To understand What is Social Commerce? Firstly, analyze yourself what do you prefer buying goods online or from a local store? Well, different people may have different taste and shopping experiences. But one thing that is common in all is word of mouth.
Yes, it is a very common practice every consumer first of all, once always do checklists that the product that they are buying is accepted and liked by a mass of people.
This a very natural phenomenon of consumer behaviour you might have noticed people tend to order food that others are having not just that but even clothing and fashion trends occur because of such habits that is the first reason why shopping trends do occur.
Every Customer is a subset of a larger community thereby word of mouth, social importance make customers unknowingly influenced by these factors. This is exactly what businesses are currently leveraging and analyzing.
How social media can be used to generate value for brands beyond customer relationship. Let users co-create value for businesses. Influence other consumers and generate electronic word-of-mouth. Which led to the development of what we now call as Social Commerce.
What’s ‘Social Commerce’? What Does China’s Pinduodo Do?
According to Jason Davis on Bloomberg Markets – TV show said that “Social Commerce is the next frontier for monetizing social media” as it is reshaping the social media platforms into an eCommerce shop.
It’s simply any social interaction webpage that convinces and makes users create influence and buy more. Moreover, the addition of elements like integrated payment shoppable adds, featured products and even something like e-wallet features have proven really fruitful so far.
Pinduoduo a Chinese tech giant giving a tough competition to all its competitors and gradually gaining more market share at a very high rate. They have Further made use of an innovative social-commerce business model which revolves around the group and team-based buying.
These users groups then negotiate prices with vendors of the platform. In a nutshell, consumers come together for making purchase at the best prices.
Evolution of E-commerce
Precisely it was the early 90s when eCommerce was first introduced on any online platform. With Charles M. stack launching an online bookstore called Book Stacks Unlimited in the year 1992.
Later with the advancement in technology as web browsers introduced such as Netscape Navigator, Mozilla Firefox and Google Chrome.
The ultimate revolution began actually in the year 1995. With the start of Amazon and eBay. Initially, the future of online shopping was still uncertain but not for very long.
The success of these e-commerce giants only possible as these kept evolving and adopting new technologies. With time becoming customer-centric platforms wasn’t much difficult either. These companies evidently pushed people to make more use of online shopping by making the customers shopping experience swift and easy.
Well to be frank every possibility that can hook your customers to remain intact with your shopping platform is really easy to accomplish. If you keep innovating and adding new technologies. little or small but relevant and let the consumer behaviour drive these add on.
Not much later PayPal Introduced the worlds first eCommerce payment system as a tool to make money transfers which eventually opened up one more barrier that how people can pay for the goods even if they buy online?
Concluding: Social Commerce & Social Shopping
After reading this article we hope that by now, not just you might have understood what’s Social commerce is? but also how vendors can use it to stand out in the marketplace. Create a social value of their brand.
Integrating these features lets the business owners maximize sales and revenue with newly added users. Improvise the social presence and its effect such as we discussed electronic word of mouth.
Social commerce, simply means offering and advertising products to be purchased on social media or social networking platforms itself. While social commerce involves the collaboration of online vendors and sellers.
Whereas, Social Shopping is slightly different as it merely involves the collaboration of online shoppers or consumers networking together.
Thus, that is all about the article on the Rise and Shift of New Ecommerce – Social Commerce. In case of any query or more details, kindly contact us at https://webkul.uvdesk.com/. Moreover, If you have any queries or suggestions, then feel free to add a ticket to our helpdesk system.