The platforms dominating social commerce
+the course you need to strengthen your digital strategy and the cultural moments | news that caught our attention this week
quick summary ⚡️
In our latest MTD Contributor piece, founder Kerrie Lopez breaks down the battle brands are waging for social commerce supremacy
We’re excited to launch our very first course, Digital Strategy Essentials, for anyone looking to use digital strategy platforms effectively, grow your community and achieve your business goals
The next generation of influencers, Elon’s effort to turn X around and more in the cultural moments and news that caught our attention this week
Your latest content inspo
the social commerce battle: who is winning & why
**Kerrie Lopez is the Founder & General Manager of November Collective, a boutique consultancy that helps startup and brand leaders drive growth through marketing, strategic partnerships, and e-commerce strategy. She has spent the past decade at the intersection of retail and tech, building 0→1 products and teams for companies like Instagram, Thrive Market, Jet.com and Walmart. Kerrie received her degree from Cornell University where she is also a Guest Lecturer in Applied Economics & Management.**
There’s a reason you’re seeing The Pink Stuff, Owala Freesips, and Wavytalk Thermal Brushes everywhere: social commerce.
In the rapidly evolving e-commerce landscape, the battle for social commerce supremacy is underway. Just as Meta prematurely deprecated many of its Instagram Shopping features (see: Shop Tab, Affiliate), TikTok aggressively expanded into social commerce in the US. As the next wave of social commerce innovation begins, let’s take a step back to evaluate the frontrunners and understand their potential.
For those unfamiliar, social commerce is defined as the buying and selling of goods and services directly within a social media platform. People can complete the entire shopping journey within the platform, from discovery to purchase. Despite a rapidly growing social commerce market of more than $500 billion in China, consumer adoption has yet to fully catch on in the US.
I’ve been bullish about social commerce for years and joined the front lines at Instagram, where I helped develop the social media platform’s Shop Tab. My team’s remit was to build the dedicated e-commerce surface into a destination for people to discover and reengage with brands and products, much as they would via Amazon, Target or Nordstrom. Over time, our team morphed into an ads monetization squad, leveraging commerce primarily to combat the loss of data from Apple’s iOS14 privacy updates and to increase ROAS for our advertisers.
As we enter 2024, it’s evident that TikTok holds a decisive social commerce advantage, marked by the launch of innovative features like TikTok Shop, which seamlessly integrates a full-funnel shopping experience into the popular mobile app. TikTok Shop’s approachability, diverse seller mix, low product prices and frictionless shopping flow have turned it into a formidable e-commerce contender, with ambitious sale targets indicating substantial growth potential. We’ve already seen TikTok’s success in transforming obscure brands and products into viral sensations, underscoring its efficacy as a marketing powerhouse capable of reshaping consumer behavior and driving product-market fit for social commerce in the US. TikTok is even opening film studios where influencers can build sets and livestream, a model that has done well for the parent company in China. We’re watching in real time as TikTok cements its position as a leader in social commerce.
But the battle is far from over: Meta still has an opportunity to regain lost ground. Instagram Shopping, while an early pioneer of social commerce, has had a largely cautious approach to integrating shopping features into the app. By reinvesting in its shopping functionality and the overall commerce ecosystem (e.g. brands, sellers, creators), Meta can and should reclaim its position as a leader in social commerce before it’s too late. In particular, they can learn from TikTok’s UX, which takes people from content to purchase in just 3-4 clicks. We know that at least two thirds of people are discovering new products to buy on social, so making inspired/impulse purchases easy is key. Given its scale and ubiquity as a platform, Meta’s response to TikTok’s bold market entry will be critical to shaping the future of social commerce.
To truly win this war, these platforms will need to make the shopping experience relevant, trustworthy, and seamless—with an extremely fast path to purchase. Only time will tell which platforms will emerge as victors as the fierce social commerce battle rages on.
for more, head to the MTD blog x connect with Kerrie on LinkedIn
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💎cultural gems💎
The cultural moments and news that caught our attention this week:
The next generation of influencers are here. And they’re less than 10years old (NBC News). “A new wave of influencers from Gen Alpha — kids born between 2010 and 2024 — are building followings online for videos posted on their parent-run accounts.”
You can read our take on “sharenting” on the MTD blog
Alone on the ocean, with 400,000 friends (NY Times). Cole Brauer is taking her social media audience along for the ride as she sails around the world.
How Elon Musk is using his AI startup to help turn around X (WSJ). “We know the future of social platforms will be meaningfully impacted by generative AI.”
inspo
obsessed with Milwaukee Public Library's social content. Good inspo for all of you out there that feel creatively challenged.
h/t Jamie Farnsworth Finn for this gem
Yesterday I had the pleasure to attend a “Met up” with Melissa and a few colleagues from all around the business world. Melissa impressed with her deep understanding of how to use her expertise to create strategy and tactics for her clients. But what most impressed me was her creation of a course of study. I am proud to have worked with Melissa and wish her Godspeed in all her endeavors.