Social Commerce Summit – key takeaways

Croud Luxe recently partnered with the first ever Social Commerce Summit: 2024 (SCS), to provide insight into linking brands’ cross channel strategy and understanding the increasing power of Social Search.

We were joined by over 70 of the top Beauty and Fashion E-commerce brands including Lululemon, Elemis, Refy, ON Running, Charlotte Tilbury, and more. The team enjoyed presentations and panel discussions with the likes of TikTok Shop, Social Media experts, and authorities in China E-commerce, who shared invaluable perspectives, shaping key takeaways for navigating the dynamic realm of Social Commerce in 2024.  

Outlined below are our key takeaways from the day.

Social Search & Linking your X-Channel Organic Strategy

What is Social Search? 

• As consumers are increasingly turning to social platforms for the latest scoop on products, recommendations, and educational content, understanding the concept and power of Social Search, and aligning your x-channel organic content strategy will be key for brands in 2024.
• Leveraging social engagement to the content users are looking for is key to marking all areas of user journeys.
• The no. 1 goal should be for brands to create shareable social content that resonates with users, so much so that they act as unpaid brand advocates.

Differences in Organic preferences when it comes to brand discovery

• Men and Women skew differently when it comes to brand discovery through Organic channels; with male audiences most reliant on search engines (41.8%) whilst 40.1% of females look to retail websites to explore and determine new brands and products. 

Growth of Search on TikTok and IG 

• TikTok has emerged as the preferred platform for consuming Fashion & Beauty content catering to female audiences.
• YoY the % of the female universe who favour TikTok has seen the greatest increase in comparison to all other platforms by +43.8% (2022-2023)

Key tips for harmonising your Search & Social efforts

• Align your content strategy across all platforms
  • Aligning site and social augments the customer experience and drive brand engagement
• Leverage search trends 
  • Use search trends as a dynamic guide to capture and retain your consumers interests both within the landscape but also to plan your content strategically.
  • Strategically enhance your social content to boost search visibility
• Embed social on your site for enhanced engagement
  • Integrate your socials on your E-commerce site for enhanced engagement, driving awareness and increasing your organic rankings.
• Revolutionise your online presence with UGC on your product pages
  • Embedding UGC content is an effective way to boost your brands search rankings and to build social proof for your product which in turn will generate conversions. 

Our top takeaways

• Use data to inform strategies
  • Use metrics to determine what content is driving high engagement across your different channels. 
• Diversity your content
  • Ensure your content differs and is appropriate to each channel. 
• Joining up the user journey
  • Making sure all platforms are communicating for a streamlined user journey to boost conversions on site.
• Engagement is key
  • Social engagement is a key factor for a social post to be prioritised in the SERPS. Backlinks drive social media recommendations.

Click here to view our full presentation

Q&A with Matt Navarra

Social platforms – what’s next?

Instagram

• There’s a real shift towards private communities and sharing (Instagram have launched broadcasts and notes features)

All recent growth in engagement on the platform has been from people posting video content and becoming part of private communities, how brands get their content into these private spaces in 2024 will be a key challenge

Wall Street Journal recently published an article on how people are sharing differently – a question to brands is ‘how do we engage and build communities’. Brands need a commerce strategy to tap into these outlets and considerations. 

TikTok

• TikTok shop – this is algorithmically favoured and the biggest focus will be here for the platform in 2024.
• TikTok is building a live studio space in LA for creators and brands to showcase products and work with different creators facilitated by the platform. 
• AI – the platform is currently shaping a system where individuals will be able to discover content and services with featured recommendations and will focus less emphasis on the live feature. 
• Creator led strategies and UGC are key for driving value. Brands need to drive authenticity and behave like a creator when creating content to resonate with their audiences making their content more digestible. Because of this, we can expect to see brands hiring creators on a consultancy basis, helping with their creator strategies
• Creator led brands are successful, ability to be relatable and takes away the barrier from brand to consumer

Other platform developments for 2024

• 80-90% of Gen Z use Snapchat – positioning themselves predominantly as an AR platform (try ons and shoppable filters)
• The power three for 2024 will be – YouTube shorts, Instagram reels and TikTok
• Amazon partnered with META and Snap by having shoppable posts, whereas TikTok will stand alone and give brands the e-commerce support by managing the shopping features and delivery logistics etc.
• Recommendations for brands using TikTok – Harness the power of creators – make the most of UGC, private sharing and advocacy – invest in a robust creator strategy.

TikTok Shop featuring Broghan Smith & Mallows Beauty

• Annual UK  social commerce spend will surpass 196.7 billion in 2026
• 1 in 3 people globally want commerce to be entertaining
• 4 in 5 people are likely to buy on social media if they’ve watched a live or participated in conversational commerce.
• 92% of tiktok users said they take action after watching a Live on Tik Tok Shop, and users are 2.5x more likely to post about a product they bought on TikTok
• The infinite content loop is achieved by brands posting inspiring and entertaining content that captures the attention of an audience. The #tiktomademedoit hashtag went viral, product advocacy led to seamless purchase > I bought it on TikTok.

Opportunities for 2024 & Beyond

Learning from the Best: China’s Social Commerce Revolution – Yaso Co-Founder James Campbell

A Focus on Chinese E-Commerce Trends

China’s dominance in e-commerce and technological innovation presents lucrative opportunities for businesses looking to expand in 2024:

Advanced E-commerce Platforms:

• Chinese e-commerce platforms have outpaced their Western counterparts in terms of technological advancements.
• Notably, super apps like WeChat, boasting 1.3 billion monthly users and 20 million official accounts, are at the forefront of this evolution.

Integrated Ecosystems on Super Apps:

• WeChat, with an average daily usage of 68 minutes, has created a vertically integrated ecosystem. Mini-programs within the app provide a comprehensive platform for payments, communication, and social interaction, offering users a holistic experience.

Key Opinion Leaders (KOLs) and Influencer Economy:

• China boasts over 10 million Key Opinion Leaders (KOLs) with follower counts exceeding 10,000.
• Projections suggest the KOL economy will reach a staggering 1 trillion by 2025, a significant leap from 210 billion in 2020.

Key Takeaways for Crafting a Chinese Commerce Strategy:

ROPO Strategy (Research Online, Purchase Offline):

• Embrace a ROPO strategy to align with Chinese consumer behaviour, encouraging online research before offline purchases.

Brand Activations for Community Building:

• Prioritise brand activations to foster community and enhance customer engagement.
• Leverage brand advocates and incorporate their feedback into marketing strategies, creating a powerful feedback loop linked to an affiliate strategy.

Utilise Creators for Education and Scalability:

• Engage creators to educate and scale, particularly focusing on smaller-tiered creators who passionately endorse your brand.
• Leverage influencers not only to educate consumers about your product but also to drive brand awareness effectively.

Case Study:

• Learn from successful case studies like Elemis, where a marriage of product efficacy and real reviews contributed significantly to driving top conversions.
• Implement strategies that highlight the authenticity of your brand through genuine customer testimonials and effective product messaging.

Croud Luxe’s collaboration at the Social Commerce Summit revealed crucial insights for brands in 2024. Key takeaways emphasised crafting shareable social content, tailoring strategies for diverse audiences, and optimising visibility on platforms like TikTok. Matt Navara’s insights highlighted the importance of authentic, creator-led approaches on Instagram and TikTok. The TikTok Shop spotlight showcased the rise of social commerce, especially in the UK beauty market. Learnings from China emphasised ROBO strategies and leveraging creators. 

The day was filled with insightful discussions, with synergy amongst the various experts and speakers we heard from. Some key themes that emerged for us were around the importance of understanding your audiences and tailoring your content accordingly, doubling down on Creator-led strategies particularly for social commerce, and the growing role this is going to continue playing in brand’s overall e-commerce strategies. 

At Croud Luxe, we have a dedicated team of Social and SEO experts, if you’re interested in understanding more about Social Search and how you can capitalise on the opportunities of linking your x-channel organic content strategy. We’d be happy to support you in your next campaign, please get in touch with us if you’re interested in any SEO work, we’d love to hear from you.