Recent data from Statista revealed that as of October 2020, more than 59 percent of the world’s population or 4.66 billion people are now active internet users. Approximately 4.14 billion internet users rely heavily on social media platforms for communication, social interactions, entertainment, access to news and current events, and business marketing and advertising.
As of the last quarter of 2020, Facebook and Instagram had more than 2.88 billion and 1 billion monthly active users, respectively. Furthermore, nearly 416 million people use Pinterest, and Twitter had 340 million active users.
Social media, indeed, has become an integral part of people’s lives and has altered several facets of society including the business environment. In fact, it has been considered as one of the crucial key drivers in the unprecedented change and tremendous growth in global ecommerce revenues over the last 10 years.
The Impact of Social Media on E-commerce
In 2020, ecommerce sales worldwide amounted to 4.21 trillion US dollars. By employing the exceptional benefits that come with social networks and adapting to current trends in digital marketing, e-retail revenues are projected to grow at a speedy rate and increase up to 6.54 trillion US dollars in 2023.
The advent of social media has completely revolutionized business and marketing across the globe. Serving as a cost-effective platform to amplify their brand message and promote various goods, services and resources, these social networks have become a vital staple of modern-day business and ecommerce. They also play an indispensable role in successful interactive marketing, brand building and influencing consumer buying behavior.
According to GlobalWebIndex, 43% of internet users use Facebook, Twitter, Instagram, and Pinterest among others to research products and services. Meanwhile, 71% of consumers are more likely to make an online purchase based on social media communications, marketing tactics, influences or referrals.
Key Benefits of Using Social Media for Business and Marketing
It is worth noting that the social media platform is in a near-constant state of flux. Nevertheless, investing in social media marketing is a wise decision especially in today’s business climate. Here are five key benefits of using social media to market your business.
Increased brand visibility and awareness
Social networks allow you to advertise and market your business to thousands of people, regardless of demographics, at any given time around the world. Spatial boundaries also become inconsequential.
Reduced marketing cost
While social media marketing is not completely free, it is considerably more cost-effective than the traditional marketing methods such as radio and tv ads, posters, and billboard advertising.
Effective customer engagement
Engaging with customers through the brand’s social channels, which are more direct, personal, and practical links to your target audience, can encourage customer loyalty and foster an environment of trust which can subsequently lead to increased conversion rates.
Increased inbound to traffic to your business website
Having a presence across relevant social networks and sharing high quality content can direct more users and customers to your brand’s website.
Audience insights
This allows you to obtain information about your prospective customers’ demographics including trends on age and gender, economic status, location, interests, and online purchase behavior. This information will help in defining the target market and creating content that resonates.
While the social media landscape is constantly changing, growing, and evolving every single day, it will undeniably persist to fuel ecommerce growth over the next several years. However, one can only succeed in social media marketing if clear, efficient, and effective strategies are employed to connect with their target audience and potential consumers.
The Writers' Block PH 
All the points are amazing!! Thanks for sharing this post!!!
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