As shopping behavior is shifting, social commerce is evolving at a fast pace.
Image Source: Multichannel Merchant
The total e-commerce spends boosted in the last year to $844 billion, according to the Digital Economy Index report by Adobe. With e-commerce spending to reach trillion dollars by 2022, firms that traditionally don't sell products saw the opportunity to throw the dice in the consumer purchasing journey.
Throughout the pandemic social media platforms like Facebook, Instagram and TikTok have made updates that brought products directly in front of consumers, making the prospect of shopping unavoidable as they scroll. Snap Inc., on the other hand, has been partnering with brands and other AR tech companies to allow users to virtually try on products.
Image Source: Google
Google Shopping also benefits retailers because, when a shopper clicks on a product link, they’re sent back to the retailer’s site to make the purchase. If you’re not advertising your products on Google Shopping, you’re missing out a lot. Google Shopping service allows consumers to search, compare, and shop for physical products across different retailers who have paid to advertise their products.
Image Source: Instagram
Instagram has completely redesigned its homepage to accommodate a Shop tab last year, allowing users to explore and buy products directly on the app. Instagram and its parent company Facebook introduced “Livestream shopping” features to make it easier for influencers to market products during streams. Due to the coronavirus many small and midsized businesses (SMB) were decimated and at the moment of the hour, Facebook launched this feature.
Source: Facebook | Facebook Shops’ live shopping features
Once a means of entertainment for teenagers, Snapchat might now flag the way for a place in e-commerce. Last year, Snapchat showed users shoppable AR content for the first time during its try-on campaign with Gucci.
Image source: Gucci | The Snapchat Shoe Try-on augmented reality feature by Gucci
The collaboration allowed Snapchat users to test the sneakers with the option to make immediate purchases using a "shop now" button. Snapchat is in this leading position: it has a largely Gen Z and millennial audience and cultivated augmented reality lenses are indigenous to the platform, which has struggled to solve the problem of online try-on. While Snapchat is still figuring out its solutions from an attribution and revenue perspective, the platform remains teens' favorite social platform. Second place goes to TikTok.
Image Source: Tiktok
TikTok creators have coined the hashtag "#TikTokMadeMeBuyIt" to illustrate the app's ability to convince consumers to make impulse purchases. It's since continued to develop its on-platform selling tools, with live-stream shopping events and integration with Shopify to display product ads in-stream. In a recent overview, TikTok's parent company ByteDance noted that it aims to facilitate more than $185 billion of eCommerce annually by 2022.
Given this, the shift towards eCommerce makes perfect sense, and that will open up a range of new promotional opportunities, and provide means for brands to connect with the app's engaged users and promote their products directly to this audience.
Who will dominate the world of 3D commerce is yet to be found!
Shriya Madan, an ardent learner, a digital enthusiast, aspires to make an impact in the real world with the power of technology
Pranjali Apurva, driven by curiosity, converging design principles with digital transformation