By Paul Archer, CEO and co-founder, Duel
As brands navigate the ongoing challenges of changing consumer spending and rapidly increasing customer acquisition costs, Social Commerce has quickly become a transformative force, reshaping consumer behaviour and revolutionising the way brands connect with their audience. And at a rapid pace.
Social Commerce is not merely about making a purchase based on an ad seen on social media (in fact there’s nothing social about that at all). It encompasses any purchase influenced by people on social media content, be it organic posts, influencer recommendations, or community interactions. It’s essentially word-of-mouth on steroids, leveraging the power of social media networks to drive purchasing decisions and foster brand engagement.
Earlier this year, we hosted the Social Commerce Summit for brands to discuss the key trends shaping the Social Commerce landscape this year and how they can take advantage. The event sold out within two weeks and brands including Abercrombie & Fitch, LK Bennett and ELEMIS were there to share their insight, as well as leading figures from the world of social media, including TikTok. This shows what an important topic Social Commerce is for brands today and we learned some incredible things. Here’s a quick rundown.
The power of community and advocacy
In the era of Social Commerce, brands are shifting their focus from traditional sales tactics to building communities. Rather than obsessing over individual transactions, brands like Abercrombie & Fitch and ELEMIS are prioritising word-of-mouth growth through social media. By cultivating a community of brand advocates and collaborating with them to amplify their brand story, these forward-thinking brands are driving true engagement and loyalty.
Live Commerce: A game-changer in shopping experience
Live Commerce has emerged as a powerful tool for brands to create immersive and interactive shopping experiences. With consumers increasingly seeking connected and individualised experiences, brands are leveraging live streaming and shoppable videos to engage with their audience in real-time. Whether through personalised product recommendations or interactive AR try-on experiences, Live Commerce is reshaping the way consumers shop online and it’s here to stay.
Embracing TikTok as a Social Commerce powerhouse
In 2024, TikTok has solidified its position as a leading destination for social entertainment and shopping. With its vast user base and engaging content format, TikTok has become a driving force in the world of Social Commerce (at least until it’s banned…). Brands are leveraging TikTok’s unique features, such as Live Shopping and shoppable videos, to reach and engage with their target audience in innovative ways. The rise of #TikTokMadeMeBuyIt is a testament to the platform’s influence in driving purchasing decisions.
Harnessing the nano army
Creators have become instrumental in shaping brand narratives and driving consumer behaviour. As consumers increasingly turn to creators for product recommendations and reviews, brands are recognising the importance of building meaningful partnerships with their nano influencers (aka their most influential customers). By adopting a creator-centric approach to content creation and collaboration, brands can unlock new levels of authenticity and reach, driving advocacy and loyalty among their audience.
The future: Seizing opportunities in the era of Social Commerce
As we navigate through 2024, the landscape of Social Commerce presents endless opportunities for brands to engage with their audience, drive sales, and foster brand loyalty. By embracing emerging trends such as Live Commerce, leveraging platforms like TikTok, and nurturing communities of advocates and creators, brands can stay ahead of the curve and thrive in the dynamic world of Social Commerce.
It’s not just a trend – it is a fundamental shift in the way we shop and interact with brands. As brands continue to innovate and adapt to this changing landscape, the possibilities for growth and engagement are limitless. It’s time for brands to embrace the future of commerce and unlock the full potential of Social Commerce in 2024 and beyond.
