233: Thriving In Social Commerce (part 1)

Social commerce has exploded into the retail landscape and was powered up throughout the pandemic. In this episode, discover the potential of social commerce in transforming your retail business. Join Oliver Banks and explore the evolution of social media and the commercial opportunities it now presents. Social commerce is an evolving trend that can engage customers and set you apart from the competition.

Listen to this episode to hear:

• How social commerce differs from other retail channels.
• The impact of Meta’s social commerce strategy.
• Insights from the success of social commerce in China and how that differs in other countries.
• How to keep pace with the rapidly changing social media and social commerce space.

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Social media and commerce insights

In January 2023, Data Reportal issued an insight report and analysis on social media usage and traffic.  Below are some of the interesting findings and charts.

• People spend 2 hours, 31 minutes on social media every day. This is the highest it has ever been although the trend seems to be flattening off now.
• The number of people on social media is still growing – despite seemingly conflicting data.
• On average, consumers use over 7 social media apps per month.

Additional episodes of the podcast to tune into

Firstly, back in episode 42: How Social Media Is Changing Retail (part 1) , Polly Barnfield, CEO of Maybe, joined to explain how different companies are making the best use of social media. And the lessons and opportunities from this 2019 episode are still relevant in 2023. And check out part 2 of the conversation in episode 43.

Next, listen to retail influencer Michael LeBlanc, as he joins Oliver for episode episode 179: How Influencers Are Changing Retail. Influencers often play a large part in social commerce strategies as they bring a relevant audience and personality too.

And finally, in episode 227: Enhancing Your Customer Ecosystem, Oliver explores how you can get customers talking and engaging with each other.

And look out for Part 2, coming in episode 234.