Social commerce trends for brands has been saved
Social commerce trends for brands
5 questions for brands on the future of social commerce
Social commerce is redefining how consumers shop online by blending points of inspiration with points of purchase. This article—the second in our three-part series on the key players across the social commerce ecosystem—breaks down 5 key questions brands should consider in order to succeed in the social retail space.
Social commerce can’t reach its full market potential without an active social retail experience led by brands. Social retail is the convergence of social media and physical retail that allows consumers to engage with retailer and brand products in an interactive, unlimited reality. Live shopping events hosted by creators and brands are a recent trend that best illustrates what social retail is. Walmart has hosted live shopping events on TikTok and YouTube, and it will also become the first retailer to test Twitter’s new live shopping platform.1 A global cosmetics retailer ran a campaign in Malaysia with a series of Instagram Live events hosted by beauty content creators and achieved an 8x return on ad spend (ROAS 2). Retailers and brands in the US are leveraging social retail to enter the social commerce space because of increased marketing and sales effectiveness, along with new, diversified revenue channels.
Brands and retailers interested in enhancing their social commerce strategy to become a successful social retailer should begin by considering these five questions:
Given our unique access to the players in the social commerce ecosystem, Deloitte is equipped to support brands as they execute on their social commerce and social retail strategies. For more information, explore the additional perspectives we’ve developed on social commerce.