Social commerce can be used to describe two broad aspects of digital commerce:
1) Social media commerce: Involves the display and sale of products via social media platforms. It differs from social media marketing by attempting to make the sale or customer conversion on the social media platform itself.
2) Social-led commerce: Involves harnessing the power of the crowd to drive online sales through product reviews, recommendations, and curated marketplaces. Influencers, celebrities, and brands with a strong social media presence are typically used for such purposes.
Research has shown that by leveraging the power of social media, online sellers can enhance sales conversions while reducing online sales cost by improving customer stickiness, providing cross-selling opportunities, and reducing the number of returned items. Social commerce platforms and tools are used by established brands and independent direct-to-consumer (D2C) sellers. Social commerce increases the sales of established brands by extending their existing ecommerce offerings to another customer touchpoint. Meanwhile, social commerce provides a cost-effective channel for independent sellers to build a target audience to convert into customers.
*Currently, we do not actively cover this industry but we have identified it as a potential domain to report on.
Sprout Social is built on the idea that the world is better when businesses and customers communicate freely. They exist to help streamline and enhance those conversations—with customers, prospects and enthusiasts. Their platform is packed with handy features but stays out of the way to let brands easily engage with people and build lasting relationships.
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