How Ecommerce Brands Can Unlock the $600B Social Commerce Market Potential

Think about the last time you bought something:

Why did you decide to purchase the product? Where did you find out about the product or brand? Which channel did you use to complete the checkout?

For the most part, I can guarantee that you’ve engaged with a social media platform at some point during the buying journey.

The reality is that consumers now spend 80 percent of their time on social media platforms and 98 percent of them shop online and discover new products directly through these platforms. This means that the current retail landscape has evolved into a highly social, customer-centric and omnichannel activity. And it’s growing fast.

As the modern consumer becomes more reliant on their mobile devices, convenience, integration and speed are valued above all else in social commerce. To respond to this demand, social media platforms have introduced social commerce tools like Instagram Shops, Facebook for Business, Pinterest for Social Commerce, and even TikTok Shopping, which enable businesses to build meaningful audiences and drive product discovery .

What is social commerce?

Essentially, social commerce is the idea of ​​buying and selling goods or services of any kind through a social media platform.

Here are two major ecommerce challenges that social commerce has overcome:

Inventory control mismanaged due to lack of visibility across online and offline channels High operational costs associated with setup and management fees through independent distribution channels

The global pandemic has increased the urgency to address these challenges as the lines between physical and digital shopping blur and shopping becomes a more connected experience.

Also Read: Accelerating Indonesia’s Rural Economy Through Social Commerce

So if your business sells products or services, it’s important to focus your resources on building a strong digital and social media presence where customers can discover your brand and your products, what they like, connect with your brand through customer support and can pay seamlessly. everything in one central place.

Not surprisingly, the social commerce market is expected to reach $3.37 trillion by 2028. And it is precisely this market potential that SaaS solutions such as SleekFlow want to tap into.

Why should ecommerce brands use omnichannel platforms?

Nearly 50 percent of brands say unifying online and in-store operations and data will be their biggest challenge in 2022. As more consumers demand the best from every commerce interaction, retailers must now manage multiple communication channels to engage with their existing customers.

To differentiate themselves from their competitors, retailers are turning to omnichannel platforms to increase sales conversions across both online and offline channels, manage multiple communication platforms with minimal resources, and maximize customer touchpoints and data.

Many e-commerce brands are finding it difficult to keep customers informed across numerous social media platforms, especially when 82 percent of consumers now expect an immediate response to their sales inquiries.

When a customer contacts Facebook Messenger outside of business hours to request clarification on product details, retailers need to respond immediately. Otherwise, they risk losing an offline lead because the seller doesn’t follow up online.

As an all-in-one omnichannel social commerce hub, solutions like SleekFlow help businesses retain and convert leads both online and offline.

Increase conversions with intelligent routing and in-chat payment

One in five shoppers will abandon their cart if they find the checkout process too complicated or involves many steps. SleekFlow allows businesses to send product catalogs and payment links in chat so customers can easily checkout.

Whether it’s a birthday offer, product promotions, or abandoned card notifications, chatbots can provide a highly personalized customer service experience by extracting key information from the consumer and then routing it to the appropriate team member.

Also read: How retailers could prepare for the next consumer recession, should it come

For example, SleekFlow brings instant messaging channels together into a unified omnichannel inbox so your team can efficiently manage your customer conversations. You can even set up an auto-reply feature for Instagram and Facebook messages and posts to never miss an opportunity to connect with customers.

How SleekFlow Helps Ecommerce Brands Boost Sales

The key to increasing conversions is building an authentic connection with your customers.

That’s why SleekFlow centralizes over 2,500 tools and messaging channels like the official WhatsApp Business API, Facebook Messenger, Instagram Chat, SMS and Telegram to streamline communication for businesses.

Our goal is to put useful customer data and actionable insights right at your fingertips, so you can eliminate the manual processes that cost your team time and money. By allowing multiple agents to work together, SleekFlow’s automation feature enables companies to route incoming messages and send automated replies to segmented contact lists. You can also integrate your ecommerce tools like Shopify to trigger abandoned cart messages.

For example, alfred24, a provider of green delivery solutions, has created a stable and effective communication channel with SleekFlow. The alfred24 team used the auto-assignment feature to route calls to the right team member and auto-reply to customers outside of business hours.

They also sent WhatsApp broadcast messages and used the unified dashboard to understand that the open rate of their WhatsApp messages is four times higher than the open rate of EDM. These insights allowed her team to quickly develop follow-up actions to resolve customer queries and improve customer satisfaction.

SleekFlow now serves over 5,000 companies worldwide including Bossini, Lalamove Hong Kong and PSB Academy. Following our 7-figure pre-Series A funding round last year, SleekFlow recently closed its $8 million Series A funding round, led by New York-based investment firm Tiger Global Partners, an early investor in Facebook and Bytedance , is cited.

Final Thoughts

Consumers now spend 80 percent of their time on social platforms and have more choices than ever before. Shopping on social media is already becoming a habit, as is discovering and buying products directly on these platforms. That means companies need to innovate to make the shopping experience easier, more convenient, and more compelling for consumers.

SleekFlow aims to power this e-commerce revolution by being the leading social commerce unified hub, bringing together conversations, product catalogues, payment solutions and order management in one for businesses.

Alongside our latest social-to-payment feature, SleekFlow will continue to develop products, including in-depth buyer journey tracking and analytics, that will provide businesses with invaluable actionable insights to unleash their social commerce power as they embrace this unstoppable megatrend.

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