How to Increase Social Commerce Conversion Rates With BNPL
The modern consumer spends plenty of time on their social media platforms, using Instagram, TikTok, an array of apps that offer advertising opportunities for online stores. From advertising on YouTube videos to running campaigns on Instagram feeds, there are many ways for businesses to attract a bigger audience through social commerce. In this article, we discuss social commerce, ways to improve your brand’s social commerce with BNPL (buy now pay later), and the benefits of doing so.
What is Social Commerce?
Social commerce simply refers to the process of selling online via social media platforms. Today, social media platforms have made this easier than ever, blurring the lines between social media and shopping through the integration of shopping features designed for brands. Facebook, for example, can pull your website’s entire product catalog directly into a dedicated Facebook Shop. Instagram allows you to tag products in posts to encourage sales. These are two examples of ways that businesses can efficiently activate online shopping through social channels.
Social commerce has gained tremendous traction, and statistics state that approximately “$475 billion in revenue” was generated back in 2020, and this should grow by “a rate of 28.4% annually, reaching $3.37 trillion by 2028”. For this reason, all businesses should develop stronger social commerce strategies to leverage these impressive numbers. Below, we discuss ways you can improve your social commerce.
Ways to Improve Social Commerce
You should implement the following efficient steps to improve your online store’s social commerce and boost conversion rates:
Improve Conversion Rates With BNPL
Before implementing any social commerce steps over and above those that you already do, we highly recommend integrating BNPL features into your online store. BNPL, or consumer financing, is a powerful integration that can improve conversion rates by offering consumers several benefits. Partners like ChargeAfter provide affordable, efficient, and effective BNPL services with a proven track record. You can learn more about the many consumer and brand benefits of BNPL beyond improving conversion rates of your social commerce strategies here.
Set Up TikTok Shopping With Shopify
TikTok remains one of the most prominent social media platforms, especially among younger audiences. For this reason, we highly recommend establishing a brand presence on TikTok and making use of TikTok shopping facilities through Shopify integration. Using the TikTok Shopify app, products are pulled directly from your website. This is a seamless process that requires little web development know-how and can be done by any brand that utilizes both platforms. Doing so will help you enter a unique social media space where you can improve conversion rates by attracting new consumers.
Take Advantage of Live Streaming
Taking advantage of social commerce requires brands to stay on-trend and utilize the new features of the platforms that their audiences shop through. Live streaming is an example of a social media feature that brands can leverage to improve conversion rates. Live streaming marketing campaigns let brands communicate more closely with their audience, encouraging a more consumer-centric marketing space that shy away from traditional marketing strategies. This can win brand trust and drive sales.
Engage Your Customers With Messages
A unique method of social commerce is attracting consumer buy-in through instant messaging. Provided that you adhere to social media advertising policies and regulations on your chosen platforms, you can improve conversion rates by talking directly with your target audience. There are many benefits of instant messaging advertising campaigns. This is predominantly because personalized marketing strategies are more attractive to the modern consumer.
Brands should be using social commerce to their advantage and can improve sales by integrating BNPL services, utilizing TikTok Shopify features to attract younger audiences, using live streaming for marketing campaigns, and engaging customers with instant messaging.
Want to learn more? Reach out to us here.