What is Social Commerce and Social Scorecard?

There is no doubt that Gen. Z is transforming social commerce like never before. From shopping to selling your products online, businesses and consumers have turned the tables. Social media has joined hands with e-commerce.

As a result, people enjoy the shopping experience on their social platforms. Instead of visiting e-commerce sites to make a purchase, people can now browse and buy products over their social media accounts.

Defining Social Commerce

Social commerce means using your social accounts to sell and buy products directly instead of using social platforms for advertising only. Now, it’s better to use social media for business sales as well.

From finding the right product for you to recommending it to your loved ones, everything can be done on social media. Making a purchase and then interacting with the business owner after the purchase to share reviews and recommendations is now a cup of tea on social platforms.

How Social Commerce Works?

With social commerce, exclusive features like buy now buttons, live streams, and sharing your customer review all in one place, it’s like a dream come true. From Instagram to Pinterest, Facebook to TikTok, brands are creating shops day by day.

They create product tags in their posts, making it easier for customers to make a purchase. If you want to know more about how it works, get hooked as a business owner with us!

1. Product Discovery:

Business owners target their audience with advertisements. They ask the influencers to share their product reviews or introduce or launch their brand-new products in the market.

1. Shoppable Posts:

On Instagram and Facebook, social media handlers tag a brand’s products in their posts and stories. Customers click on these tags and are ultimately redirected to the purchase page. Add the card details. The product is yours.

1. UGC

It’s the time of UGC. Brands share customer reviews and testimonials and collaborate with known influencers to boost brand purchases.

1. Customer Engagement:

Once the customer makes a purchase, businesses should engage them through comments and direct messaging. This helps businesses build long-lasting relationships with their audience.

Top Benefits of Social Commerce

1. Increased Reach and Engagement:

Social commerce platforms like Facebook and Instagram enjoy many benefits. Businesses can reach a wider audience with power-packed engagement, as every brand is launching its product in front of billions of potential customers.

1. Seamless Shopping Experience:

When you introduce product discovery with easy purchases on social media, customers frequently visit your page to make purchases.

1. Leveraging Social Proof:

People know the social proof of your brand’s success, from likes to shares. Influencer endorsements are key social proof that encourages potential audiences to make purchases.

1. Boosts Brand Loyalty:

Building a direct interaction with your audience through personalized recommendations helps you create long-term relationships.

1. Improved Targeting:

Social platforms offer brands targeted tools. These tools make it easier to determine your target audience’s behavior, trust, and demographics.

Challenges of Social Commerce

1. Platform Dependence: Every social media platform has its own terms and conditions, making it impossible for businesses to control their visibility and sales on social media. Any algorithmic change heavily affects our business sales.
2. Limited Control: Unlike traditional e-commerce websites, no brand has control over its social page, product layout, or even how its customers feel about shopping with it.
3. Privacy Concerns: Integration of social shopping carts in every platform increases data privacy concerns.

What is a Social Media Scorecard?

Social media scorecards are evaluations that depict our brand’s marketing efforts regarding sales and reach. Brands use them to track their social commerce efforts in a timely manner based on true data.

Bring social media content with e-commerce to create a holy social commerce experience. Brands use this smart tactic to attract a wider audience. According to a survey, at least 54% of shopping lovers buy products from social media.

When a consumer clicks on your post and gets the product details right on the spot, conversion rate chances reach the heights of the sky. People love brands that inspire them in terms of content and share social experiences regarding their products. Some of the best all-time trending social commerce programs in the market include:

• Curated and shareable UGC: People want to see how a brand’s product helps them in real life. Brands have loyal customers who serve as their word-of-mouth marketing channels. This marketing tactic allows them to easily resonate with other potential customers and upgrade their product purchases.
• Get your content noticed: It’s time to make your brand presence way to boost your sales. Get in touch with content creators to boost your business engagement.
• Make content shoppable: The more you make it easy for people, the greater your purchases will be. Remember, from your content to every marketing tactic, there must be some link that redirects your audience to your purchase page.

When you have a clear idea about how your social commerce program is performing, it’s easier to manage your marketing tactics. No matter how visible you are in the market, from a startup to a big fat fish earning millions of dollars, measuring your social commerce facts is necessary.

From finding loopholes in your marketing campaigns to maintaining contextual data, keep your performance record against your competitors. Everything stated above can be done with the right use of social scorecards.

It’s time to improve your business reputation while staying ahead of trends. Create content that will quickly make you stand out in the market.

Top Benefits of A Social Media Scorecard

From a startup to big business brands, CEOs are always a part of social strategy. If you are thinking of raising your social ROI, switch to these tactics now to make your social strategy stand out from the rest of the industry. With the social media scorecard, it becomes easier to keep track record of various insights, including:

• Identify growth opportunities. Social listening helps you learn your potential customers’ preferences, trends, and demands, as well as how to find pain points and use them to your advantage.
• Track your competition. Every day, a new brand launches in the market. Merging your KPIs and finding out the gaps to stand above your competitors can help you set smarter goals in the industry.
• Gauge customer sentiment of your brand. Business is more about building your audience for a long time than getting a few likes on your social post. Brands that are always active on social media always get to grab the audience’s trust through a variety of smart hacks and tactics.

Top Platforms for Social Commerce

1. Instagram: Instagram is now the number one platform for creating online stores for product selling in the industry. Quality features like Instagram checkout impress customers by allowing them to make a purchase without switching between tabs.
2. Facebook: If you are a Facebook lover and love to scroll business pages, targeting the local industry has become much easier with its selling tactics.
3. TikTok: Amazingly, Shopify has partnered with TikTok to create social selling videos. These short clips engage the audience and encourage them to shop more.
4. Pinterest: Pinterest is always a shopping buddy for every potential customer. From ruling over the pictures to finding the right pin to match, the Pinterest lens helps you find and upload your favorite images.

Social Media Metrics & KPIs to Measure for eCommerce

Reach and Impressions

Reach: Read simply means the number of unique users who contact your products.

On the other hand, impressions refer to how many times your content is displayed on any social app. Reach and impressions play a key role in identifying how visible your social media posts and ads are on any platform.

The more the audience sees your content, the greater your visibility. This ultimately leads to a hike in your brand awareness and more customers in the foreseeable future.

Engagement Rate

Every social media post, from likes to comments and even shares, refers to your business engagement. Divide your impressions or reach to get your engagement rate.

The higher the engagement rate, the greater your audience reach. This means your business has a greater chance of converting sales.

Conversion Rate

The conversion rate defines how many people have purchased your business through your social media content.

You can easily measure your social media ads’ effectiveness by determining your conversion rate.

Cost Per Acquisition (CPA)

CPA is the marketing cost you have spent on getting new customers through social media channels.

A low CPA means that more customers interact with your social media campaigns with less expenditure, leading to a high profit ratio.

Social Share of Voice (SSoV)

SSoV refers to how you interact with your product in the industry compared to your competitors. Once you know your SSoV, it’s easier to identify your business goals and visibility in the market.

Conclusion

Over time, social commerce is reshaping itself! Every day, some new brand enters the industry, dying to engage customers with more sales. If you want to boost your social media presence and interact with wider people, developing deep connections with your audience by offering them a smooth purchase experience is better.

It’s time to step ahead In the industry and turn the tables for your revenue by mastering social commerce!