The Social Commerce Industry Is Worth Over $30 Billion

The creator economy is offering great business opportunities to creators and traditional businesses alike. Whether it is Etsy or Shopify, creators have the opportunity now to portray and showcase their products to a wider audience. This could probably be another reason why there are so many employees moving away from corporate jobs and finding financial independence by themselves. Instagram has also jumped on the bandwagon and is now allowing influencers to sell their products on the social platform. This includes TikTok as well. In fact, for some manufacturers this is becoming a gold mine that is yet to be tapped in fully.

Just because there’s a great many platforms out there that allows social commerce, it does not mean that there are niches that are all catered to. Elegant Media is an award-winning App developer that has worked across many industries to carve out an impressive niche in the technology sector, and ensure that businesses thrive. Even within the domain of social commerce there needs to be intuitive and seamless applications that connect a product and consumer together. Mobile App design is not only trendy but also very important for current day business. There is no doubt that an App prototype will complement any idea with regard to creating a fully fledged application.

All in all, in the USA alone the fact that the value of social commerce is in excess of $30 billion showcases how transactions are very much an online affair. Consider Fourthwall, which is an all-in-one business platform that allows sellers to maximize profit and drive revenue. Never has there been an incentive for influencers to carve out a niche that helps them find financial independence. The creator economy is now valued at over $100 billion. What is also useful is the role artificial intelligence and machine learning is playing in the selling and purchase of goods.

Moreover, we know that social commerce is only going to expand and create more opportunities for aspirational individuals. It would be prudent to create another player in the market as a social platform. A social platform that is built around commerce would offer the following features: website builder basics, membership management, and audience engagement tools. If you do create such a platform, you would be earning through credit card fees and a 5% payment fee just like Fourthwall. One of the benefits of such a platform is that you will be able to sell digital products as well just like NFTs.

While the concept of cryptocurrencies and NFTs are becoming a matter of contention, there is no doubt that social commerce is set to expand and thrive in an age that can only be described as being highly digital. There is enough dialogue happening with regard to NFTs and cryptocurrencies and the idea that they are a very complicated Ponzi scheme; however, this is a trend that needs to be tapped into while it lasts. With social commerce platforms also offering payment via Bitcoin this is a transactional opportunity that should be accepted as being rather viable. 

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