Social Media has become acceleratingly dominant in the past decade, leading to a seeming integration between social media and shopping. And there it was: Social Commerce, commonly known as s-commerce.
S-Commerce is any integration between social experiences and e-commerce transactions in a single path to purchase and is enabled by a platform, such as Facebook, Pinterest, Youtube, etc.
So basically, s-commerce, like any other type of commerce, revolves around buying and selling on a small and large scale. With s-commerce, unlike the traditional ones, the sky is the limit, and maybe more. Literally. According to a new study by Accenture, global social commerce sales reached $492 billion in 2021, but they’re also expected to nearly triple by 2025 to reach $1.2 trillion.
Social media companies have been actively investing in S-Commerce since 2007, and the pandemic is considered its catalyst. Users started to spend more time at home and less time outdoors due to the spread of COVID-19, and their engagement on social media platforms increased significantly.
Recently, while Covid-19 restrictions were significantly minimized, this did not harm the growth of the S-Commerce industry, which has been accelerating rapidly and regularly.
S-commerce is here to stay and for infinity and beyond.
S-Commerce is integrating with the Metaverse
Today, it is almost impossible to disregard the Metaverse when talking about anything related to social media. Furthermore, the integration between S-Commerce and the Metaverse is destined to be a great match.
Commerce is a fundamental element of the Metaverse. Brands are preparing to develop their presence in the virtual world to sell their tangible and non-tangible (virtual) products.
The Answer is “Hyper-personalization through Artificial and Virtual Reality.”
Artificial (AR) and Virtual Reality (VR) allow interactive content to be more attractive to users.
Brands will integrate with VR and AR to promote their products, as well as to personalize the experience of their current and potential consumers.
Attending fashion shows and music concerts in the Metaverse is just the beginning, but it gives you a glimpse of what to expect in the future.
Having the option to check an apartment thoroughly through a phone or tablet screen, or walk around a house using a VR headset without physically visiting the location, will take real estate to a whole new level.
Trying a hat or a dress on before buying it without visiting the physical store will make things easier for the consumer and the store.
In a nutshell, bands have just turned on their engines and are getting ready for the race to place a foothold in the metaverse to support their e-commerce goals. They must take advantage of every single tool and method.
By Fatima Termos