How Social Commerce 2.0 Will Upscale Your Business
During the Covid-19 pandemic, brands have seen a change in consumer behavior. Most of the Gen-Z and millennial customer base vastly prefer short-form video content that is mobile-optimized. In a survey conducted by Wyzowl, 96% of respondents reported an increase in video consumption due to Covid. This trend is set to continue for the long term.
According to Salesforce’s latest State of Marketing report, the most valuable digital channel of 2021 was video, with 90% of marketers employing it in their engagement strategy. Social media is not designed to draw business for your brand. Social media platforms are meant for entertainment, sharing user-generated content (UGC), and connecting with friends, not driving commerce. While videos on TikTok and Instagram reels might go viral, they might not lead to conversion. In the eCommerce sector, social commerce only powers 4% of online retail sales.
A vast majority of the consumer conversions still happen on the website. These were some of the common challenges for brands using Social Commerce 1.0. However, that is set to change with Social Commerce 2.0. Coinciding with the rise of Web 3.0 – a digitized world with an open internet, shoppable videos and live streams can prepare your brand for the future of customer experience. China’s Live Commerce model of success is the correct way to think about ‘Social Commerce 2.0.’
• Create a community-driven shopping experience
• Independence from social media’s walled gardens
• Drive customer engagement through short-form, live videos
• In China, the live commerce market reached 600 bn$ in GMV by the end of 2022.
• Live commerce is taking over the US, European and other markets in Asia too.
Read on to understand in detail why the current social commerce model is inefficient for your business and why ‘Social Commerce 2.0’ is the need of the hour for your brand.
Learn about the Social Commerce revolution, the rise of video, live stream shopping, building next-gen shopping experiences, and a lot more with Firework’s latest ebook!
What’s in this ebook?
- Challenges with Social Commerce 1.0 for Brands
- Building next-gen experiences with Social Commerce 2.0
- Redefining Social Commerce for business growth