E-shops

Social Media Platforms Want to Be Online Shops as They Dive Into E-Commerce – Bloomberg

Summary

Hi there, it’s Naomi in Washington. Social media companies are getting into the holiday spirit, but first…

Today’s top tech news: 

Facebook wants to be your new favorite store

One of the joys of my holiday season used to be shopping for gifts at physical stores with friends and family. It wasn’t just that there were seemingly good deals to be found hunting through the sales racks at the mall, but I liked bein…….

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Hi there, it’s Naomi in Washington. Social media companies are getting into the holiday spirit, but first…

Today’s top tech news: 

Facebook wants to be your new favorite store

One of the joys of my holiday season used to be shopping for gifts at physical stores with friends and family. It wasn’t just that there were seemingly good deals to be found hunting through the sales racks at the mall, but I liked being able to touch potential purchases and talk about them with people that I cared about. For many like myself, the spread of Covid-19 last year threw a wrench into those traditions.

This year, social media companies are trying to fill the gap.

Snapchat next week will launch an augmented-reality powered Snap Holiday Market to coincide with Black Friday. The market will feature immersive virtual stores, where users will be able to browse products and deals from six retailers including Coca-Cola, Hollister, Under Armour, Amazon Prime Video, Verizon and Walmart. Other brands such as American Eagle, Fendi and Kaja Beauty are also launching virtual try-on experiences through augmented reality technology, according to Snap Inc.

There’s been a surge in social media companies using video to help advertisers reach customers. This week, YouTube launched a weeklong live-streaming event, where popular creators sold their products directly on the platform. Earlier this year, TikTok and Shopify Inc. announced that businesses who use both platforms will be able to add a shopping tab to their profile on the social media app that links directly to their online store. Meta Platforms Inc. has also been expanding its live shopping services, in which brands live-stream a demonstration of their products on Facebook, while talking with potential customers in real time. Earlier this week, a L’ange Hair Inc. representative enthusiastically gave her chin-length hair a blowout while selling a bundle of hair-drying tools that viewers could purchase directly on the app.

Facebook’s service is a new twist on the old-school Home Shopping Network shows but with the added benefit of giving customers a more direct way to ask questions and make purchases, according to Vice President of Product Management Yulie Kwon Kim. “The earliest adopters were actually small businesses, because with Covid they had to shut down their stores,” she said in an interview. “They were forced to pivot their strategies and go online.”

Those companies helped drive a larger trend. In 2021, social commerce sales in the U.S. are expected to rise by 35.8% to $36.6 billion, according to eMarketer, fueled in part by the uptick in digital spending during the pandemic.

The growing array of virtual shopping experiences offered on social platforms will appeal to people who want a more engaging way to shop online than paging through regular e-commerce sites. But I don’t think the …….

Source: https://www.bloomberg.com/news/newsletters/2021-11-18/social-media-companies-are-diving-into-e-commerce