Image by Biljana Jovanovic from Pixabay
By James Daniels
The process of marketing and selling all manner of products and services has changed as we knew it a few short years ago. In today’s fast-paced global economy, the retail world is one that primarily exists online. This article will argue and discuss that the future of global retail is not only online but that it will be in social media marketplaces, where social interaction, product and service reviews, product presentations, and videos are commonplace. The future of major retailers will be on social media marketplaces, and of this there can be no doubt.
What are social media marketplaces?
The rise of social media platforms as a means of marketing gave rise to social media marketing. This has further grown into a long-term phenomenon; it has further evolved to allow this social space to be one of the biggest retail spaces in the world. It is now a space where consumers and vendors can talk with one another and each other and do shopping, comparing prices and products in real-time.
Why has retail moved into social media?
Social media is the place where most Americans and most adults worldwide spend a significant part of their time, reading reviews and seeking authentication for suppliers, products, and services from others online and on social media more specifically. Then it follows that this is also the same platform that they will be comfortable buying on. Many believe that it was an unquestionable progression and that the pandemic simply sped it up, and social media has become the cornerstone of both brand development and the bottom line.
How to finance it?
Businesses’ most frequently asked question is how they too can manage and afford this move online. It can be a pricey endeavor, but with cloud technology having progressed and the ability to easily use an existing platform for both the social aspect and selling, it is easy to do. However, this will require a seamless back end to be set up as this is where the business reputation is made or broken. Getting the products and services to the customers in the form and manner as promoted is then key. This is where you need to spend.
Another one of the most common means of financing a new e-retailing project is to use hard money loans to put the bricks and mortar stores up as collateral and move the store online. The pop-up store is all the rage, with online shops and social media markets being the mainstay of most modern, innovative businesses and startups. The bricks-and-mortar concerns have become temporary, while the online store on social media is now the mainstream and main financial concern of most businesses.
As aforementioned, it makes sense that social media would be used as a selling point or marketplace. It’s where people are most comfortable online and spend the majority of their time so, as such, it’s a place where they are most likely to feel free to spend and be comfortable doing so.
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James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.
