews
At least 93% of internet shoppers say a review can influence or sway their choice. Collecting social proof is key to establishing a good online image, whether through automatic follow-up emails asking for reviews after a product has been delivered or incentives such as contests to persuade customers. former customers to participate and share their experience.
Once you’ve received positive feedback, creatively promote it on your social media pages by posting user-generated material or simply compiling a carousel of supportive remarks.
“The rapid expansion of e-commerce this year will provide marketers with additional opportunities to create social commerce experiences as social media continues to grow. Social commerce enables businesses to reach customers where it matters most. account and provide seamless shopping experiences. If you’re new to social commerce, well-known platforms like Facebook and Instagram are great places to start,” says San Juan.
“To be successful in social commerce, marketers need to have a clear plan and use the right channels to reach their target audience. Even as brick and mortar reopens in the new normal, it has become clear that social commerce is here now, but there is more to come,” he adds.
If you want to learn more about social commerce, you can listen and subscribe on our Spotify, Googleand Apple accounts. Webinar episodes can be viewed for free at Truelogic Inc YouTube Channel
Picture credits: TrueLogic