Social shopping is, more or less as you might have guessed, the name given to when social media and shopping meet online. It describes everything from integrating e-commerce features into a social platform – such as ‘buy’ buttons on networks like Twitter, Pinterestand Instagram – to dedicated websites that combine shopping with social media.
According to the Internet Retailer’s Social Media 500, the top 500 retailers earned $3.3 billion from social shopping in 2014, up 26% from the previous year. This is well ahead of the average 16% growth rate for the e-commerce market in the United States, as reported by Business Insider.
A study by digital marketing agency Greenlight found that 52% of UK marketers believe that social commerce will be the most rapidly growing trend in 2016. And 74% of consumers are said to rely on social networks to guide their purchasing decisions.
So how can you benefit from this rapidly-growing intersection of social media and e-commerce? Hearn’s presentation gave five practical ways to start incorporating social shopping into your overall digital marketing strategy: