As a business owner, we are use to the traditional avenues of reaching out to customers through advertisements such as print, radio, tv, online advertisements and even word of mouth. All of the aforementioned are important sources with each having their benefits and drawbacks. As technology continues to create efficiencies in society, we have to consider how individuals/consumers acquire important information for them to make important purchase decisions. One of the new trends that is sure to become a major driving factor heading into the future of consumer purchase decision-making is Social Commerce.
Over 90% of individuals in the U.S. use mobile devises and mobile technology to communicate with others and acquire information. Companies have to adjust how they reach out and communicate with customers. The majority of society uses social media, in some way, shape, or form to communicate with friends, family and acquaintances. So what exactly is Social Commerce.
Social Commerce is a subset of electronic commerce that involves social media & social interaction, and user contributions to assist online buying and selling of products.
Social commerce encourages people to connect with a business through two-way communication such as sending or receiving a referral. This allows customers to not only engage with your business, but it also gives them the opportunity to use social media as an efficient customer service channel where it’s possible to solve problems. Social Commerce can have a viral effect on a business because information can be relayed quickly over multiple social media platforms.
So the question is, how do I use Social Commerce to introduce my business to new customers? Probably the best way to look at a social platform is being a tool that enables social commerce to occur. While some of the leading social networks aren’t social commerce platforms in their entirety, they do help connect consumers to marketplace. Instead, they now incorporate social media elements that allow social selling to occur, often without people having to leave their app. Some have effectively become self-contained marketplaces.
On the horizon, Social Commerce platforms are being developed and launched to connect small businesses directly with consumers through a digital referral process and the digital sharing of business referral codes using social media platforms such as Facebook, Instagram, Twitter and the like. This innovation is considered a Discontinuous/Disruptive Innovation because it is a new way of referring a business. Social Commerce a social media connected platform that allows businesses to offer referral reward discounts by sharing referral reward codes through social media. Social Commerce helps reduce research time in locating reputable businesses near you while also helping you save money through referral reward discounts thus improving your purchasing power.
Stay tuned for more…
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