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How the social commerce strategies of Tiktok, Facebook, and Pinterest are doing

Social shopping has encountered various roadblocks. Brands are unsure of the best way to increase sales in light of Facebook's recent announcement that it would discontinue its live shopping feature and TikTok's removal of live shopping in the United Kingdom.


social commerce strategies of Tiktok, Facebook, Pinterest




According to Insider Intelligence, the networks are vying for a piece of the $36.6 billion in retail social commerce that will be up for grabs in 2021, up from $27 billion in 2020. By 2023, social commerce is predicted to be worth $56 billion.


Here is a look at some of the social buying features that have been introduced in 2022, as brands get ready for back-to-school shopping and keep an eye on the holidays.


Instagram

In an effort to rival TikTok and draw creators, Instagram has been going through an identity crisis. In an effort to support smaller artists, the site opened up product tagging to all users in March. However, Instagram said in July that it would discontinue its native affiliate marketing program, which allowed creators to profit from purchases generated by products that were tagged in Instagram photos. In order to streamline and legitimize the creator/brand relationship process, the app prefers that companies and creators connect through Instagram's Creator Marketplace.


A representative for Meta, Instagram's parent company, stated in an email that the firm wants to make Instagram the best environment for creators to work with brands and make a living. We are concentrating on Instagram's Creator Marketplace to achieve this,


If a company uses Instagram's native checkout feature, it can still use Instagram to hold live shopping events. A host of live shopping events can watch in real-time while someone makes a purchase. Additionally, tagged products now feature additional information, such as whether an item is free shipping, on sale, an Instagram exclusive, or has a low supply.



Facebook

This year, Facebook hasn't made many modifications related to commerce. Users and companies using Facebook won't be able to hold any upcoming or previously scheduled Live Shopping events after October 1. There won't be any more product tags, but they will still be able to hold live events using Facebook Live. Facebook is encouraging companies to tag their products in Reels instead.


Overall, it appears that Facebook has always responded to TikTok using Instagram.


According to Meta Chief Operating Officer Sheryl Sandberg, "[Reels monetization] is developing swiftly and we see it as an area where there is considerable opportunity for growth in the future." It will take time, but we have a plan thanks to our work with Stories. With Reels, our current priorities are increasing ad load, enhancing performance, and ensuring that the commercials are simple for advertisers to develop.


These days, Twitch appears to be the focus of Meta. The corporation is experimenting with Super, a Livestream platform, according to a leaked presentation deck.



Twitter

To make sure it didn't fall off the social shopping bandwagon, Twitter unveiled Twitter Shops in March. This feature gave retailers a "View Shop" button where they could post up to 50 products. The platform also introduced product drops, allowing customers to set a "Remind Me" button to be notified when, for example, the newest Fossil bag will be available.


In June, Twitter announced a partnership with Shopify that would let business owners link their Twitter accounts to their Shopify stores and instantly update their stock and product listings.


Of course, the Elon Musk saga is taking up Twitter's time right now.



TikTok

Since its TikTok World summit last year, when it unveiled merchant partner integrations, dynamic advertisements, product links, and live shopping, TikTok hasn't introduced many new shopping capabilities in the United States. The Financial Times claims that the app is reconsidering its live shopping experiment in the U.K. as a result of rumors that the program's developers left. In Indonesia, the app has also been piloting a Shop tab trial.



Pinterest

Two innovations that were mentioned at Pinterest Presents in March are worth paying attention to native checkout and Your Shop, a customized shopping page. For certain American Shopify merchants and U.S. users, both features are presently in beta.


Pinterest recently revealed slower overall revenue growth and a shrinking user base during its second quarter call. Even still, its shoppable advertisements generate twice as much money as the company as a whole, and the global average revenue per user is up 17%.

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