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The next big thing for e-commerce is coming soon to Australia, according to the trends from Asia and other overseas countries. Those already online with a mobile-friendly website and the goal of building a community via social media platforms (as opposed to just being interested in followers and likes) are well placed for the next e-commerce wave.
But those who, despite the pandemic, are still yet to get online, build communities and embrace the online space will again find themselves in a “hard to compete” position.
Furthermore, those in small to medium businesses who can innovate quickly will have it over the “big end” of town as this trend gains popularity among businesses and consumers alike.
So, what is the next big thing coming for e-commerce?
SOCIAL COMMERCE.
Selling whilst live on a social media platform. Yet another trend fuelled by the e-commerce boom arising from the global pandemic.
Recently launched in select markets such as Australia and New Zealand, TikTok live event is a new tool that lets creators schedule, manage and promote LIVE videos.
TikTok is fast becoming a platform of choice over Facebook and Instagram for creators. For many, having the ability to go live and sell live via this platform is opening up a new sales strategy for many retailers already on the platform.
Although live selling isn’t new, in fact, I’d say MLM businesses probably use Facebook groups for live selling (social commerce), the best of many I’ve seen. But watching lives and taking action with their credit card (aka buying products they are watching in real-time) is a new consumer behaviour that will soon sweep through Australia, no doubt embraced firstly by our Gen Zs and Millennials (the first adoptors of all things new!).
Social Commerce has exploded for Asian businesses operating in the e-commerce space. They are quickly picking up on the potential of social commerce to engage with consumers at the heart of their online experience in the realm of social media.
At its core, the strategy gives brands a presence right where their consumers spend many of their hours online – and it now occupies an estimated 44 per cent of the $109 billion Asian e-commerce market.
With Australian e-commerce businesses heading into their busiest season – Christmas and Summer – building an innovative strategy around social commerce will put you ahead of the game and help you stand out from your competitors.
So, what do you need to do to be Social Commerce ready?
Firstly, and most obviously, have a mobile-ready e-commerce space to send your hot customers who want to buy!
If you don’t have an e-commerce space with secure checkout, this is priority number 1.
Consider marketplace platforms such as www.spendwithus.com.au, especially if you’re a small rural or regional business, which helps you get your products online, gives you a secure checkout for customers, free marketing and a community of like minded people to help you grow, as well as an online community, reaching almost ½ a million a month, to get your products in front of. They will be embracing social commerce heading into Christmas!
Otherwise, platforms like Shopify and Square offer fast solutions for getting your products online, so you can begin embracing this new wave of social commerce.
Once your products are online, the second step is to change your thinking from more followers and likes to thinking community – community building.
Business is now all about community. Building a community of consumers who know, like and trust you. A community of buyers and a community of buyers who will refer you to their friends and family because they, as above, know, like and trust you.
Communities need leaders – so the best tip for how to build a community – show up and be a leader in your space.
The space of social commerce is a very exciting one for e-commerce businesses and consumers alike here in Australia. And if it is embraced here, a third as much as it has been in Asian countries, it will be the way most of us do our Christmas shopping for 2022.
Jenn Donovan is co-founder of Spend with Us.
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