What is Social Selling (also known as Social Commerce or Social Retail)?
Social selling refers to the practice of companies using social media platforms (such as Facebook, Twitter and Pinterest) to drive interest and, ultimately, online sales of their products. Businesses practicing social selling use their social media presence to build relationships with potential customers based on some common value or shared demographic. Salespeople monitoring a company’s social media channels provide value by answering prospects’ questions and offering thoughtful content until a prospect is ready to buy. As an offshoot of social media campaigns, social sales are sometimes accompanied by order fulfillment directly through the social media platform.
Social Selling is on the Rise
Statistics provider Statista forecasts that social selling in 2015 will amount to $30 billion worldwide, a 50% increase over the $20 billion spent on social selling in 2014. Some of this increase in social selling may be attributable to social media sites making strides in reducing the number of steps it takes for visitors to buy items featured on their platforms. Twitter, Facebook and Pinterest are developing “buy” buttons that will allow customers to buy directly rather than rerouting them back to ecommerce websites. In addition to streamlining the purchase process, these buy buttons will allow marketers to easily track sales directly to a social media platform. Provable ROI (return on investment) for social media will mean larger digital marketing budgets.
The Time to Build a Social Media Presence is Now
With social selling on the rise and social media platforms making it easier for users to buy items promoted on their sites, it’s now more important than ever to boost your social media presence. Your company’s profile on social media platforms can only help build your business. See our April 6, 2015 blog post, Saving Time with Social Media, to help get you started.