Online retail platform SOLshop has integrated social interaction into its shopping experience by allowing its users to buy groceries at discounted prices by inviting friends to join in group purchases, and fostering a sense of community and shared benefits.

Social commerce has already gained immense popularity in some markets, including China, and is rapidly growing in the US and other countries, the company says.

"$37-billion worth of goods and services were transacted through US social commerce channels in 2021, and this figure is expected to reach nearly $80-billion by 2025. The global social commerce market is projected to surpass $2-trillion by the same year, highlighting the global impact and potential of this emerging form of shopping," SOLshop points out.

SOLshop anticipates increased demand for bargain shopping, owing to the challenges of sustained high prices and likely market volatility during the coming year.

"Our platform positions itself as a solution to financial pressures, and promotes the concept that every day is Black Friday with significant deals. By encouraging shared purchases and group buying, we aim to alleviate the financial strain on consumers," the company says.

A key focus this year will be on customer retention and the power of word-of-mouth marketing. The importance of fostering a sense of community among users, encouraging shared shopping experiences and unlocking benefits through group purchases is not only going to help alleviate the cost of living crisis, but drive customer loyalty during the next year, it adds.

Further, SOLshop’s platform aims to bridge the gap between suppliers and customers by fostering a new model where technology facilitates seamless transactions, with suppliers adapting to a new way of engaging with customers and navigating the evolving landscape of e-commerce.

"Supporting local suppliers, in particular, encourages social and environmental benefits and lower prices for consumers, and we expect a surge in support for local businesses as a result of group buying."

Social e-commerce eliminates friction from the buying process, and provides a seamless and engaging journey for consumers, as well as opportunities for brands to connect with consumers through interactive and entertaining content.

The format allows brands to move away from traditional advertising strategies, and embrace a more immersive approach that resonates with the modern shopper, the company says.