Social Media holds huge popularity when it comes to the E-commerce business. According to statistics by oberlo — 54% of people search for a product on social media. Hence, an E-commerce business needs to have a prominent online presence on various social media platforms.
Although many businesses are still at the back in the race of social media — businesses not present on social media are missing a huge opportunity to drive traffic, engage customers, and boost sales.
Ways You Can Leverage Social Media for Your E-commerce Business
Social Media users are growing day by day. For an E-commerce business, it is extremely important to drive traffic to their website and attract customers. However, social media can help to achieve it. But every online business is trying out its hands-on social media. So the competition is getting bigger. Here, the question arises, how to stay ahead in the game?
To be ahead in the race of social media and get your strong presence, here are the tactics to leverage social media for your E-commerce business. Before that let’s find out the importance of social media and top social media platforms for E-commerce business.
Why is Social Media important for E-commerce business?
Social media for E-commerce is used to advertise products. It helps to create brand awareness, grab customers, and generate sales. Look at the following benefits of social media for E-commerce business.
- Engage online customers
- Grab customers in a casual way
- Increase your online reach
- Get your brand known online
Top Social Media Platforms for E-commerce business
Facebook is the starting point for every E-commerce business. It has nearly 2.6 billion active users means a few of your potential customers are active there.
If you haven’t yet created your profile on Facebook, you are missing a lot. Start by sharing photos, advertising, and linking important pages of your site where you want customers to land on.
Instagram is another platform, basically used to share photos of your products. Instagram has 500+ billion users so it is obvious that your potential customers are active on the platform. Online merchants can also create shoppable posts on Instagram and tag the products.
Shoppable Instagram posts considerably simplify the purchase process of sellers on Instagram.
Twitter is another platform having 330 million monthly active users. Sharing information and linking pages of your site is a great way to take advantage of the platform and drive traffic.
It is also great for customer experience. Connecting with customers directly and answering them is an excellent way to establish relationships with your customers. One can also run ad campaigns on Twitter and grab customers.
LinkedIn is a professional platform and a perfect platform for B2B organizations. It has 772 million active users. Sharing valuable information about your products and services is an effective way to drive traffic to your E-commerce site. E-commerce business owners can join communities and groups on LinkedIn to share information and reach more people.
If your target audience is young, Snapchat is the best platform for you. There are over 101 million active users of the platform. It is a great way to share your behind-the-scenes photos of the company. But only a few marketers use the platform. So, it is the best time to get started with the platform and stay ahead of your competitors.
Pinterest is an image-based platform, perfect for sharing photos. The platform holds 442 million active users, a supreme place for marketers to sell their products. “Shop the Look” is a new feature by Pinterest to let customers buy directly from the platform.
YouTube is a video marketing tool with 2 billion active users. There is nothing you cannot find on YouTube. It even has the answer to, How to Drink Water. This means people search for every small thing on YouTube. Your product can be next. Uploading a video of your products and tutorials on how to use them will result in increased traffic to your site.
What Will You do to Leverage Social Media for Your E-commerce Business?
- Keep your customers happy
Keeping customers happy is one of the best ways to make use of social media for your E-commerce business. Happy customers are the flag-waver of your business and a lifetime follower.
Customers feel optimistic while buying from you if they know their issues and troubles are rectified quickly.
Handling customers’ issues via social media has an added benefit to let customers know that you go the extra mile to serve them.
Social media platforms are powerful tools to build relationships with your customers. Replying to the queries of users makes them feel they are attended timely. Satisfied customers will also turn out to be a good word of mouth on social platforms. Thus, your E-commerce business will reach more and more users.
Your social media channels are the best way to let users know you a bit better. Knowing you can build the trust of users in your brand and they will turn into your customers in the future. You can tell your brand stories to let people understand you better. Another way to let people know your E-commerce business is by revealing the face of the heroes of the brand. It will make your brand friendly with social media users.
Now that your users know you deeply, it’s time to engage with them. Creating user-generated content is a great way to engage with your customers. Appreciating the users by featuring the content they share. You also need to share high-quality content, useful content, and entertaining content as well.
- Optimize Social Media Posts
Follow the trend of social media. Sharing posts that fit the platform is especially beneficial to attract the relevant kind of users. Keep an eye on the market trend and what your competitors do on social media.
Make use of the awesome features provided by the platform to welcome more business. Stay updated with the platform’s new updates and features so that you do not miss out on any approach to reach your customers.
Make keyword research, including images and videos into your social media posts.
- Invest in paid advertising
There are numerous advertising opportunities when it comes to social media. Social media advertising for your E-commerce business helps to target users who are interested in your products. Social media influencers are the ones people follow for new trends and what they use. Collaborating with social media influencers of your field is another way to extend your reach.
- Follow the 3S – Stable, Short, and Sweet
Make sure you follow the 3S – Stable, Short, and Sweet. Be consistent in your posts. Sharing unusual posts will lead to the loose interests of customers in your brand. Lengthy content is less likely to get more views.
Create content that makes users act fast with a short and sweet piece of information. No one prefers to read longer content and they even don’t have that much time. So, your posts must be to the point.
Social media is a huge part of everyone’s life. So it is the best way to spread your brand’s name, generate sales, and grab loyal followers. Utilize the tactics discussed above to leverage social media for your E-commerce business to earn awareness, traffic, and sales.
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!