Moving to the Era of Social Commerce

According to the The Economic Times (@Economic_Times) social media users are about to give a significant boost to the burgeoning e-commerce market in India. With over 63 million active users in the social media space, the next step in the evolution of this phenomenon is the move towards social e-commerce. As users gain confidence in e-tail, combining it with the convenience of social media is something that is instinctive to this group of people.

Social commerce is gaining popularity around the globe via services such as e-gifting which is quite popular in the US as well. Users are able to send actual gifts to their loved ones from retailers via Facebook and email. In addition the ease of accessibility of social networking sites via mobile phones, makes it a highly viable opportunity for expansion of e-commerce into the social media space.

“According to a recent report, 82 percent of online buyers consider others’ opinions on purchases. A Forrester study shows that when online retailers suggest relevant products, they increase the average basket by 47 percent and the number of products sold by 27 percent.” These figures as mentioned by The Economic Times’ overview is a key indication of how social media could give e-tail a new direction and significant increase in transaction volumes.

With the e-commerce market rapidly growing in Asia, moving into the social and mobile space would be the next logical step for businesses looking to step up their presence in the digital realm. With the rising phenomenon of social media commerce amongst the technology savvy population of countries such as India, China and Indonesia this is definitely an area that key organizations in the region should explore.

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