Social commerce
It takes a village
Social media is coming of age, as it enables e-commerce
Social may add the superpower to the e-commerce. It will allow customers to discover brands, which they couldn’t discover on e-commerce platforms such as Amazon. 70% of shoppers look to Instagram for product discovery.
Videos, long (You Tube) and short (Tik Tok) are the next big phenomenon on the internet. People spend about 41 minutes on Tik Tok, while they spend 33 minutes on Instagram. Instagram and Tik Tok influencers are using streaming and community features to sell products.
Coffee roaster James Hoffman said in his video, “Jacksepticeye, a YouTube with 24million subscribers launched a direct to customer (D2c) brand.Top of the Morning Coffee sells a bag of coffee for $16. A third party roaster roasts the coffee. Post launch brand received 15000 orders.”
Experts such as Holyn are predicting influencers’ communities (Glossier), live shopping (Bulbul), virtual (Hero), digital experiences (Telfar) will propel the next phase of e-commerce. As per Your Story social commerce will be a $70bn opportunity.
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