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CEOWORLD magazine - Latest - CEO Briefing - What CEOs Need to Know About Social Commerce

CEO Briefing

What CEOs Need to Know About Social Commerce

CEO office

Social commerce is fast becoming a go-to approach among companies that sell products online. As a corporate leader, you’ll want to learn more about how social commerce works and how to get started.

Social media platforms aren’t just places to engage with or advertise to your company’s target audience. They’re quickly becoming go-to sites for you to sell your merchandise. You only need a solid social commerce strategy to increase your online sales.

If you’re unfamiliar with social commerce, you might be confused about how it differs from regular e-commerce. Social commerce involves selling straight from a social media site rather than your e-store or an app. When one of the billions of social media users wants to purchase a product you’re showcasing on social media, they don’t have to go anywhere else. They can quickly hit a “buy now” (or comparable) button and continue scrolling as usual. 

When handled well, social commerce is an effortless and friction-free experience for the consumer. It feels native, intuitive, and secure. It lets buyers immediately show off their latest “finds” by sharing recent purchases with their followers. As a result, your brand could expand its reach organically thanks to an influx of positive user-generated content. At the same time, your brand could snag a piece of the estimated $53 billion global social commerce “pie.”

Tips for CEOs on How to Implement a Successful Social Commerce Strategy

Because social commerce is a different way of bringing your items to the public, it deserves its initiatives and campaigns. Implement some of these strategies to lead your team’s social commerce efforts as a CEO or CMO.

  • Set clear goals for your social commerce strategy. By setting clear goals for your social commerce strategy, you can develop a plan aligned with your overall business objectives. To increase sales, generate leads, establish brand awareness, use social media to promote products and services, offer exclusive deals, collect contact information, share relevant content, and engage meaningfully with followers.

    Recognizing and rewarding your team members for their work on your social commerce strategy is a great way to motivate them to continue to do their best work. Custom awards are a unique and meaningful way to show your team members that you appreciate their contributions. 

  • Choose the right social media platforms for your target audience. The top platforms for social commerce include Facebook, Instagram, Pinterest, TikTok, and Snapchat. However, other social media sites are always jumping into the mix. Ideally, you should recognize where social commerce is happening but not feel you must be on all social commerce channels.

    For example, one of your target audiences is Millennials. According to Digital Media Ninja, 87% of Millennials are on Facebook weekly. Therefore, you’d want to have your marketing team investigate Facebook’s social commerce solutions. That way, you could test social commerce in front of an audience most likely to want and need your products.

  • Concentrate on improving your social media presence. A huge part of mastering social commerce is having a strong, branded social media presence. If your marketers or marketing agency isn’t spending time on your social media, your social commerce will be less effective. Remember that social commerce depends on your company being part of the social media community.

    The good news is that as your social media presence strengthens, you should be able to improve your engagement with consumers. For instance, you may want to increase your customer support and service on social media. Being available to answer questions and make suggestions immediately can improve your sales conversions. The simpler for interested buyers to contact your people, the better.

  • Partner with influencers. Influencers can assist you in reaching out to a new audience and promoting your products on social media. Consider collaborating with industry influencers to promote your products and drive sales.
  • Create high-quality content that is engaging and informative. Social media content should be visually appealing and useful to your target audience. This will assist you in attracting and retaining followers and encourage them to purchase your products.

If you are a CEO, consider implementing a social commerce strategy for your business. It could be one of the best decisions you ever make. Here are a few case studies of companies that have successfully implemented social commerce strategies:

  1. Nike: Nike uses social media to promote its latest products and offers exclusive deals, such as launching its Air Jordan III sneakers on Snapchat before they were available anywhere else.
  2. Sephora: Sephora uses social media to teach customers about its products and how to use them, positioning itself as a trusted expert in the beauty industry.
  3. Glossier: Glossier, a beauty company founded on social media, sells its products directly through its social media channels and website by creating engaging content and offering high-quality products.

CEOs and high-level senior management should consider implementing a social commerce strategy for their businesses. Social commerce can help CEOs improve customer satisfaction, increase brand loyalty, boost sales, reduce costs, and gain valuable insights into customer behavior.

Written by Mike Szczesny.

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CEOWORLD magazine - Latest - CEO Briefing - What CEOs Need to Know About Social Commerce
Mike Szczesny
Mike Szczesny is the owner and vice president of EDCO Awards & Specialties, a dedicated supplier of employee recognition products, branded merchandise, and glass awards. Szczesny takes pride in EDCO's ability to help companies go the extra mile in expressing gratitude and appreciation to their employees. He resides in Fort Lauderdale, Florida.

Mike Szczesny is an opinion columnist for the CEOWORLD magazine. Connect with him through LinkedIn.