15 Hacks to Increase Revenue with Social Media (infographic)

Believe it or not, people will spend more than three hours on their phones each day. It is apparent that technology has become entwined with our daily lives. We have come a long way from using rotary phones and pagers. Our smartphones now have the capability to do just about anything. As a result, our phones have basically become a digital swiss army knife and our most precious tool.

That being said, it is hard to imagine life in 2019 without smartphones. The excessive use of smartphones has become somewhat addictive, smartphones are changing our behaviors and now it’s becoming normal to constantly use them. As a result, businesses are noticing that our smartphones are our lifeline and they are taking advantage of this trend.

Businesses are now creating innovative ways to captivate and cater to the wants and needs of their customers in hopes to attract and retain loyal customers. Businesses have realized how powerful social media can be when utilized properly. As a result, social media is proving to be a major facet in the eCommerce industry and it also is proving to be the very reason businesses are changing their marketing strategies. Nevertheless, the social commerce industry has arrived and it’s booming.

What is social commerce?

Due to the fact that consumers spend a great portion of their day on their smartphones, businesses are now finding ways to sell their products and services through social networking sites such as Instagram, Facebook, and Pinterest to captivate and engage with their customers from all over the world. Creating what we now know as social commerce.

Finding innovative ways to engage consumers can truly take a business to new heights. Integrating advanced technology such as AI, IoT, automation and mobile optimization will take the consumer's shopping experience to another level. Implementing these strategies are ways businesses can adapt to the growing expectations of their customers. If businesses wait to implement these strategies they can find themselves far behind their competition.

However, the social commerce industry is always changing. That being said, your business continuously must adjust its strategies to continually capture the attention of its audience. That being said, in order to differentiate your business from your competition, you must listen to the wants and needs of your customers, find unique ways to enhance their shopping experience, and predict your audience shopping tendencies by collecting their data.

Why is social commerce important?

It is evident that competition is the catalyst for innovation, and when businesses continuously find creative ways to revamp and properly implement their strategies, then they will be successful. Integrating social commerce has now become a necessity for businesses to stay relevant. Believe it or not, in the past two years social referrals to retail eCommerce sites have grown by 110%. Not only is this a clear indicator that social commerce thriving but it's also another reason why businesses must learn to harness the power of social media, so they can expand. Below you can find a few tips on how your business can leverage social commerce and have a competitive advantage over your competition.

Ways Your Business Can Utilize Social Commerce

Product Recommendations
When customers are just about to finalize their purchase it would be wise to give them product recommendations before they leave your site. This not only will this create more of a personalized shopping experience for your customers, but this will also give your business the opportunity to make increase revenue from each purchase. Believe it or not, 74% of shoppers are open to making a purchase through a chatbot. That being said, when used properly this can significantly increase your sales opportunities.

Maintaining a strong social media presence
It is evident that the majority of your consumers are using various social media platforms such as Facebook, Instagram, and Twitter. Therefore, your business should utilize these social media platforms to create stronger and more personalized relationships with your consumers. As you continuously maintain your social media platforms, you will have additional insight and data to better understand the wants and needs of your consumers and how you may need to adjust your marketing efforts for various demographics. Ultimately, social media will help your business stay in the present and also prepare for the future.

Optimize for mobile devices
Believe it or not, people on average spend three and a half hours on their phones each day. That being said, don’t you think your business should optimize its website for mobile devices? Optimizing your website for mobile devices will give your customers the ability to purchase from your site from virtually anywhere.

With the click of a button, your customers could be spending money on your site. If you don’t optimize your site for mobile devices you can expect your cart abandonment rates to increase. Also, if your business's purchasing process is not quick and painless, your customers will take their money elsewhere. Therefore, it is in your best interest to optimize your mobile platform and streamline the purchasing process for mobile users.

Use social media influencers
Due to the fact that the majority of your consumers will probably have some type of social media account, you should consider using a popular influencer to promote your product or service. This can prove to be a lucrative step for your business to increase traffic because of the large following that particular influencer may have.

That being said, it is in your best interest to research which influencer best fits your brand and target audience. The more receptive your audience is to that influencer, the more likely you will see an increase in sales. However, keep in mind that there is a chance that some of your audience will not be completely receptive to that particular influencer. Therefore you should also look to use micro-influencers that are targeted towards a specific niche market. Using well known and micro-influencer will allow you to captivate your audience on all levels and from various demographics.

Get Philanthropic
Researching and creating partnerships in other industries that give back to a certain community can also expand your target audience and brand awareness. Doing this can help shape your brand and foster more personalized relationships with your audience. Not only will your audience be more receptive to your brand, but they also will be more likely to become loyal customers. Finding ways to become more personal with your audience and community can prove to be a lucrative step your business can take. Showing that your business actually cares about issues that your audience may be experiencing can speak volumes.

Utilizing social commerce can truly be the catalyst your business needs to reach the next level. Finding better ways to reach and connect with your audience can make all the difference. Create a more personalized shopping experience is what consumers are longing for and if these social commerce strategies are properly implemented, your business will see and increase in traffic and sales.

Remember, your customers are more than a number, therefore you must take the time to understand the wants and needs of each demographic in your audience. For more information on how your business can implement social commerce, check out this infographic Wikibuy has created.

The Rise of Social Commerce and What It Means for Your Brand - infographic

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