Over the past few years, social e-commerce has become more and more interactive with its consumers, thanks to many advancements made within the past few years. These innovations made within digital and social platforms allow brands to give consumers the desired connections. The future of e-commerce will appear to be bright, as we share our thoughts on the future of e-commerce.
E-commerce Growth Stabilizes
E-commerce growth has skyrocketed from the first year of the COVID-19 pandemic. Since then growth has slowed but hasn’t stopped entirely. Strong, healthy e-commerce markets will bring in tough competition, and create giants that have capitalized on convenience, speed, and low prices. Brands nowadays are looking to get on an even playing field with e-commerce by looking to social media.
Social Media Is More Ubiquitous
More and more people use or visit social media platforms in some form or manner, with Gen Z using social media to research brands at a higher rate than search engines. Social networks themselves are now number two as the most popular way consumers use to search for products and services to buy on a global scale.
Over the next few years, more businesses will be projected to increase their social media marketing as a way to increase their company growth, since having a good rapport with brands on social media will make more consumers more likely to buy from them than a competitor and spend more overall. In addition, ad reach is making its way across major platforms on social media to help brands connect with potential new customers.
Even though advertising through social media will be here to stay, brands will also be working on using these platforms to communicate with their consumers in varying ways that go above and beyond business' normal advertising. Strategies like these will help forge connections that will make customers return for more.
With Web3, social media, and digital platforms have fundamentally changed how brands interact with their consumers. The Metaverse is one of these changes born from these changes, a virtual environment that allows for a seamless connection. However, the gaming world does more virtual connectivity than anyone, with players and onlookers being captivated by sharing moments that actively blur the lines between the worlds.
Big businesses believe that interacting with customers within the Metaverse will be a normal thing, with important parts coming to fruition to make it true such as: investing in solutions for solving the high energy requirement blockchains require, battles for market shares for AR and VR gear with consumer expectation of both physical and virtual reality to be interchangeable within ten years.