Social Commerce: The Next Wave Of Retail
I came across an interesting article in fashionista that I shared with my team today. The headline reads:
“THE LINE BETWEEN SOCIAL MEDIA AND E-COMMERCE IS BEGINNING TO DISAPPEAR-With mobile shopping, peer-to-peer e-commerce, and influencer marketing continually on the rise, social commerce is finally becoming the next wave of retail.”
That’s definitely what we are banking on here at Auxxit.
The article focuses mainly on the intersection of social media and e-commerce specifically on existing platforms such as Instagram.
What makes Auxxit unique in this space is we are creating a stand-alone tool that emphasizes real-time group chat along with the ability to transact within our app.
The article goes on to say:
“…the line between social media and e-commerce are continuing to blur, with social commerce finally emerging as the true next wave of retail.”
We have seen the magic that occurs when you get people together chatting about passionate topics. Commerce thrives in that environment.
This excerpt from the article captures a big part of what Auxxit is all about specifically the peer-to-peer commerce within a fabric that is no longer a solitary experience:
“Our online buying habits are certainly changing, thanks to the continual (and lucrative) rise of mobile shopping, peer-to-peer commerce — think Depop, Poshmark and Etsy — and influencer marketing. We’re starting to swap the traditionally-solitary experience of scrolling through pages and pages of product on a retailer’s website to discovering brands and purchasing items because we saw them on Instagram or Pinterest. According to a report from Adobe, social networks as a last-touch channel have doubled in visit share —growing 110% — to U.S. retail sites between 2016 and 2018.
We have seen the same thing in the auction space. As opposed to scrolling through pages of eBay listings by themselves, in our test environment, users enjoyed the fun experience of chatting with their peers while an event style auction was taking place. This also led to more transactions at higher prices than through traditional platforms.
The article then touches on the potential…
Earlier this year, Poshmark released a report that focused on the emergence of social commerce, including a tidbit from eMarketer, which predicts that by 2021, nearly 70% of retail e-commerce sales will come through mobile. “It’s really disrupting on both sides,” says Poshmark founder and CEO Manish Chandra.
We believe tools, like Auxxit, that are specifically designed to take advantage of this growth trend will be in line for huge success.