What are e-Transactions?
A transaction is an agreement between a buyer and a seller to exchange goods or services. An e-Transaction is the same agreement; however, it occurs online (hence the ‘e’).
So what does this have to do with Social Media?
With an ever-growing lists of apps that are connecting our world socially, we expect to be able to do everything online. Social Media apps are going so far as to bridge the gap between being social and shopping. Because honestly, what’s easier than being able to scroll your social feeds and shop when you see something you like? Brands are able to create a compelling visual story on their brand accounts. They can leverage influencers and brand ambassadors to further their reach and being able to buy at the click of a button makes it that much easier.
Trends and Indicators
With 1 in 4 people following brands on social media it’s easy to see why social e-Transactions are becoming bigger and better. Adding the option to buy something online on social apps seems like the logical thing to do. You’re seeing the item in real life, being worn or used by someone typically and you can see how many likes and interactions people are having with it. This type of social validation is going to help sell. People already make impulse purchases, but ~87% of eCommerce shoppers believe that social media helps them make a decision.
With new apps tracking our time online, it’s not hard to believe that the average person spends around 2 hours a day on social media platforms. This makes it easier for brands to show their products on a variety of platforms. Consumers can see and visualize the product; they can see other people’s engagement with it and they’re able to find out more about the items.
So where does this leave social e-Transactions?
With the growth of social platforms and the growth of the internet era, everything is doable at the click of a button. Being able to buy on social apps like Instagram and Twitter will allows consumers to get items more easily, and brands to sell online more easily.