Social commerce will remain to give equal opportunities to both consumers and businesses, harnessing an era where technology will rule the roost in the commerce domain.
FREMONT, CA: The year 2017, according to many, was touted as the year that would bring a catastrophic end to the retail market. Exceeding 8,000 stores were closed, and some bigger brands reported going bankrupt. Still, spending in retail has gone up despite the influence of e-commerce.
Around a few years ago, adding physical stores was the only way to expand the retail network. Still, things have changed dramatically with the invasion of digital real estate. Any retailer who is adopting a digital platform is growing heavily. They obtain millions in a few months or years instead of decades. A concrete observance and integrated approach to retail sales help propel brands to success. The next step in the digital real estate revolution is social commerce.
Customer behavior towards online shopping requirements to be changed. This can be brought about by bringing awareness through social media, as customers are glued to different social platforms that drive purchasing decisions.
Statistics taken from Business Intelligence (BI) state that the top 500 retailers worldwide took home an estimated $6.5 billion in 2017 from social shopping, i.e., the social transactions that occurred or were conducted through social media platforms.
So, the sale increased by 24% from the figures measured in 2016. This varying scenario represents a huge opportunity for large retailers and small businessmen to leverage the power of social media to cater to the needs of larger audiences.
While shopaholics are more inclined toward online shopping through mobiles, departmental stores, and search engines, desktops are losing sheen. Besides, customers’ physical and social habits are changing, and they demand greater synergy between the two modes of shopping. These days customers are drawn more toward validated products on platforms like Facebook and Instagram. These platforms provide the “word-of-mouth” justification for the purchase.
Shopify’s Q4 2017 earnings show that mobile transactions account for 73% of purchases from 600,000 merchants’ stores. This steep increase means customers save valuable time while opting for online retail.
Social commerce will remain to give equal opportunities to both consumers and businesses, harnessing an era where technology will rule the roost in the commerce domain. These experiences will immensely help consumers discover a new path, thereby giving retailers neo-tech ways to foster transactions. Thus, it can be said that retail isn’t dying but rather evolving.
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