Electronic commerce has been around for quite some time. With the popularity and number of people using social media platforms today, businesses are placing greater emphasis on social commerce. According to Statista, social commerce has surged from 3.05% in 2018 to 23.62% in 2023. This number is still expected to rise by five percentage points by 2028. From a seller’s perspective, understanding consumer data is key to improving sales strategies. To effectively learn how to increase your conversion rate, focus on analyzing customer behavior, optimizing product listings, and creating tailored marketing campaigns. By leveraging these insights, sellers can make data-driven decisions that maximize their impact and drive more successful outcomes.
Seller view versus buyer view
From a consumer point of view, an individual spends an average of 2 hours and 24 minutes using social media, with a monthly average of 6.6 different social networks. Aside from browsing profiles and media, there’s been an increase in ads in the past few months. This means people are exposed to different products, to the point that they are eventually compelled to click and check them out. That also means browsing may lead to some unplanned online shopping.
Apart from that, social media uses algorithms to recommend products that will catch consumers’ attention. Targeted ads are in place, so whenever you search for topics like how to fix a computer mouse, chances are you’ll be targeted with ads about computer mice available for purchase online. On top of social media influencers marketing different products, sites like Instagram have digital stores already in place. This innovation makes it easier to conduct transactions exclusively within the app.
Pros and cons
With online shopping offering convenience and less cost, it is understandable why people would prefer it. After all, customers won’t have to spend money on gas or transportation. Eating out while shopping and doing grocery runs can also be avoided. There’s also the appeal of having everything at the tip of your fingers.
Despite its convenience, many scammers also lurk in digital shops. Some customers receive faulty or counterfeit products, with the worst-case scenario being that they receive nothing at all. There’s also that feeling of guilt about impulse buying, driven by the temptation of a good sale or free delivery. On top of that, users must secure their accounts to prevent their credit card and other personal information from being compromised.
Moderating your online shopping
While there is nothing wrong with spoiling yourself from time to time, excessive online shopping can have a drastic impact on your finances and your mental and physical health. Sometimes, it can develop into an addiction that cannot be controlled and can result in high levels of stress. Here are some tips to avoid overspending while browsing online.
Stick to a budget
As adults, we are expected to think twice before making any purchase. Before purchasing that item, ask yourself: Do you really need it, or do you just want it? Will you regret it after a few days? Is it worth it? If you’re on the fence about purchasing an item, you can simply add it to your digital cart first. This gives you some time to think about whether you need to buy it.
Always do research
With so many online shopping platforms today, the choices seem unlimited. After all, each online shopping site also has a vast number of sellers. Before buying a product, make sure that the seller and their digital store are legit and safe. Check for other customers’ reviews to avoid getting scammed. It is also advisable to cross-check the prices on different platforms or sellers. Some may turn out to be products that are either way too low to be original items or priced exorbitantly above the suggested retail price.
Secure accounts to avoid being compromised
This might be tricky, as people are increasingly keen on cashless transactions these days. However, it may be safer not to link your major bank account to online shopping apps directly. If an account gets compromised, a customer may lose money due to identity theft. There are also cases where the platform itself may experience a data breach, affecting thousands of accounts. Of course, practicing due diligence when transacting and checking your bank statement can also help you keep track of your account.
Photo credit: The feature image has been taken by Vitaly Gariev.
Sources: Statista / University of Maine / Amazon
