Social buying is what happens when e-commerce meets social networks. For the past few months, this phenomenon has been completely exploding.
Social networks on the road to e-commerce
This is one of the major e-marketing trends of 2021. Whether it’s WhatsApp, Instagram or TikTok, which has announced that social commerce will become its major development axis, social networks are becoming step by step the new sales channels of today.
This phenomenon pushes marketers to adapt their strategies. This is not only a real challenge, but also a source of opportunities. Selling via social networks is the possibility to propose products to buy directly via one or several accounts or via influencers. This revolution will offer new possibilities of collaboration and will develop influencer marketing campaigns with nano-influencers or consumers.
Key data on social buying
Social buying involves aspects of social networking, such as groups, communities, recommendations and discussions, as well as the basic function of selling e-commerce products and services online.
One of its direct effects is that built-up customer reviews is getting more interesting for brands. Indeed, today, 22% of consumers say they will not buy after reading a negative review. This figure rises to 59% when consumers see three negative reviews.
Moreover, 74% of consumers rely on their social networks to make purchasing decisions. In addition, 56% of users who follow brands on social networks do so to view products. In emerging markets, such as Southeast Asia, social buying accounts for 30% of all online sales.
One last piece of data that helps to realize the magnitude of the phenomenon: mobile shoppers who read product reviews on social networks have conversion rates of up to 133%, which represents billions of dollars worldwide.