CRA Today Spring Issue | Page 28

In her article “ Four Major Trends that Will Shape Retail in 2024 ” on forbes . com , Catherine Erdly says , “ Social commerce is expected to grow by over 28 % annually .” 1 That creates a new revenue stream for retailers who are already engaging with an audience on social media .
Social commerce can be as simple as posting a picture of a product on Instagram or creating a Facebook Live video with a link for immediate purchase . According to Erdly , live shopping is one of the fastest growing methods of social commerce , which is likely due to the popularity of social influencers .

Live shopping is one of the fastest growing methods of social commerce

Social media influencers are the celebrities of today ’ s generation . Influencers have built a following based on their expertise or recommendations on anything from makeup and clothing to entertainment . Erdly says , “ 37 % of consumers trust influencers more than brands .” Because of that , influencers affect consumers ’ buying decisions . As a result , she says that small businesses have the potential to grow their social commerce platform by partnering with these content creators who have already built a relationship with a target audience .
To get started with this new trend , one thing you need is a platform for e-commerce . In other words , you need a way for someone , whether they be 100 miles or 1,000 miles from your store , to purchase and receive the product they see on your socials .
For over 10 years , Tim Davis from Salt & Pepper Christian Bookstore in Murfreesboro , TN , has discovered the benefits of e-commerce . With e-commerce , Tim says , “ My store is open 24 hours a day .” That means during a winter snowstorm or on a rainy summer day , products are still being sold in his store and shipped out the door .
Tim says selling on e-commerce sites has proven to be a viable way to clean out old stock and move items taking up selling space in the store . The longer a product sits on the shelf , the more value it loses . Tim believes it ’ s better to make $ 1 –$ 3 profit selling a book online than to leave it sitting on his shelf . “ We are running retail stores — not libraries ,” Tim says . And often times , a product that is out of print and unavailable through other sources could turn a much larger profit online .
Besides time and cost , other factors to consider with e-commerce are space and shipping . Tim recommends having a designated area and an organized way to store products until you sell them . You can ’ t advertise a product online that you are also selling on the shelves in your store . If it sells in your store and you don ’ t have it to ship , that will affect customer satisfaction , and in the long run , that will hurt your ability to keep moving out sales .
Learn how to become an influencer for your store by reading " Ten Tips to Shoot
Video in Your Bookstore " on page 40 .
28 CRA today / www . christianretailassociation . org