Social commerce: How can women, young people and content creators sell on social?
Social media's transformative impact on shopping habits has given rise to the flourishing realm of 'social commerce', says Diane Wang (founder, chairperson and CEO, DHgate Group). Here, she looks at how this new form of commerce can benefit non-traditional sellers and smaller creators.
Social media has become part of our everyday life, whether it’s commenting on friends’ posts, scrolling through viral videos, or checking in with favorite creators’ latest content. The global average for daily social media use was a whopping 147 minutes in 2022, according to Statista.
Unsurprisingly, social media is also changing the way we shop. According to an Accenture study, around 10% of all e-commerce transactions were classified as “social commerce” (i.e. the buying and selling of goods or services directly within a social media platform) in 2022. Consider the increase in targeted ads you see on Instagram or your favorite influencers recommending products on TikTok.
The data shows it’s working. About 50-51% of US Gen Z and millennial social users made purchases on social media in 2022, according to Insider Intelligence. A study by Accenture found that the $492bn global social commerce industry is expected to grow three times as fast as traditional e-commerce to $1.2tn by 2025.
For many creators, promoting products they believe in can become a key part of their content. It’s a great way for them to monetize their influence, often with personal testimonials that speak to their audience on a deeper level than a targeted ad. During the pandemic, this resonated particularly well as social media evolved from a fun distraction into a vital way to feel connected in the midst of so much physical isolation.
Naturally, Gen Z and millennials have embraced social commerce – as digital natives and digital pioneers, they were the first groups to popularize apps like Instagram, Facebook and TikTok. Social commerce has become particularly tailored to Gen Z’s interests. An Insider Intelligence survey found 45% of them bought products because they saw something they liked while scrolling through social media.
The industry is only going to grow. Insider Intelligence predicts that by 2025, over 114 million social media users will spend more than $1,000 a year on social purchases.
Social commerce opportunities for underserved communities, non-traditional sellers and smaller influencers
This is a huge opportunity for underserved communities such as women and young people, non-traditional sellers and nano/micro influencers to enter the marketplace as social commerce has removed so many barriers to entry: there is no more need for a physical store or in-person service, and marketing can be directly tailored to very niche communities.
Just as importantly, the hours are flexible and work can be done around other responsibilities like childcare, school, or another job – which means social commerce could be a great gig for stay-at-home parents, students, or anyone eschewing a traditional workplace and 9-to-5 schedule.
Knowing where to start can be a bit overwhelming, but there are many different options available. One of the most popular is to work with a social commerce platform like MyyShop because they do not require upfront investment or product storage, and fully take care of retail logistics like order fulfillment. MyyShop also connects its sellers with DHgate.com, a sister company under DHGATE Group that has a network of more than 2.4 million suppliers. Together, this simplifies social commerce into an effortless selling experience – creators work on promoting; MyyShop does the heavy lifting.
MyyShop social commerce examples
Here are some examples of users who have built an effective social commerce strategy with MyyShop.
Consider nano influencer Amberlynn Reid, who launched her own online storefront through MyyShop while caring for her young son. She was able to leverage her relatable life experiences as a new parent and aspiring entrepreneur, as well as her influence among mothers, to promote products she believed in while making some extra income.
Buoyed by MyyShop’s reliable and flexible social commerce toolkit, over 100,000 creators have collaborated with the company in 2022 alone.
Suggested newsletters for you
Some recent success stories include the LA-based TikTok dance and street fashion influencers Joey Reed (@imjoeyreed) and Gabriel Reed (@iamgabereed), who tapped MyyShop to leverage the high interest in their personal brands and quickly produce and sell their own branded clothing line at the 2023 Coachella music festival.
Gen Z twins Renee Stephens (@rxneexx) and Nicole Stephens (@nico1eodeon) have also found huge success since graduating from high school in 2019 by posting fashion, dance, and makeup content – passions they were able to grow into a massive following, before monetizing their influence using MyyShop.
On top of the MyyShop platform, the company provides actionable advice through its MyyShop Academy, which offers different e-learning sessions on how to identify the best products, market them on social media, and get the most out of the e-commerce ecosystem.
MyyShop was just at VidCon 2023, where the team engaged with thousands of digital creators and aspiring social commerce entrepreneurs at the MyyShop booth, through a speaker session around the topic of “Monetize your influence with MyyShop,” and during many other online and offline activities.
Content by The Drum Network member:
MyyShop is a pioneering social commerce platform launched by DHgate Group that provides an effortless selling experience on social media. MyyShop equips content creators with online store creation tools and AI-powered tailored product recommendations that audiences are not able to resist. MyyShop gives creators the opportunity to sell with confidence by knowing which products are in demand at all times, all backed by a world-leading supply chain. For more information, please visit MyyShop.com or follow the official Facebook account.Find out more