Evolving Trends in Social Commerce Transforming Online Shopping
Retail Tech Insights | Tuesday, October 11, 2022
The pandemic drastically changed consumer behaviour by integrating online sites as a safe and convenient shopping experience. This has persisted despite the mitigation of the pandemic, introducing new patterns in social commerce.
FREMONT, CA: Global economies are slowly recovering, albeit with a noticeably changing business environment virtually across all industries. A radical transition was observed through an enormous increase in e-commerce and social commerce. The pandemic caused people to shop from their confined home environment, which then continued as people found it to be time and money-saving, and less effort.
As online shopping evolves every day, social commerce will play a significant role in redefining the world of commerce. The fact that social media platforms have acknowledged its arrival is making it simpler to facilitate shopping activity on their platforms has been helpful. The increased use of social media platforms during the pandemic elevated social commerce through those networks. This led to the emergence of various trends that enabled businesses to plan their strategies to grow in the coming years.
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5G Connectivity will Enable XR Experiences Across Connected Devices
Apart from advanced AI and edge cloud processing, social commerce will be improved by the ongoing global deployment of 5G wireless connectivity. It will help to streamline mixed reality experiences across a wide range of connected devices. There will be massive growth in AR users if brands can adopt new technologies and the strength of 5G to provide consumers with more immersive shopping experiences.
Digital Avatars will Walk Along the Fashion Industry
Influencers will play a crucial role in promoting clothing, but digital avatars are about to walk the digital fashion runways. Digital avatars are likely to provide brands more flexibility in layering digital clothing, promoting new collections, and enabling digital sampling. Customers will have a more realistic view of how clothes and accessories look when worn, even through online shopping. The use of digital avatars will increase as the metaverse grows and this trend can be used to offer digital accessories and digital clothing that avatars can use.
Mainstream Use of Non-Fungible Tokens (NFTs) Still in Contention
Due to the growing popularity of the Metaverse, NFTs have become increasingly popular. This ground-breaking method of paying independent artists and digital creators for their work was warmly appreciated by them. However, there are many opinions regarding the use and nature of NFTs. The most crucial concerns are its significant environmental impact, unreliability, lack of regulations, and volatile nature. Nonetheless, brands engaged in e-commerce and social commerce must consider how NFTs can potentially benefit them in the emerging creative economy and digital ecosystem.
As a novel social commerce form, NFTs can support creators, collectors, and startup businesses. However, before employing them, there is a need for the thorough research about them. Determining potential benefit cases, assessing risks, and identifying whether NFTs can add true long-term value to businesses.
Micro-influencers to Continue Helping Brands Increase Reach
Although collaborating with micro-influencers is a trend that has existed for a long time, it is still relevant in contemporary environments. Micro-influencers help small businesses balance ad budgets better while reaching a larger audience. Unlike major influencers, micro-influencers partner with brands at a cost that even small enterprises can afford. They usually have very precise audience types that make ad targeting and segmentation easier. Micro-influencers are also more authentic and transparent about paid collaborations than big-name influencers. Therefore, they have a huge impact on helping brands drive conversions.
It is important to choose micro-influencers who are niche and have followers that suit the target of the brand. Micro-influencers who engage with their audience on a personal level and have built relationships with their loyal audience are the best options.
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