Boohoo Increases its Investment in Social Commerce With New Social Storefronts
Jul 19, 2024
Social Commerce
Social storefronts have become the new norm in commerce.
Brands across the world are scrambling to have their social media transformed into functioning social commerce sites. BooHoo, the popular online fashion brand is the most recent brand to join the social commerce revolution.
Why is social commerce so effective, and why are your most favourite brands joining in on it?
Read on to find out more.
WHAT ARE SOCIAL STOREFRONTS
A recent invention, social commerce combines ecommerce and social media to create a fast acting, consumer attracting, business machine.
The social commerce industry is certifiably booming, with retail earnings set to reach almost $80 billion by 2025 in the United States.
@thatachellesgirl I got accepted for the Amazon I fluencer Program & today i FINALLY set up my Amazon influencer storefront! Heres a quick HOW TO video for anyone else wondering how to do it. Includes help with changing your storefront cover/banner photo and how to ad products to your storefront. If you havnt heard if tis before, many content creators are doing this as a way to earn a commission on any products they use and recommend in their content. This is a direct way to curate a ‘shop front’ of products that you personally recommend and love (that are available to purchase through Amazon) #amazoninfluencer #amazonstorefront #influencer #amazon #amazonfinds #australiancontentcreator #amazonaustralia #instagrammarketingsecrets #thatachellesgirl
Yet, what is it? Social commerce is the usage of social media platforms to sell and promote goods and services. This is separate from ecommerce, which takes place on separate platforms and external websites.
Social commerce’s exponential growth is driven by the increasing rates of social media usage amongst consumers. The average social media user spends 15% of their life on social media platforms, with people from all generations participating in this trend.
@georgialovestoread I made an Amazon Storefront, linked in my LinkTree in my bio. Let me know if there’s anything I should add to it! Again, do not feel pressured to buy anything, this is strictly for your convenience & to make a small profit where I can! #amazonstorefront #booktok #amazonbookstore #booksonamazon #amazonbooks #annotationsupplies #cheapbooks
In turn, social storefronts are a facet of social commerce. Social storefronts are the location within a brand’s social commerce model that consumers can purchase from. These typically involve some link to influencers.
The major draw of social commerce is its ability to reach consumers directly on their favourite platforms. But what else sets it apart from ecommerce and what are its benefits?
Social commerce vs ecommerce
Social commerce and ecommerce are distinct in several ways.
Purchase Location
Social commerce and social storefronts exist solely on social media. This allows users to purchase products from their favourite brands directly from popular platforms such as Instagram and TikTok.
Ecommerce, in contrast, operates solely on external platforms such as Amazon, or brand owned online stores.
Online vs. Social Storefronts
Social storefronts allow brands to zero in on niches. Users are able to complete their entire shopping experience solely on social media, rather than having to exit their favourite platforms to find an external site.
@jacquelynmengel these products have actually made my life better #musthaveproducts #makeup #girlygirl #amazonstorefront
Branding
Social commerce is incredibly flexible. Brands do not need a separate, stand alone site to sell their products. Instead, they are able to capitalise on their existing social media accounts that have built up followings.
Conversely, for those with existing online sites, brands are able to guide leads generated through social media back to their main store. This allows for a level of personalisation in the consumer experience that ecommerce is simply unable to offer.
Consumer Relationships
Social storefronts and social commerce blend social engagement with shopping. This creates far more dynamic brand-customer interactions. Brands can connect with their consumers in comment sections, engage consumers in Stories, and more.
Ecommerce, however, does not have this ability for consumer-brand interaction.
Promotion
Social commerce allows brands to hone in on the promotional power of social media platforms. Brands can benefit from built in organic interactions such as shares and comments.
Online stores, inteads, must turn to external promotional methods such as SEO and PPC campaigns to achieve these same levels of promotion.
@romanenouri I am shook of the difference 😱😱😱😱 Selling digital products on Etsy VS Social Media 🔥 #digitalproducts #digitalproductsetsy #passiveincometips #passiveincomeforbeginners #sidehustlesecrets #sidehustlehacks
Products
Social storefronts are able to highlight specific product selections in order to perfectly appeal to consumers from the get go. As such, consumers can see products tailored for them, and are far more likely to engage and purchase.
Online stores, instead, must showcase a wide and varied range of products that appeal to everyone.
Why you should do social commerce
The benefits of social commerce are immense. From improved consumer engagement to better brand visibility, social commerce can push your brand into the future of marketing.
Improved consumer engagement
Social media is where the modern consumer lives. It is where they relax, interact with their favourite brands, and spend their lives.
As such, creating a storefront in this environment allows brands to capitalise on organic interactions. Thus creating a more relatable, less transaction-based shopping experience.
Streamlined shopping experience
Social storefronts and social commerce unlock a fluid, start-to-end shopping experience for your consumers. Users can discover, research, and purchase all without having to leave Instagram. The less friction a consumer has when purchasing, the more likely they are to complete their purchase and come back for more.
Improved Brand Visibility
As content is shared, liked, and commented on, a brand’s reach multiplies. Social media is the perfect way to endorse your brand infinitely, reaching new customers effortlessly through the positive words of your consumers
Instant Feedback
Social commerce arms brands with access to instant feedback and recommendations.
Actions such as trialling products, asking users for their valued opinions, and having easy access to consumer’s unfiltered opinions, all allow brands to level up and improve.
Brands are also able to respond to queries, deal with complaints, and foster closer relationships with their consumers on the fly.
Cost-effectiveness
Classic advertising can be expensive, but social commerce and social storefronts allow brands to use platforms’ built-in tools, organic USG, influencer partnerships, and more to improve cost-effectiveness.
This, in turn, leads to improved ROI, due to social media’s interactive and targeted nature.
BOOHOO AND SOCIAL STOREFRONTS
Boohoo is increasing its social commerce investment by allowing thousands of influencers to host personal pages on its website.
The new venture, called The Boohoo Collective, allows online creators to create an edit of their favourite BooHoo products and feature these in shoppable TikTok and Instagram content. The content directs consumers to their own storefronts on BooHoo.com.
Amazon famously operates a similar model, where influencers create their own storefront on Amazon, which they then direct their followers to through varying social media avenues. The social storefront is incredibly successful, with hundreds of influencers taking part.
@kaseyfayemiller Summer Styling with @boohoo most pieces are from the haul i posted the other day & dont forget to use KASEYFM when you checkout🍉🩵🍌🌴🍒 #boohoohaul #boohoo #summeroutfits #summeroutfitinspo #outfitinspo #ad
BooHoo partnered with Loudcrowd to create their storefront, and creators in the program will be able to share their own page and discount codes to their social media channels in order to earn commissions. Influencers will also have early access to BooHoo’s campaign launches.
Each influencer will have a data dashboard featuring their performance numbers such as commissions, storefront traffic, and conversion rates.
BooHoo claimed that the venture is an effort to bring new and exciting shopping experiences to their customers, as well as amping up their influencer marketing strategy. The company believes that this “social-led, personalised approach is the future of fashion” social storefronts.
Whether BooHoo’s new tactic is successful is yet to be seen, but given the popularity of this method for other fashion brands, it is highly likely that it will blow sales out of the water.
SOCIAL STOREFRONTS AND YOUR BRAND
Ultimately, social storefronts and social commerce are the way forward for brands seeking to target model audiences.
Social storefronts and social commerce allow brands to engage in high quality social commerce, targeting their consumers exactly where they spend the majority of their time. Through these avenues, brands can improve their reach, relationship with consumers, ROIs, and more.
@ryanmcph Social commerce is going to be the new wave 🌊 #socialcommerce #ecommerce #onlinebusiness #digitalmarketing #affiliatemarketing #entrepreneur #ryanmcpherson
For those seeking to join in on the fun, consider first whether operating out of your existing social media accounts, or using these accounts to direct consumers abc to your main site will be most effective.
Those with pre-existing, substantial social media accounts would be wise to capitalise on this. Cater to your loyal following and reward them with new, modern ways to purchase their favourite products.
As always, ensure that your social commerce is representative of your brand’s ethos and image. As with any facet of omnichannel marketing, ensuring a cohesive experience across all your channels is an absolute must.
Follow these simple guidelines, and your social storefronts and social commerce efforts are sure to be successful!
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