Commerce Gets Even More Social With Facebook Groups Shopping Upgrade
As social commerce continues to move toward becoming just another way for consumers to shop, social media networks are working to embed shopping even more deeply into their platforms and create new opportunities for purchases.
Meta, for example, recently launched new tools on Facebook to allow administrators of groups to set up shops — such as stickers, mugs and apparel for an octopus fan group — as well as provide product recommendations to group members, displaying and making it easier to purchase endorsed items.
Facebook is also including “Top Product Mentions” in users’ news feeds to help surface products that were recommended by peers in common groups. Additionally, the company is beginning to test “Live Shopping for creators,” which it says will make it easier for creators to partner with brands and highlight their favorite products.
Earlier this month, Meta teased new monetization opportunities for group administrators, such as shops, fundraisers and subscriptions, as well as a slate of new features to improve personalization of the groups.
Read more: New Group Tools Revealed at Facebook Communities Summit Include Money-Making Solutions
During last month’s quarterly conference call with analysts, Meta CEO Mark Zuckerberg also hinted at an “exciting program” planned for the holiday season, through which Facebook will work closely with a handful of businesses that use Shops to identify new ways of finding customers.
“The creative economy and commerce tools are still nascent, and there should be an opportunity for millions more people to make a living doing the work that they love,” Zuckerberg said.
Twitter also recently launched new business profiles to allow retailers and other companies to differentiate themselves from other users by listing hours of operation and a website. The company also intends to enable product purchases directly from business profiles in the new future.
“We do have a lot of small businesses on Twitter, but we have not served them well in terms of the products or the advertising capabilities,” CEO Jack Dorsey told analysts, adding that commerce is an area where he wants to “start small and scale.”
“We want to make sure we are building a great product that people want to stick with,” he said.
Related news: Social Media Giants Keep Focus on Commerce Ahead of Holidays
The TikTok Effect
These moves come as merchants are looking to become less reliant on social media networks for livestreaming commerce, which was a major growth driver for many retailers amid the pandemic. Wayfair and Newegg are among those developing streaming platforms within their own ecosystems, which gives them more control over customers’ experience.
Read more: Merchants Move Streaming Commerce off Social Media
Social media is still a key part of most retailers’ strategy, particularly the Generation Z hotspot TikTok, which surpassed one billion monthly users earlier this year. The video-sharing platform is so popular that other companies, including Pinterest and Netflix, have begun to mimic its format in an effort to increase views. Instagram also has its Reels functionality, which is a virtual clone of TikTok.
Earlier this year, both Shopify and Square teamed up with TikTok to enable purchases within the video-sharing app for merchants who use their platforms to power their eCommerce operations.
See also: Square, TikTok Team up to Link Online Sellers via Social Media Platform
Social commerce is expected to top $36 billion in the U.S. this year, according to eMarketer, though the trend is further ahead in other countries. In China, for example, digital purchases made through social media channels are expected to surpass $351 billion.
And more: Social Media Firms May See $10B Loss in Sales From Apple Changes