Consumer preferences are changing – motivated by mobile and social technologies – and they demand more than ever retailers. These features have profound implications for our buying habits, preferences and relationships.
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Looking at these relationships, the social business platform based in Redwood City, California, Poshmark, has released its first-ever report on the phenomenon of social commerce.
The report was created to better understand the power of a true social commerce platform – beyond buying buttons and plug-ins – by detailing how a peer-to-peer business model peer can solve real retail problems.
Two-thirds of the world's population (40%) use social media, including 60% of Americans. eMarketer predicts that nearly 70% of retail sales in e-commerce will be via mobile by 2021.
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Almost four out of five (78%) Poshmark transactions involve social interaction.
Every day, the 40 million members of the community generate 1.2 million likes, 18 million shares and 350,000 comments. Members of his community usually spend more than 20 minutes a day in the app, including Instagram and Facebook.
E-commerce can offer only a fraction of what demanding consumers are looking for: a range of easy-to-discover options and fast, transparent transactions.
Social commerce is becoming a superpower in the retail trade. Human interactions can provide a social experience capable of answering impossible custom questions with other e-commerce models.
Social commerce uses human interactions on social networks to offer more personalized transactions and improve the buying experience.
Also: Will social commerce ever replace e-commerce?
Although brands are already testing social commerce features, they need to go beyond buying buttons and tradeable social posts to deliver what the consumer really wants.
The report shows that nearly half (48%) of consumers expect brands to help them discover new products. Six out of ten customers (59%) have higher expectations for customer service than a year ago.
Nearly three in five (56%) want to see product ratings or images before making a purchase.
Manish Chandra, founder and CEO of Poshmark said:
"By combining the best of e-commerce with a dynamic online community, social commerce is emerging as an effective model for delivering incredible experiences to this new generation of customers and bringing them back again and again."
Consumers want to be seen and heard. They need human interactions combined with a social discovery to find the right products for their needs. A social platform that works well could enrich the buying experience, which is good news for brands.
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