As of October 2022, there were roughly 4.74 billion social media users around the world. That equates to 59.3% of the total global population. That is an increase in 190 million people from the same time last year (and that number will continue to grow). THAT is why utilizing the influence of social media to advertise your eCommerce business is a good idea. Of course, there is more to it than my mere blanket statement of opinion, but never fear! I will be uncovering the blanket with a list of interesting facts to help prove my point below. Let’s get started!
A Covid eCommerce Miracle?
Let me first be clear that nothing was good about the world being under quarantine for over a year. However, it would be tough to argue that eCommerce did not receive a significant boost during that time. And thank goodness for it because people were still able to purchase food, medicine or any other types of supplies needed without risking their health.
During the span of Covid, eCommerce sales increased by an astounding $244.2 billion. This ended up altering the consumer landscape, shifting the dominance of in-store shopping towards the online experience. In turn, eCommerce businesses started stepping up their game by updating their search functionalities, payment methods, and the personalization of a customer’s experience through artificial intelligence. These positive changes in convenience left a lasting effect that has lingered on after the pandemic ended.
It’s Easy to Connect!
Over the last decade, people’s attention spans have been steadily decreasing. Advancements in technology have left little wiggle room for retailers to make their products known. As of 2022, the average U.S. household has approximately 20 smart devices that includes smartphones, computers, tablets, and TVs. That is a large number of potential connections that can be made through social media. The ease of having access to the World (wide web) at your fingertips is too high a commodity to dismiss. A customer is much more likely to purchase a product or service if the accessibility is easy!
The Advantages of Social Media
Depending on who your target customer is, a strong social media advertising strategy can be a helpful proponent for great success! Here are some of the great social media advantages that can benefit your eCommerce business:
- Low Cost – Fortunately, most social media ad models operate on a pay-per-click (PPC) system, which means your business only has to pay when someone has actually clicked on your ad or video. Essentially, you only have to pay when your advertisement is working, which means your chances of earning money increase and could even offset any ad costs! Plus, the average cost for doing a PPC ad on a social media platform such as Facebook is only $1.68.
- High Brand Awareness – Social media ads give your brand instant awareness, even before any potential clicks, by showcasing it to millions of people online. Having your business ad up on social media feeds helps keep your products and services fresh in people’s minds, even subconsciously. Increased exposure like this can bring about fresh leads and high conversion rates.
- Healthy Brand Loyalty – In addition to promoting your business, social media provides a great opportunity to engage with your audience and develop a strong connection. You can also share testimonials from satisfied customers to help build a positive reputation for your brand.
- Detailed Analytics – One very helpful advantage of social media advertising is its ability to quickly provide analytics and statistics regarding how well your campaign is performing. This will help you design future campaigns to optimize what works best. You even have the option of utilizing live campaigns and A/B tests to further refine your strategy.
- User-Friendly Software – Yes, again, it’s easy! The majority of social media advertisers provide a simple, user-friendly platform to work with that will walk you through each step for getting set up. You just have to choose an objective, input your audience’s requirements, and specify your budget. Some platforms even allow you to create your own rules and customized reports that should make managing your campaigns even easier!
TikTok Customer Trends
It is being forecasted that in 2023, for the first time, more than half of U.S. social media users will make purchases via social platforms like Instagram, Facebook, and especially TikTok. These platforms seem to have mastered the logistics for putting out strong, easy-to-maneuver eCommerce sales content. However, TikTok has by far the largest audience. But how has an app that was known mostly for creating silly dance trends catapulted itself into the eCommerce spotlight? Well, it all started with TikTok providing a different type of eCommerce environment that included native shopping, payments, logistics, and fulfillment. The process benefited from the following:
- The app’s commerce monetization follows a unique structure developed by their sister-app, Douyin, based in China.
- Douyin already has eCommerce customer fulfillment centers, which enable them to operate like a true retail company. TikTok is looking to open their own fulfillment centers in the U.S. which would make their eCommerce platform even more streamlined.
- The majority of TikTok users are younger people whose thoughts and behaviors are more impressionable and more receptive to purchasing products directly through the app.
Brands have also taken note of the advantages of advertising on TikTok and some have seen tremendous, if not overnight growth due to it. The influence of social media has never been more obvious than on TikTok; users frequently saying “TikTok made me buy it”.
Social Media’s Influence: In Closing
The influence of social media is clear and only growing. I hope that you now feel a bit more comfortable engaging your eCommerce business with a social media presence. It truly is a wonderful way of optimizing your brand’s reach without breaking your budget. Next time you’re on any type of social media platform, take a look at how many ads for things you may be into actually show up. You may be surprised how many there are, but know that YOU can have your own wonderful company/product/service up there as well, ready to help the right person who truly needs it!