Social commerce shows no signs of stopping, with Global sales through social media platforms climbing to $992B in 2022. That figure is estimated to hit $2.9 trillion by 2026.
To help brands thrive in this space, Sasha Reyes-Guerra, MikMak's Director of International Business Development, recently hosted a webinar with Sarah Fischbaugh from Salsify alongside Carolyn Brown and Desiree Sanchis from Anheuser-Busch InBev. This panel of experts discussed strategies and best practices for brands interested in or participating in social commerce.
Leverage social media as a sales channel to win in the eCommerce space
It is clear that social commerce is here to stay; therefore, brands need to understand the importance of social media as a sales channel and how to leverage it effectively. Brands can drive sales and strengthen consumer trust by diversifying their presence across multiple social platforms and creating a seamless omnichannel experience.
As more consumers turn to social media for their shopping needs, businesses are recognizing the potential of social media as a sales channel. Sasha highlights this potential by explaining that "2 of 4 global consumers have made purchases via social media." However, she cautioned brands to ensure their social media content is engaging, accurate, and reliable. Inaccuracies in content can degrade consumer trust and impact brand loyalty.
Salsify's Sarah Fischbaugh shared that "social media remains a prominent channel throughout the process [buyer journey]; the buyer starts their discovery on social media and refers back to it during the consideration phase." A buyer's journey is highly individualized to each product considered and purchased, and they tend to be non-linear.
Anheuser-Busch InBev provided a great example of how social commerce can boost brands. The company leveraged MikMak for its ads during the Super Bowl to drive sales for Budweiser and Cutwater. This collaboration allowed consumers to interact directly with ads and discover new products in ways that regulatory roadblocks often make challenging for alcohol brands. Desiree emphasizes that integrating eCommerce into marketing campaigns is critical because brands can ensure that the consumers are seamlessly directed right to the product. By incorporating all aspects of their campaign with focused messaging spread across multiple platforms and channels, they created what Anheuser-Busch InBev calls a "360 campaign".
A good omnichannel presence puts the customer at the center of the shopping experience
Omnichannel commerce is all about connecting various touch points a shopper encounters on their buying journey. This is critical as nearly half of all buyers search for a product online before going in-person to a store.
What does an excellent omnichannel presence look like?
- Key images are consistent across channels
- Content is customized for the specific endpoint and meets retailer requirements
- Use of enhanced content layout (videos, image carousels, comparison charts, PDFs, etc.)
- Unified messaging - various channels work together to create an engaging, consistent product experience
- All content leads to an action - if not a purchase, then another way to engage meaningfully with your brand.
To create effective content, businesses must focus on making a strong impact in the first few seconds
To make a lasting impression on viewers, it's essential to showcase the product clearly in the first three seconds of a video. Creating advertisements that are specified for a specific event or holiday can drive a 19% stronger ROI. Anheuser-Busch InBev recommends using a portfolio of brands when launching campaigns instead of a single brand. This strategy led the company to experience a noticeable 50% increase in click-through rates (CTR).
The recent Super Bowl provides a clear example of how social commerce is already dominating the 2023 retail market. As social media platforms diversify, brands must stay abreast of the latest trends and how they affect sales. However, understanding consumer behaviors go far beyond these insights. To gain a deeper understanding and unlock creative best practices, strategies for creating a seamless omnichannel experience, and ways to help your brand thrive in the new digital world, watch the entire webinar, How to Thrive with Social Commerce in 2023.
