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Erik_Lucatero / Pixabay via Valuewalk
The eCommerce industry has become highly competitive as more and more retailers are going online. By 2022, the global eCommerce market is likely to be worth $5.4 trillion. In 2020, the consumers spent $861.12 billion online with US retailers. In addition, as per Statista, 73% of eCommerce sales will take place on a mobile device by the end of 2021.
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Consumers, nowadays, are making their buying decisions based on recommendations made on social media platforms. Around 57% of consumers follow brands on social media platforms to remain aware of any new products or services launched. In comparison, 47% follow brands to stay up to date on any other company news.
Thus, social media has become an integral part of eCommerce marketing. An effective social media eCommerce strategy helps you market your eCommerce business better. It allows you to reach your target audience, improve brand awareness, and raise more sales for your online store. Here’s what you need to know.
The global ad spending on social media is likely to be worth over $110 billion by the end of 2021. The total percentage of marketing budgets for advertising on social media is expected to double by 2023.
You can target your social media ads on dimensions such as age, gender, location, income, interests, and languages. You can go for various ad options provided by popular social media platforms like:
Make sure to calculate your return on advertising spends for making cost-effective marketing decisions. Knowing your ROAS enables key decision-makers to look at the bigger picture and measure ‘the impact’ of their advertising campaigns.
A joint study by Twitter and Annalect shows that nearly 40% of consumers purchase a product online after seeing it used and recommended by an influencer on social media platforms.
You can leverage the follower base of influencers who have built a strong reputation in a particular niche to reach your target audience and improve brand awareness. Here are a few ideas you can use to collaborate with influencers:
Thus, partnering with influencers can work wonders for your eCommerce business as recommendations by influencers seem more authentic that keeps the audience engaged than a paid ad.
You can also look for influencers that promote your competitors' products or target influencers popular in your niche. Popular influencer marketing tools, such as Followerwork, Upfluence, and BuzzSumo, help identify an influencer according to your marketing goals.
Social commerce is a new way for eCommerce businesses to promote and sell their products on social media platforms.
Providing an option to shop from social media platforms creates a low friction way to gain a potential customer. Here are some innovative methods to reach customers via social shopping:
Soon, WhatsApp will also enable its users to check out products on Facebook Shops and buy products through the chat option. You should leverage a combination of social shopping platforms to increase the reach of your products.
For any eCommerce retailer, the aim is to sell as much as possible and create a base of loyal customers. If you haven't already started leveraging social media for the growth of your business, then start tapping into the benefits of social media marketing. Social media advertising, influencer marketing, and social shopping are the top three methods of reaching potential buyers in a non-disruptive manner.