Buying and Selling to Your Social Media Network – What It Means for Ecommerce
by Mashum Mollah Ecommerce Published on: 16 August 2018 Last Updated on: 11 November 2024
Online shopping has been growing slowly but steadily over the past few years but it is expected to surge later this year.
Ecommerce has jumped nearly four percent over the past few months, according to data from the Census Bureau of the Department of Commerce. Compared with a growth rate of 0.2 percent in total retail sales, eCommerce is on the rise and growing fast.
Many eCommerce companies have been trying to harness the popularity of social media and develop a revenue stream from it, leading to the rise of companies like NYC’s Brabble, a company that has created an app that merges social media, peer-to-peer sharing, and online shopping.
Co-founder of Brabble Patrick Mackaronis has credited social shopping in part for the eCommerce explosion.
“Social media has really been a key part of eCommerce growth,” he said. “That’s a major reason why Brabble created its *Star Tags feature, which are links that allow Brabble users to buy and sell goods on the app, as well as on other social media platforms.”
Brabble’s Patrick Mackaronis explained the feature further, saying: “*Star Tags links can be embedded into a post, shared and allows companies, brands and individuals to sell and buy products in an easier, much more integrated way,” he explained.
As noted by Mackaronis, the future of eCommerce isn’t just for the big corporate players.
“I think we’re going to see a continued break-out in peer-to-peer platforms that allow not only businesses but also individuals, to buy and sell goods and products with one another. These more integrated, localized e-commerce platforms I think are ripe for growth.”
Experts believe that eCommerce will soon represent over 10 percent of all retail sales in the United States.
Statistics have shown Mackaronis to be right when it comes to consumer behavior. Seventy-four percent of online shoppers say they turn to social media when it comes time to buy.
“With lines between social media and eCommerce increasingly blurred, brands shouldn’t see social as a threat, but an opportunity,” chief marketing officer for Dynamic Yield, Mukund Ramachandran, said.
The number of online and mobile social media users has been expected to grow, particularly in the older demographics, according to the Pew Research Center. Since 2012 the number of social media users among Generation X has grown 11 percent and nearly 60 percent of Baby Boomers now have social media accounts.
This means that regardless of the type of consumer businesses are seeking to attract, social media will play a key role in connecting with today’s shopper. Companies looking to boost their sales need to have a social media marketing strategy.
Tools like Brabble have made it even easier for companies to enter the online marketplace and to tap into the social media shopping trend that is expected to gain traction through 2018 and beyond.
When compared to the nominal growth rate of traditional sales, eCommerce has been growing in leaps and bounds. Indeed, companies that do not have a social media plan to reach shoppers will find themselves left behind.
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