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What is Social Commerce and Why You Should Use It?
|In the age where people are constantly on their phones checking and engaging to more than just one social media. This has become an extension of ourselves daily whether we like it or not.|
There's so much going on online. Someone has to be in the know….
It’s astonishing to discover how the global social media penetration rate is nearly 54%. Users are finding funny or entertaining content and lots of photo and video sharing with friends. Social media is a means of communication to stay in touch with friends and family all over the world.
From 2019 and 2020, the average daily social media usage of internet users worldwide amounted to 145 minutes per day.
Daily time spent on social networking by the internet users from 2012 to 2021 ( in minutes)
Social commerce involves social media and online media that support social interaction, and user's contribution to assist in online buying and selling of products/services.
Networking website giants like Facebook, Instagram, Twitter, and more are great vehicles in promoting and selling products and services to a wide audience.
The global social commerce market size is expected to reach $1948.5 billion by 2026 and at a marketing growth of 29.4% (CAGR) forecasted.
More so, with the covid-19 pandemic, global social commerce will continue to grow as many shoppers will engage more in digital habits.
Here is some social commerce marketing strategy that you can use.
- Personalize buyer options
- Make an online poll for products
- Appealing graphic to attract clicks
- Use video to showcase products
- Encourage photo sharing, comments and feedback
- Link directly to product or check-out
- Offer giveaways and promotions
Thailand is in the top 20 largest number of internet users in the world.
The Social Commerce in Thailand
According to the Electronics Transaction Development Agency ( ETDA), Thais spend on average 3.5 hours per day on social media with the top three social media platforms Facebook, Line, and YouTube.
According to the president of Thai E-Commerce Association Mr. Thanawat Malabuppha, social commerce is rapidly growing in Thailand and Southeast Asia. It was accounted with a transaction value of Bt150 billion from the social commerce platform last 2017.
From the previous interview of John Wagner, Managing Director of Facebook Thailand, as of May 2018, people shared more than 17 billion photos, and 400 million people use voice and video chat on Facebook.
He added that Facebook was serving as a discovery platform for Thais to find information, learn and connect. Thai consumers are at the forefront in terms of digital engagement, while Thai SMEs are leading the world in social commerce and innovation.
Source: Nation Thailand
Another dominant social commerce player in Thailand is the LINE app. Being the country with 80% of the population is engaged with social media spending 2.48 hours a day.
According to Mr. Lertad Supadhiloke, head of e-commerce of LINE, Thailand's e-commerce is valued at 270 billion baht, of which 62% is from social commerce – selling and buying products via social media platforms, including Line.
With the rose of LINE OA participants to 4 million in the third quarter of last year, 40% uses OA for commerce and the rest for other purposes. The chat commerce through line can build credibility from customers.
Source: Bangkok Post
The rise and popularity of social commerce are here to stay.
It continues to adapt and evolve with the constantly changing consumer trends.
The innovation of social media has gone beyond communication with friends and family.
It has given the brands the ability to connect with their consumers using social media channels.
Enticing them and created a seamless buying experience right there at the moment their customers are engaged.
1. Reach them in the right places
Social media is more than socializing with friends and family. People engage in various reasons from looking at brands, inspiration, messaging friends for opinions, all while shopping or making a purchase.
2. Create a seamless shopping experience
Little steps in the process of a potential customer in making a purchase are important to any brand/company. Having a seamless shopping experience by reducing friction points and offering an easy way to purchase will boss the confidence of any consumer and lead to more sales.
3. Take advantage of the social commerce boom
It’s time to join the bandwagon, there is a big spike of social commerce across the markets. More and more consumers are becoming accustomed to buying online and buying to social channels directly. Every opportunity to try and test which channel works for you is a must-do for brands or SMEs to adapt in this social era.
Establish channels such as Facebook, LINE app, Telegram, WeChat, Whatsapp, Instagram, Tiktok, are a good okay to place to start for your social channels.
As for brands looking for the next steps they should test and learn the innovations and learn to use chatbots to help save time and money in building trust with the customers.