Amazon is the world’s largest retailer. It is not threatened by the world’s second-largest retailer, Walmart (with many physical stores) but by social media.
Social media is rapidly becoming the preferred e-commerce platform for consumers.
See what you want on social media platforms – buy it whilst you are on Instagram, and Tiktok, platforms (and many other platforms)
25% of social media users aged 18-44 have bought a product | or service on a social app in the past three months.
Social media platforms are the preferred product discovery platform for consumers aged 18-44.
80% of social media marketers believe consumers will buy products directly in social apps more often than on brands’ websites or third-party websites, like Amazon, in 2023.
There will be a role for websites with e-commerce capability – however, the surge in social media online buying requires businesses to launch shopping capabilities on their social media platforms so consumers can purchase their products where and when it’s most convenient.
Businesses survey: why do they use social media?
- 65% business for Sales strategy,
48% for product and services development,
46% content strategy,
44% customer experience,
40% competitive insights,
32% market research,
TRUST
The biggest inhibitor to social media shopping is the need for more trust. It’s the human condition – you won’t be friends with someone you do not trust. You won’t buy from a business you do not trust – first.
Now the most urgent and profitable focus for any business is accelerating trust first with potential future buyers.
If you want to change who your ideal buyers buy from, change how your business builds trust with them.
By nature, humans value trust, purpose, and integrity so highly that it is fundamental to everything we do.
Today, after price, trust is the most significant decision your ideal buyers face. Across all age brackets, countries, income levels and gender.
Trust is now the new currency for faster growth.
- 58% of social media users feel uncomfortable making purchases on social media platforms,
- 79% report the products they purchase on social media platforms are low-quality.
How to accelerate trust with your potential buyers,
The standard approach is to
Share customer reviews so potential buyers can hear about your products or services from real people. But this is rapidly losing trust with buyers.
Now there is significant demand and supply for businesses wanting fake reviews.
According to the UK consumer group Which? There are specific Facebook Groups where companies purchase fake reviews for Amazon, Google, and Trustpilot.
The Guardian analysed at least 34 groups related to Amazon and 17 groups related to Trustpilot, Google, or both. These groups have thousands of members creating fake reviews in exchange for payment.
Businesses understand how the review algorithms work and are willing to pay to game the system – so they are seen more by Google.
Customer reviews have a place in the trust ecosystem, but the following are also critical factors in increasing trust.
Simon Sinek’s Ted Talk – Golden Circles says it best – people do not care how you do what you do, or what you do – but they care a lot about WHY you do it. Every business needs a reason – their business WHY (other than to make a profit). Your WHY can accelerate building trust, purpose, and integrity building.
Work with trusted influencers who verify your products and services are high-quality to their audiences.
Ensure your social channels are not 24|7 pure advertisements. Provide value upfront through helpful content, discuss your purpose, and turn it into practical outcomes.
Investing in micro-influencers is more effective than leveraging celebrities.
Influencer marketing has proven an effective strategy for social media marketers to accelerate trust and revenue growth.
Over the past year, a significant shift has been occurring towards micro-influencers.
The advantages
Micro-influencers are less expensive,
Micro-influencers have tight-knit, niche, loyal communities and
They are generally more trustworthy and less challenging to work with than celebrities.
37% of social media marketers say micro-influencers see higher engagement with their content.
Instagram, for some industries, achieves the highest ROI of any social media platform. In a recent survey, Instagram won the highest ROI and engagement.
Has your business got a customer service strategy for social media platforms?
Many social media users already expect to be able to communicate with brands via social when it comes to their customer service queries.
In the past three months alone,
20% of Gen Z, millennial, and Gen X users have contacted a brand through Direct Mail on social media platforms for customer service.
Now it is essential to create a separate social media channel for customer service. Wix did this with its Wix Help Twitter account, so users know where to get their questions answered in real-time.
Why do you need to do this? Mostly it is because of poor customer service with bots and a need for more human support.
This checklist helps in getting your business’s demand generation accelerating faster today.
Regards
David
