Last year, 59% of consumers began shopping for holidays in November. They started shopping earlier this year. The shopping process has been impacted by concerns about delays in global supply chains. Consumers are shopping for holiday gifts earlier than ever before. They’re also using Instagram and TikTok to find products.
Shoppers who buy on social media aren’t only buying for themselves. Facebook data shows that almost half of who found a product online during the holiday season bought it as a gift.
Grand View Research estimates that social commerce generated $474 million in revenue in 2020. This represents 11 percent of global eCommerce market. In anticipation of the busy holiday season and Black Friday, eCommerce merchants have already begun to roll out Cyber Monday deals. Now is the time to grab your share and maximize your 2021 revenues.
The top social media platforms in the world continue to release new tools that will help eCommerce merchants increase holiday sales as consumers spend more time on social media.
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These seven social commerce features will help you reach holiday shoppers.
01. TikTok Shoppable Advertisements
TikTok has become a strong force in social commerce, with over 1 billion active users worldwide in September 2021 (including 80 millions monthly active users in the U.S.). More than 4.6 billion videos featuring the #TikTokMadeMeBuyIt hashtag were viewed.
How can you capitalize on this holiday season’s craze? A hashtag campaign can double as a TikTok Shoppable Ad. These ads (also known as Hashtag Challenge Plus ads) allow you to promote top holiday products, connect them to a hashtag and add a “Shop Now” button that allows for in app purchases. Shoppable Ads allow retailers to upload product catalogues. Shoppable Ads can be used to encourage user-generated content, and make your product a holiday TikTok celebrity.
TikTok also offers two new ad options for the holiday season. These include collection ads which allow businesses to quickly load products (called cards), and dynamic showcase ads which enable businesses to promote thousands of products.
02. Instagram drops
With Instagram Drops, retailers can showcase their most popular products on Instagram, a well-known social commerce platform. This allows retailers to increase demand for products that are limited in quantity and will only be available for a short time. This makes it ideal for holiday promotion!
Instagram Drops lets users browse and shop the newest product launches within the app’s Shop tab. You can also sign up to receive reminders about products you’re interested in. The app allows users to make purchases directly from the app.
03. Pinterest Shopping List
You can advertise your products on Pinterest this season and they may be added to an individual’s in-app wishlist. The new feature Pinterest shopping list was launched in the US and UK earlier this year. It will be available later in the year for Australia, Canada and France. It makes it easier for “pinners to find their favorite products quicker. Pinterest Shopping Lists allow users to store all pins they have, making it easy to return to the site and purchase when they are ready. You can sign up to receive price-drop notifications which will encourage you to buy when the price is right.
Are you skeptical about Pinterest advertising? Do you fear that its time has come and gone? The opposite could be true. Although it is ranked 14th in social media platform popularity by users, it is seeing rapid growth across international markets (146 per cent growth between 2019 and 2020), as well as young user groups such Gen Z (40 per cent growth during the same period), and men (50% growth on a platform that was once predominantly female-dominated). In fact, its shopping ad revenue is growing faster than its overall business. Additionally, Pinterest is ranked by 92 percent social ad marketers as the top platform for overall reputation.
04. Facebook Live Shopping
This number is $7.5 billion. This is the total value of transactions that were sold on Taobao Live in less than half an hour. Yes, it’s 30 minutes. This was during China’s wildly popular Singles’ Day event.
You can create Facebook Live Shopping events that are geared towards the holiday season to capitalize on this trend. Taobao’s record-breaking sales show that shoppers love products displayed in real-world settings. Facebook Live Shopping allows you to address customer questions and concerns directly and let shoppers buy directly from your stream. You will first need to create a Facebook Shop before you can set-up your own real time shopping stream. Wix merchants have the ability to connect their eCommerce store with their Facebook Shops. This makes it much easier to manage your inventory and products across all channels. After you are ready, you can prepare and market your own Live Shopping broadcast. You can also create holiday buzz.
05. Reddit Ad Bid Recommendations
Many brands know how important TikTok is as a social commerce platform. However, Reddit is less popular than Reddit for eCommerce merchants. Reddit is a more expensive option than other social media advertising platforms, as it can become a battleground for attention during holidays. Reddit offers an alternative to traditional eCommerce platforms and can provide a more competitive market for marketers. 69% of Reddit users don’t use TikTok. 52 percent don’t use Twitter. 47 percent don’t scroll Instagram. Yet, the platform is used by 430 active monthly users who are primarily based in the United States and fall within the highly sought-after 18-34 age group. They spend 34 minutes per day on this meme-heavy platform. This makes it a great place for emerging retailers to promote and create product demos that are not available on other social media platforms.
Reddit now makes it easier for retailers measure their social commerce spend. Reddit Ad Bid Recommendations embedded in the platform’s advertising creation tool give an automated estimate of how much you can bid on marketing campaigns. Reddit will give you a slider that suggests a range of bids. Simply enter your target audience. It can be used to reduce your cost per click on Reddit ads, and help you create an effective and affordable campaign to promote your top holiday products.
Reddit is a social network that’s often avoided by marketers because of its intimidating user base, which tends to be skeptical and ad-averse. Reddit is often the platform that dictates popular culture. Many of the trends you see on Facebook, Twitter and Tiktok are a result of Reddit. Marketers can promote their products to Reddit users with great success if they spend time studying the Reddit vernacular and aesthetic.
Twitter is serious about eCommerce. The company piloted the Shop Module in the US with a few brands this summer. It’s now launching the entire Shop Module and including it in all its Professional Accounts.
The Twitter Shop Module allows businesses the opportunity to display their products in a special space at their profile’s top. Your Twitter page allows users to scroll through product images and tap on one image to learn more. They can also purchase in-app. You can help holiday shoppers find your products by being an early adopter for the Twitter Shop Module.
07. WhatsApp Business Profile
The largest instant messaging company in the world is now exploring social commerce. It tested a new feature that allows users to search for services and shops through an app directory in September 2021. WhatsApp plans to expand the feature to India, Indonesia and other countries. This new feature is only available to retailers who maximize their catalog in their WhatApp Business Profile. This holiday season, make sure to highlight your most holiday-related products. This video is a great place to start.
This development is a game-changer for eCommerce, as only YouTube and Facebook currently surpass WhatsApp in popularity. WhatsApp is the most popular social messaging platform in many countries because it’s easy to use and doesn’t cost any extra. This is a great opportunity to be a leader in social commerce.
Social media marketing is still challenging in two areas: increasing ad costs and understanding your target audience. Merchants need to optimize their social media campaigns for the holiday season, which brings increased shopper activity as well as ad bidding by brands.
You can improve your audience segmentation and create more relevant ads by enriching your customer profiles using first-party data. This will help you personalize your marketing efforts.
Google is phasing out third party cookies from Chrome by 2023. eCommerce businesses need to optimize the collection of first-party information. First-party enrichment and collection will be key to any successful eCommerce strategy. Ascend from Wix provides businesses with a complete marketing suite and customer management that will allow you to collect, optimize and maintain customer loyalty. Wix forms allow you to capture customer data during the entire shopper journey. These data can be used to optimize relevancy and spend by TikTok.
Social commerce can help you maximize your 2021 holiday income
Social media marketing will be a strong focus of this holiday season. Social media was used by 73 percent to make purchases during the pandemic. A staggering 66% of online shoppers anticipate increasing their holiday shopping this year. Retail stores are also seeing a decrease in shopper activity. This shows that an omnichannel retail strategy is a good way to increase revenue in volatile markets. You can sell your products on any channel you choose with the right eCommerce platform. Wix eCommerce can be one example of such a platform. It also allows you to design and launch social advertisements directly from the dashboard. It even optimizes your Facebook Ad performance on platforms such as Facebook so that you can focus on other things than social media marketing this holiday season.