The blend of social media and eCommerce has given rise to a powerful force called Social Commerce. As 2024 begins, the fusion between social media platforms and online shopping keeps redefining the way we buy and sell online.
This blog post explores the latest innovations in social commerce, and how these new trends are affecting consumers and businesses alike, so you can set your NetSuite eCommerce business to thrive this year.
The Evolution of Social Commerce
Social commerce has come a long way since its beginnings, becoming a refined ecosystem that leverages the latest eCommerce technologies to create smooth shopping experiences and increase conversions. In 2024, users can expect a seamless integration of shopping features into their favorite social platforms, blurring the lines between socializing and shopping.
1. Augmented Reality (AR) Shopping Experiences
Augmented Reality has been making its way within eCommerce for a while. Online shoppers are now able to virtually try on clothes and accessories, or place furniture in their rooms before making a purchase. AR is set to revolutionize the way consumers interact with products, creating a more realistic and personalized online shopping experience than ever before. To learn more about AR, check out our podcast episode featuring AR expert, Rich Watson.
2. Live Commerce Takes Center Stage
Live streaming and shopping are converging, creating a dynamic shopping experience known as live commerce. This year, we expect to see influencers and brands hosting live shopping events where viewers can interact in real time, see the products live, and make purchases, all without leaving the platform. This trend not only adds an element of entertainment to the shopping experience, but also forges a sentiment of community among consumers, brands, and influencers, even giving brands a sense of humanity that can be tough to achieve online.
3. Socially-Integrated Payments
As digital wallets and cryptocurrency keep rising, social commerce platforms are incorporating seamless payment gateways directly into their interfaces, with multiple payment options like digital wallets, cards, and more, to cater to all needs. Users can now make purchases with just a few taps, making the buying journey smoother, and also facilitating impulse buying.
4. AI-Driven Personalization
Artificial intelligence has been changing the eCommerce game for a bit now. That’s not news. And of course, AI is also playing a pivotal role in social commerce: by analyzing user data, it helps deliver highly personalized shopping recommendations. In 2024, we expect algorithms to become even more sophisticated, understanding user preferences, behaviors, buyer journeys, and trends. This level of customization not only enhances the user experience but of course, also increases conversion rates for businesses by helping to build a much more time-effective shopping experience: here’s a podcast episode about the power of data and personalization in eCommerce that can help you get into the theme.
5. Rise of Niche Social Commerce Platforms
While major social media platforms like Instagram or TikTok continue to dominate the space, 2024 will witness the rise of niche social commerce platforms catering to specific interests and communities. These platforms will offer a targeted environment for businesses to connect with their target audience more effectively, encouraging a sense of belonging, shared interests, and community. Finding your niche as an eCommerce business can make a serious impact when it comes to social commerce, but also when building a tailored digital marketing strategy! To learn more about this, contact our Growth experts!
The convergence of social media and eCommerce is redefining the way we interact with online shopping brands. From augmented reality experiences to live commerce events, the future of eCommerce is dynamic, personalized, and seamlessly integrated into our social platforms. As always, businesses need to adapt to these trends and embrace the evolution of social commerce to thrive in this exciting new era of digital retail!
To get started building a tailored and effective eCommerce growth strategy, don’t hesitate to contact our experts today!