Social Commerce, streamlining the online purchasing process.
A few years ago it was thought that the concept of Social Commerce would just be a passing phase. Fast forward to 2019, the amount of time being spent online especially on social media platforms continues to increase, making the need for social commerce inevitable.
As per the report published by Tracy Wallace on Bigcommerce.com, Generation Z has become the new focus group for brands and app’s to gain loyalty from. These individuals are shopping directly from social media channels, with the need to touch and feel product becoming less of a concern. Gen Z is spending 2–3 times more time shopping directly from social media channels than the average consumer. According to the report, only 9.6% are still purchasing directly from brick and mortar stores, whereas millennials are still at 31%. Making Gen Z more acceptable to e-commerce purchasing.
With the behavior of consumers now shifting to converting directly on social media channels, the concept of social commerce can no longer be assumed as a myth but rather a fast-approaching reality for brands and retailers alike. The lines between e-commerce and social media is currently a hot topic of discussion, with some wondering if e-commerce sites are still needed, when social media and apps are becoming the main purchasing source.
Some e-commerce sites have prolonged the conversion funnel by including complicated steps says, Pete Boyle. These steps have increased the percentage of consumers not completing the purchase and finding an alternative option. According to Boyle, the two main things needed to ensure a successful online business is; a product that helps individuals solve problems and a seamless purchasing journey, basically allowing the consumer to check out as quickly as possible.
On the 18 September 2019, Our World of Data, released an article stating that there are 7.7 billion people in the world with 3.5 billion being online. This number is huge. The consumer is online and the consumer wants to purchase within their social media networks. Cue in social commerce, which allows retailers and brands to sell a product directly to their audience through social media networks. Social commerce offers a streamlined purchasing process by allowing the consumer to checkout within the social network they are in at the moment.
JET8 Technology brings about a new approach to social media channels. It is a catalyst for the transformation of global brands through a unified, code-free mobile social commerce platform. It offers a socially conscious solution for modern businesses.
JET8 was developed to solve real consumer problems. The social media world has long been dominated by monolithic companies that control and own all the activity taking place on their platforms. These platforms monetize on the user’s creative outputs, while the user earns nothing.
Our decentralized engagement network allows for an equal distribution of value. The JET8 ecosystem places the consumer in the center of the value chain, where the users get rewarded for social engagement generated on their branded content or sharing of data, and thus this fuels social commerce. Hence the need for social commerce within the platform was identified in the early development phase.
ABOUT JET8
JET8 is the world’s first World’s Social Wallet; a platform for brands to reach content creators in order to build meaningful and direct relationships with consumers.
Apps created with JET8 technology turn social media users into empowered creators and consumers, and allow brands and agencies to target, publish, and track the life of branded content.
For every like, comment, and share, users are rewarded for their influence with JET8’s social currency, JETPoints. With JETPoints, users can redeem products online or over the counter across more than 30,000 retail stores around the world, including Watsons, Circle K, and 7-Eleven.
JET8 launched in 2015 and is currently utilised by over 50 global brands and marketers including Procter & Gamble, Unilever, Nestlé, Coca-Cola, Pepsi and McDonald’s.
For media inquiries, please contact:
Keshia@jet8.io, PR and Social Media Manager
