Will Your Business Benefit from Social Commerce (a $6.2 Trillion industry)?

Yesterday, I was having a discussion with a close friend who is getting into eCommerce after 30 years of running a landscaping business.

His team of salespeople was not able to convert cold calls into sales anymore and this prompted him to move into eCommerce, quite reluctantly.

I advised him to use his newly built eCommerce store as the hub of his online operations and use the accumulated data on the site to bring down customer acquisition cost below the net margin per transaction. Surprisingly, this is the simple equation that most eCommerce stores are not able to achieve.

Once he was able to do that, he can get into Social Commerce. The process of buying and selling products or services directly through social media platforms like Facebook, Instagram and TikTok.

Social commerce is becoming more natural for users as they use social media and messaging apps almost every day.

The global social commerce market is projected to rise to $6.2 trillion by 2030 and brands like SleekFlow are facilitating this growth by creating a social commerce unified hub. SeekFlow is helping brands to merge conversations, product catalogs, payment solutions, and order management into one.

One in five dollars spent on retail in Southeast Asia is transacted through social media and SleekFlow is assisting brands to integrate multiple messaging platforms like WhatsApp Business, Facebook Messenger, Instagram chat, SMS and Telegram.

The concept has taken off and SleekFlow has closed $8 million in Series A funding.

Word of Caution: If you are reading this article and hope to build an online empire only using Social Media channels, you could be mistaken. You can't scale your profits without bringing your customer acquisition below the net margin per transaction and the only way to do that is through your own eCommerce store.

Social commerce is only one more channel to facilitate your business and not a valuable resource that you can sell later on. To know more, meet us at Astrolabs Academy in Al Quoz on June 30th at 7pm. The link to register is here.