These days percentage of shoppers shopping online and offline are equally devided. When we talk about online, it does not necessarily means e-commerce sites, with growing influence of social media websites such as Facebook, Pinterest, Instagram amongst others are emerging as a few platform to sell their products and services. Such social commerce is not only helping start-up entrepreneurs but many established retailers as well in terms of revenue and engagement. As per the industry report, social commerce market is growing at 33.91% CAGR by 2021 globally.
All leading retailers and ecommerce players utilize social media platforms for advertising and increasing the customer base. Due to the growing popularity of social media, e-commerce advertisers use banner display ads and sponsored content to attract customers. These platforms help in effectively engaging the target audience. Let’s shed light on few leading social media platform and how they are helping retailers in building their retail businesses:
With staggering consumer base of over 100 million active users, Pinterest accounts about 23% of global social-mediated e-commerce sales. Pinterest helps users make purchases in all categories. It is recognized as cross-site wishlist to plan purchase and making their shopping decisions. Pinterest users Pin images to boards, like an Internet version of old school magazine clippings. As a retailer, you have the liberty to pin product images on your website that you’re eager to get in front of as wide of an audience as possible. Every single image on your site could be Pinned by a potential customer; in fact, it may already have been Pinned.
Speaking on same, Amy Vener, Retail Vertical Strategy, Pinterest, said, “ Any activity that consumers do on Pinterest are from different stages of life right from day to day tasks to big special moments. They tend to explore more on obvious questions such as what I am going to eat, what I am going to wear or what kind of facelift I am planning for living area, etc.”
Going further Vener informed, “We do see a lot of planning behavior which allows us to form a taste graph. We make sure that people get to see the right images based upon their taste and event. So, we decide trends considering what are the taste or things that sort of important this month based upon such event our visual technology allows people to take pictures of those things that is called interest lenses, for example, if there is an Avocado, you can take picture of it, you can discuss other topics around this fruit such as what kind of beauty regimes can be done with Avocado, etc.
Facebook allows retailers to measure how its ads lead to in-store sales by using ad-reporting tool. The metric is estimated based on information from shoppers with location services enabled on their phone, as well as from merchants that use Facebook’s beacons.
As per website information, ‘Ads reporting shows you how your advertising is helping you achieve your business goals across Facebook, Instagram and Audience Network. The tool is also used to analyze campaign results and learn more about your audience, your product sales, your campaign's reach and much more. With this data, you can make more informed decisions when building your campaigns and ultimately improve your results.’
(The article is based on an informative session held at National Retail Federation(NRF) 2017 Los Angeles, USA.)