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Executive Insights

Creating winning retail strategies with Social Commerce

Creating winning retail strategies with Social Commerce

Social networks are an integral part of everyday life; brands are bringing the entire shopping experience from product discovery and research to checkout onto social media platforms. Find out how Social Commerce can alleviate your retail strategy, widen audience engagement and customer reach. 

56:33 Min
Executive Speakers
Kenneth Tan, Co-founder & CEO, BeLive Technology
Suzie Wang, Head, Strategic Projects and Partnerships, Mediacorp
Lacey Ewin, Lead, Digital Commercial Solutions, Mediacorp

Question and Answer

Is social commerce limited to products within a certain value? At what price range, this might not work as effectively? How should brands with higher price points utilise social commerce?

Realistically, big ticket items in the thousands are harder to sell via live commerce due to the careful consideration needed. You can select a product from the lower price range to sell in the live commerce and introduce the high value product nevertheless in the same session.   

However apart from the price point, the other important consideration is this – does the buying process for your product come with a deep or complicated evaluation process? If the decision to buy cannot be made quickly, then conversion as a goal might be challenging. The scrolling or swiping habits on social media requires sellers or brands to efficiently inspire and convince consumers to purchase within a short span of time. 

If the buying decision can be made fairly quickly, coupled with the FOMO factor (e.g., limited time discount or stock during a live stream), conversion as a KPI is more achievable. Otherwise, do consider having lead generation as a KPI instead – e.g., sign up to receive a first-timer discount voucher, to be utilised at the physical stores.  

Social Commerce is also about shoppable videos, not just live commerce. Your brand can explore explainer videos from subject matter experts, actual user stories, etc. 

Is Social Commerce only good for products, how about services? Can this be applicable to market education/courses with the same good engagement and success compared to products?

We have seen Social Commerce applied to design services, consultation and even financial advice courses. The key component of Social Commerce is not the product, but the champion(s), advocates and story crafted behind the items on offer, thus it is not limited to what products or services you are selling.

Social Commerce, unlike a typical E-commerce product page, offers a two-way communication that engages your potential customers deeply – and drives engagement very well.

Is live commerce long video format? Is it better than short video format?

Live Commerce should at least be 1 to 1.5 hours long. Some streamers even stream up to 2 to 3 hours. You need to allow time at the beginning of the stream for the audience to discover the stream organically or even if its paid. At the start of the stream, the host will always ask viewers to share the stream to friends and family.  

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