Businesses that sell on social media platforms are winning big. Using e-commerce in Facebook gave a $15,000 increase in revenue for MVMT Watches in just three months. One tweet for NBA championship merchandise made over $125,000 revenue. With 4% of page visitors making online purchases, it is time to capitalize on social networks. So let’s take a look at how the leading platforms convert sales.
Facebook has shortened the sales cycle greatly by giving its users “Buy Now” options in the same platform. This is what is called “native” shopping and means that the buyer never needs to leave the network, e.g. to be redirected to the business’s own website to make the purchase. Everything begins and ends with one platform.
Facebook builds relationships to convert sales in a classic social selling strategy. It creates a connection between the prospected buyer and the seller, allows for trust to be established and then facilitates the sales transaction. Visitors can communicate on the Facebook page and make their purchases by clicking on the Buy and Shop tabs. The collaboration of other networks, e.g. Twitter also maximises the sales potential. For example, pages, can be peppered with Twitter updates on events, links to blogs etc.
So, how can businesses capitalize over Facebook?
- Choose your product which is most likely to sell online.
- Offer discounts on products available only to users of the Shop page.
- Connect with the customer first by sharing ideas, information about events etc. After getting to know the customer it is easier to convert the sale over this platform.
Just like Facebook, Twitter features a click to “Buy” function and allows for sales to be made solely in one platform. However, unlike Facebook, Twitter makes sales on real – time events. Purchases are made instantly and of a high volume. No build-up of relationship is required with Twitter, rather a colossal conversion rate is caused by one product or event, according to what is trending at that time.
How can sales teams capitalize on trends with Twitter?
- Look at the pattern of buyer behaviour to see when and what the customer buys. We don’t need to be able to tell what events will occur in the future, rather we can bank on the regularly recurring so-called “gifting periods”, like Christmas or St. Valentine’s Day. Such events are perfect opportunities to utilise the holiday hashtag and to convert sales based on real time events.
- If a customer shows interest in your product, it is also possible to follow up on this by re-targetting users with offers in their Twitter feed.
- Promote your product in Tweets with “Buy Now” links and strategically place them in Twitter chats about current events. Centre your products around what the buyer needs, e.g. special offers for summer holidays.
Sales continue to be converted 90 days after advertising on this platform, compared to Facebook, which reaches 50 % of sales after just 90 minutes, and Twitter, which achieves its half-life in 24 minutes. That means buyers continue to buy for longest with Pinterest of all the platforms.
How can we capitalize via Pinterest?
- The source of revenue via Pinterest is the Buyable Pins. Pinterest is one of the platforms with the highest generation of traffic to websites.
- Amplification of advertising. When users share pins with other users, called “repins”, buyable pins get a wider audience. Pinterest is, therefore, where new markets are explored and new buyers can be found by users spreading the message.
- Sales over Pinterest are made according to what interests the buyer. Connections are built between the buyer and business, based on creative projects and sharing of new ideas. That means sellers have a mass of prospected buyers with great interest in certain products or services. The value of the Pins is based on the emotive nature of the Pin. From general online browsing for images over Pinterest, the buyer zones in on the product that is of particular interest to them and completes their sales journey.
Online traffic on social networks is constantly increasing and businesses are only beginning to reap the benefits of social sales. A shift has occurred, whereby the focus of the sale is on the buyer’s behaviour and interests. Sellers have to now meet the buyer while they are on their favourite social network to convert sales. The era of selling on company’s website is fading and the future of e-commerce sees buyers make purchase without ever leaving social media platforms. In one click, buyers can buy and the revenue like the online traffic is climbing.