A by-product of e-commerce and social media platforms, social commerce has taken to the masses rapidly in popularity despite being a new medium. Instagram, Facebook, and Pinterest are currently some of the trendiest and most common apps that allow for social commerce. In both industrialized and developing countries, electronic and mobile commerce have been booming progressively because the use of social media platforms has increased exponentially. With the number of smartphones being bought and used worldwide, a lot of sales are generated across industries too.
The colorful buttons reading ‘Visit Website’or ‘Shop Now’ make the experience consumer-friendly by making it attractive and easier to shop. You’re also able to check prices on the social media platform itself, thus letting you make a quick ‘hit or miss’ judgment call. And once the consumer is done with the purchase, they can go back to exactly where they left off on the respective social media app.
Social Media Aids in Acquiring a Huge Chunk of Data
Social media marketing is now being used as a strategy for branding and it has yielded much growth in traffic to the company's merchant site. Being as interactive a medium, social media provides a broad view of consumer preferences and likes. By combining that with a site where you can purchase things and also leave feedback or suggestions, you get access to a lot of information. As a result, online traffickers are utilizing social media monitoring tools, mobile device tracking across apps, and web searches to track shopping patterns and consumer attitudes, and constantly monitor their online activity. This data gives you a complete picture of your customers. It provides insight into changing customer preferences, influences, transactional behavior, and psychographics.
The usage of smartphones to purchase through social media platforms also gives businesses additional information such as geo-locations, which is ideal for geographically targeting consumers in a given neighborhood, city, or area. Fashion retailers can benefit greatly from tools such as sharing and likes. They provide brands with information about which outfits or styles are popular and which are not. Fashion forecasters are researching social media behavior to predict future trends based on posts, comments, and shares of articles because it has become so powerful.
How do Retailers Use the Acquired Data?
Through client segmentation and profiling, big analytics, and data available through social commerce, these can assist clothing companies and brands in identifying the most profitable consumer base. Information from such sources can assist forecast future behavior and provide a deeper understanding. When retailers have access to such extensive data, personalized marketing becomes conceivable. By determining their needs through access to such important data, apparel companies may alter prices, offers, and even marketing techniques to target customers.
All of the major fashion labels are launching internet storefronts to sell directly to consumers. With the growing number of D2C players, fashion is one of the most popular categories. Companies have understood that D2C is more than just about selling directly to customers or having greater profits; it's also about having better control over the customer experience, full visibility into customer data, and direct access to consumer brand loyalty. This aids brands in developing their long-term growth strategies. To fulfill the expanding customer demand on the brand website, organizations have increased their investment in technology solutions and established powerful e-commerce operations as a result of D2C adoption. D2C brands will now look into new digital avenues such as social commerce and mobile apps in order to connect with customers across multiple platforms and become a part of their everyday lives. Lately, fashion brands have been getting together with designers and other artists to channel their unique collaborations. A lot of the generated sales for these have been through social commerce.
India's fashion sector has always been on the cutting edge of re-inventing, re-strategizing, and re-aligning itself to quickly changing business circumstances and changing consumer demands. Multiple retail brands have built successful online businesses in the fashion industry. Fashion and accessories have the highest order volume share of the whole e-commerce business, and they will continue to lead the market with their constant innovations and technology adoption.
Some brands take the help of online quizzes as part of a survey to understand client needs. This not only makes it personalized and fun for the client but also gets the brands their desired results. Other brands resort to bold and huge images as part of their attraction. When a potential client sees an eye-popping picture they like, they’re more likely to at least visit the website to check out the product(s) if not actually buy. Giveaways too have become an increasingly popular part of social commerce as they increase brand exposure on every tag, like, and share.
The global social commerce industry is expected to grow three times as fast as traditional e-commerce, from $492 billion in 2021 to $1.2 trillion by 2025, a new Accenture report titled ‘Why Shopping’s Set for a Social Revolution’ revealed.