Every business, regardless of industry, has a common goal: sell more products. And increasing conversion rates is a big part of that strategy.

Social commerce offers something radically different from traditional e-commerce by weaving buying and selling into the fabric of everyday life and through a real sense of community and connection. It's set to revolutionize the way we shop: affording new opportunities for people to participate in the global economy as consumers, creators, influencers and sellers, resulting in a power shift from big to small. This will impact every brand, retailer and platform business

Around 3.5 billion people i.e 44% of the world’s population – use social media, with consumers in developing countries more likely to have a smartphone with social media apps than they are a laptop. On average consumers spend two and a half hours a day on social platforms, with more than 300 million new social media users coming online between 2019 and 2026. For many people, social platforms are the entry point for everything they do online - news, entertainment, and communication. Now commerce is in the mix too.

People want to buy products and services based on recommendations and inspiration from people they trust. That could be family, friends and communities, and it can also be authentic influencers they follow on social media. They want to feel inspired, informed and confident in what they buy. Social commerce serves these needs, providing an enhanced shopping experience that sparks discovery, enables personalization and leverages individuals’ expertise and authenticity to build trust.

I've definitely been finding a lot of smaller shops and I feel like the more that I shop on Instagram, the more these types of shops are recommended to me.

Embracing social commerce tools for business

So what does this all mean for brands, retailers and platforms? One thing's for sure: social commerce is a model they must embrace. For platforms, it opens up new revenue streams just as growth in digital advertising is expected to slow. For retailers, there are opportunities to develop new types of shopping experiences, connect in new ways and engage influencers/creators. And for brands it means embracing the shift from big to small, empowering small businesses and engaging directly with consumers through social platforms.

And We Aim To Be At its Forefront

Refr is on a mission to democratize commerce. Since our founding, we’ve relentlessly focused on creating a world class buying and selling experience that’s available for all businesses and customers. Through our Super App we aim to grow into a network of tens of millions of shoppers ready to shop at point of inspiration led by peer to peer recommendations. Refr is making shopping easy, trusted, and secure for consumers.