Social commerce is revolutionizing the way we shop online. However, the lack of trust among consumers is a significant barrier to its adoption. According to a survey by PwC, 60% of online shoppers are hesitant to use social media platforms for purchasing products due to concerns about the security of their personal information. In order for social commerce to reach its full potential, businesses need to address these concerns and build trust with their customers.?
At KohortPay, we work in a social commerce vertical we call ‘referral buying’ by bringing referrals to the payment process. Referrals is simply word-of-mouth marketing, and rests on the notion that your most powerful brand prescriptors are your customers themselves, who influence the purchasing decisions of the people they trust most: their friends and family.?In this article, we are going to look at how e-retailers can work with KohortPay to build trust with their customers via referral buying.
Building Trust in Social Commerce with KohortPay
KohortPay takes a multifaceted approach to building trust. Here are some ways we work to help you build trust with your customers to ensure the success of your referral buying campaigns:
- User-generated content: User-generated content, such as reviews and ratings, can help build trust with customers. According to a survey by BrightLocal, 91% of consumers read online reviews before making a purchase, and 84% trust online reviews as much as personal recommendations. KohortPay places user-generated content at the heart of the experience, via social walls and content sharing CTAs embedded right on our referral buying pages.
- Transparency: Being transparent about your products, pricing, and shipping policies can help build trust with your customers. According to a survey by Label Insight, 94% of consumers are likely to be loyal to a brand that offers complete transparency. KohortPay increases transparency by linking discounts to a customers’ ability to refer their community. By giving power back to consumers on what they pay, brands can be transparent about the discounts they can offer, and why.
- Security measures: Implementing security measures such as SSL encryption and two-factor authentication can help reassure customers that their personal information is safe. According to a survey by GlobalWebIndex, 53% of online shoppers are concerned about the security of their personal information when making a purchase online. KohortPay implements industry-leading security measures developed by the world’s largest payment actors.?
- Social proof: Social proof, such as endorsements from influencers, can help build trust with customers. According to a survey by Nielsen, 92% of consumers trust recommendations from people they know. KohortPay turns every one of your customers into brand influencers, whose content and personalized recommendations provide the social proof to build trust and drive conversion.?
- Personal recommendations: Personal recommendations from friends and family are highly valued by consumers. According to a survey by Nielsen, 83% of consumers trust recommendations from friends and family over advertising. KohortPay helps businesses leverage personal recommendations by bringing referrals to the payment process, turning every one of your customers into brand prescriptors. KohortPay’s gamified social buying technology encourages customers to share their purchases with their social networks, and builds-in rewards that drive conversion and lower your customer acquisition costs.?
In conclusion, trust is a critical component of every social commerce initiative. KohortPay helps businesses build trust with their customers by providing transparency, security, and leveraging social proof, including personal recommendations. Contact us today to see how we can help you unlock the potential of social commerce by bringing the virality of referrals to the immediacy of payments.
