During the holiday season, there is a drive to shop local and support
small businesses. This trend has become even more common on social media
sites since the outbreak of the coronavirus pandemic.
How can these platforms help SMEs? The more retailers connect with their
customers online, the more likely they are to utilise the shoppable channels
on offer. 62% of clients revealed that they trust malls and local businesses
more than major sellers. Firms should leverage this and the fact that social
media usage is high to boost consumer engagement.
However, big players can also take advantage of this. For instance, they
can promote and support their local partners to drive more business towards
their indirect channel. In fact, social media platforms democratise the playing
field between small and big retailers, which is one of the reasons why brands
should focus on social commerce in 2022.
It is expected that this market is set to reach $2.9 trillion by 2026
and a huge part of this growth is due to younger consumers who are influencing shopping
trends. In a similar vein, influencers are going to be an important aspect
of this expansion. A study shows that 35% of customers trust what their favourite
influencers have to
say or recommend and Gen-Z is more likely to base their purchasing decision on
this.
Photo credit: geralt from Pixabay
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