Elon Musk is one of the most successful businessmen of our time. He founded SpaceX, Tesla Motors, and PayPal with others. With a net worth of $146 billion as of January 2023, Musk is the second wealthiest person in the world behind Bernard Arnault. Musk is well-known for his creative thinking and willingness to take risks, and he is frequently sought out for business guidance. If you want to learn how to effectively run your business, here are some of his best tips!
Key Points
Musk believes in dreams and that they should always follow them despite what other people say.
He also advises that it is important to be passionate about your work, learn to take risks, and work harder than everyone else.
Never stop learning, and keep trying in the face of setbacks.
Elon Musk’s TOP Business Tips
1. Be passionate about your work.
Musk asserts that the key to success is to be passionate about your work. People should follow their passions because doing so will make them happy than virtually anything else.
2. Take Risks. If you want to be successful and build your bank account, you must be willing to take risks.
The worst risk, in Musk’s opinion, is not taking any risk at all, especially in a world that is changing rapidly, as he stated in a 2012 interview, “Everyone is trying to optimize their ass-covering.” The only tactic that will always fail is staying safe.
3. Be Prepared to Work Hard.
Even as a young boy, Musk stressed learning and developing himself. He taught himself how to program and at the age of 12 wrote and sold a video game for $500. At the University of Pennsylvania, he later pursued a double degree in economics and physics. Musk continually invested in himself and his goals in order to become the richest man in the world. One of today’s most prosperous businessmen is Elon Musk. He helped transform how we live and work by starting multiple enterprises from scratch. Any company may gain from Musk’s advice, and if you follow it, you’ll be well on your road to success.
4. Be persistent Musk had a difficult time finding success.
Even though he experienced his fair share of setbacks, he persevered and didn’t give up. Both Zip2 and PayPal, two companies he co-founded, dismissed Musk. Both Tesla and SpaceX were on the precipice of failure during the 2008 crisis, and many people thought Musk would fail again. Anybody can draw inspiration from Musk’s experiences to achieve their own financial goals because he learned from his prior errors.
5. Musk’s single best piece of advice? — Continue to invest in yourself.
Musk was reading for 10 hours a day by the time he was 8 years old, and advises others to “constantly consider how you could be doing things better, and question yourself.” Even as a young boy, Musk stressed learning and developing himself. He taught himself how to program and at the age of 12 wrote and sold a video game for $500. At the University of Pennsylvania, he later pursued a double degree in economics and physics. Musk continually invested in himself and his goals in order to become the richest man in the world. One of today’s most prosperous businessmen is Elon Musk. He helped transform how we live and work by starting multiple enterprises from scratch. Any company may gain from Musk’s advice, and if you follow it, you’ll be well on your road to success.
6. Have a good time. If you follow this advice, with any luck, you’ll also become incredibly wealthy and well-known. After that, you can begin to emerge from your shell.
Elon Musk is known for being a workaholic and boasts of putting in 120-hour workweeks to keep the Tesla Model 3 manufacturing on schedule, yet ever since we met, he looks to be having fun.
The End.
All in all, Elon Musk has proven himself to be one of the most influential and successful businessmen on earth. He has proven that with dedication, effort, and a lot of fun, anyone can be successful too. You should never forget your dreams as these are the ones that will push you further and further to your success.
Are you interested in starting your own business? Don’t know how and where to start? AsiaCommerce can help you!
As we all know, China is a global export powerhouse. It encourages the export of goods, which allows companies all over the world to benefit from low manufacturing costs and a wide range of suppliers. Thanks to improvements in communication, shipping, and international payments, purchasing from China is now simpler than ever before! However, despite all these, it can still be intimidating. How can you be sure that your items will meet your requirements and arrive on time when your supplier is on the other side of the globe? When you are unable to visit suppliers’ facilities or participate in conventional trade events, how can you inspire confidence in new vendors?
Trade Assurance can be useful in this situation. Here is a discussion of how this service might reduce the risk associated with purchasing from China by setting delivery dates and product standards in advance.
What is Trade Assurance?
In essence, Traded Assurance provides insurance to guarantee that there is trust between consumers and suppliers. Additionally, it is intended to increase security while paying Chinese suppliers.
You are protected if: Your products are not shipped on time as per the contract with your supplier. Your products do not meet the quality standards as per the contract with your supplier.
Alibaba is providing you with this free protection service and should there be any problems with an order covered by Trade Assurance, Alibaba will work with you to find a solution that meets your needs. This can entail paying back some or all of your expenses or coming to another arrangement with your supplier.
Take note!
It’s crucial to understand that purchasing from a provider who offers Trade Assurance doesn’t mean you’re promised a refund, so you don’t fall for a false sense of security. When ordering the goods, you and the supplier must come to an agreement on a few particular parameters. You must also follow the Trade Assurance process, such as interacting with the supplier through the platform so that what you’ve agreed to is recorded.
You won’t receive a refund unless you accomplish this, and the mediators concur that the order’s provisions have been broken.
Trade Assurance can enable your company to approach new suppliers in China by providing you with some of the assurances you would anticipate when conducting business locally.
Grow Your Business with Trade Assurance
Here are a few ways it can aid in business growth:
1. Try Out new Vendors WITHOUT Fear
No matter if your business is just starting to grow in Asia or if you’ve already placed an order with a Chinese supplier, Trade Assurance will protect you from the very first transaction. Because you may approach a new supplier with the confidence that a Trade Assurance order should match your specified product requirements, it is simple to benefit from China’s lower production costs.
Previously, you might have been forced to rely on a personal referral or suppliers with whom you have a long-standing business connection, but today you can experiment with new suppliers who offer Trade Assurance.
By lowering the risk of approaching a new supplier, you may quickly expand your network of dependable suppliers. If a supplier’s service leaves something to be desired, you are under no obligation to continue working with them.
2. Freedom to Search for a Good Deal
While purchasing from China will lower expenses, your savings will be restricted if you can’t search around for a decent deal. The major benefit of Trade Assurance in this situation is that it allows you to shop without being constrained by the costs of a small number of vendors. You utilize Alibaba to look for a competitive price, then you check to see if the source is a Trade Assurance member.
If they have signed up, you can take advantage of the cost savings while knowing that when placing your order, you can choose the quality of the goods and a shipment date.
3. Punctual Delivery
Businesses may be reluctant to place orders from suppliers situated in China due to the lengthy distance that items must travel between China and the UK. With Trade Assurance, you may designate a shipping date in your agreement with the provider, which might help allay your concerns. You can register a dispute to request a refund if they fail to meet this deadline. Planning distribution and stock management can be made simpler by being aware of when your products should be dispatched.
4. Products that Meet Your Standards
Be as explicit as you can in the purchase contract when placing an order with a Trade Assurance supplier. Instead of using terms like “excellent quality material,” which are difficult to measure, specify the actual materials and dimensions, such as the precise ratio of cotton, nylon, and polyester.
Trade Assurance guarantees that the product you receive should fulfill the requirements once you and the supplier have agreed on your unique product standards, or you can register a dispute. This offers you the assurance to place sizeable orders with a Chinese supplier knowing that the final product should be of acceptable quality even though the production costs may be less.
How to Use Alibaba’s Trade Assurance Services
a. Start an order online with a Trade Assurance supplier.
You have two options for placing an order: either online or by having your provider do it. It is advised that you attach a performa invoice (PI) for your convenience.
b. Make a payment to the bank account that Alibaba has specified.
On their platform, you can pay immediately online with a credit card or an e-check. You can also pay by Telegraphic Transfer (T/T), and the information about the beneficiary account is available on the order details page. Boleto can be used as payment if you are a Brazilian customer. Only few USA purchasers can use Pay Later.
See below for more details on the payment methods:
Source: Alibaba.com
Endnote
All in all, Trade Assurance offers comfort when placing an order with a supplier based in China, but it only addresses two aspects of your order: the shipping date and the quality. It’s not a complete assurance of a refund, so you must be sure to consider a number of factors, including the information required in the order contract, the maximum claim amounts, the window of time in which to file a claim, and more.
Not satisfied? If you want to learn more about this and how to import using Alibaba, Contact us at philippines@asiacommerce.net or through any of our social media accounts!
The year 2020 has compelled businesses to invest extensively in e-commerce, and the astute ones understand that innovation must continue if they want to accelerate the growth of their online businesses. E-commerce may easily join the ranks of 2020’s most overused business jargon, along with “unprecedented,” “new normal,” and “uncertainty.”
However, the popularity of internet shopping will continue beyond 2021 due to its swift growth and the ability it gives businesses to quickly respond to a generation of shifting consumers. Even with all of these, though, some people continue to question the necessity of online business. How is it beneficial?
Q1: Why have businesses used internet sales platforms to pursue simple or global business growth?
AsCo: Small and medium-sized businesses (SMEs) now have an easier time reaching a larger and more diverse target market of consumers because to the development of online technologies. Additionally, trade between nations has becoming easier. With the press of a mouse, selling goods in other countries is now practically frictionless thanks to online stores like Amazon. Nowadays, selling a product in the US is just as simple as it is in the Philippines. Logistics and shipping costs have decreased dramatically at the same time. I don’t even have to leave my house to purchase something from China and have it delivered to the Philippines.
And in fact, this is one of the main benefits perks of using e-commerce. Your physical store’s limitations are unimportant. Are you in a remote or challenging location? Online is not a problem. Do you have a little storefront that is hidden by bigger businesses on either side? There are no such issues with your online storefront. One way e-commerce can assist you is by helping you compete on an even playing field with large chains. Of course, this does not imply that online shopping is simple. The final decision has to be yours to make for your shop.
Q2: How did the COVID-19 pandemic affect business’ sales on these platforms?
AsCo: Because of COVID, the digitalization theme has gained momentum. Six months ago, there were those who have never even thought of shopping online; today, there are more of them. They’ve already started, so they’ll probably keep going. Given this, a fundamental change in social behavior has been seen. It has also had a significant impact on our e-commerce industry and hastened the decline of the high street. It is very simple and affordable. In fact, sales volumes during lockdown have been on pace with those during peak seasons like Black Friday or Christmas, and for many businesses, supply chain issues were the only thing standing in the way of even greater success.
Q3: What makes e-commerce different from traditional commerce?
AsCo: E-commerce and traditional commerce are both common alternatives on the market. It will simply rely on several different variables. Most business dealers or sellers now conduct their retail and wholesale operations primarily through e-commerce. Where it is impossible to distribute goods and services to remote locations outside of urban regions, traditional trade is nevertheless widely used.
Additionally, in areas where few people are unable to afford digital devices, these people fall under the category of the ignorant, and traditional commerce is a common kind of business in these areas.
Due to low pricing on digital devices, a large number of sellers who are willing to compete, ease of accessibility, and an increase in connectivity day by day as a result of the e-commerce industry’s efforts, the majority of the target audience has now been reached by e-commerce. Based on the availability, demand, and emergence of customer demand, both traditional and e-commerce methods are still widely used.
Q4: Globally, e-commerce was ascertained to grow exponentially. However, how would the Philippines fare?
AsCo: The Philippines’ e-commerce business has been expanding over the past few years, driven by rising customer preferences for online buying and rising internet usage. This pattern has been hastened even more by the COVID-19 epidemic. As a result, GlobalData, a top provider of data and analytics, predicts that between 2021 and 2025, the value of e-commerce will increase at a solid CAGR of 17%.
E-commerce transaction value in the Philippines increased by 11.8% to reach PHP229.8 billion ($4.8B) in 2020, according to GlobalData’s E-Commerce Analytics. By 2021, it is projected to rise by 15.1% to PHP264.5 billion ($5B). While industries like travel and lodging were impacted by shutdown and travel restrictions, Shivani Gupta, Banking and Payments Senior Analyst at GlobalData, says that there is a notable surge in online purchases of retail products such as groceries and electronics.
This contributed to the increase in e-commerce sales. In fact, the pandemic has increased e-commerce in the nation as cautious consumers stay at home to avoid coming into contact with disease vectors. As more people shop online and there are more online retailers operating in the nation, this tendency will likely continue. The Department of Trade and Industry (DTI) in the Philippines reports that there were 1,700 online vendors in March 2020 and 93,318 in January 2021.
Conclusion
E-commerce has the potential to grow significantly in the coming years. According to Statista, ecommerce revenue is anticipated to expand at a rate of 14.56% each year, reaching a predicted market volume of $1,365 billion by 2025, proving that it is not a fad.
Digital shoppers should anticipate being able to conduct research, explore, shop, and make purchases effortlessly across various devices and on various commerce platforms, especially with the emergence of omnichannel shopping experiences.
Overall, we must keep in mind that, in terms of the history of retail, e-commerce is still very young. There are countless opportunities in the future, but their success and sustainability will mostly depend on consumer preferences in that time.
Are you interested in e-commerce? Want to have your own business?
Start your business with AsiaCommerce!With AsiaCommerce, we make things hassle-free, you won’t have to worry about a thing!
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“Keep your friends close, your enemies closer, but your suppliers the closest.” This is a take-off from Al Pacino’s famous line from The Godfather.
If you’ve been considering starting a business, you may have come up with some of your own concepts, such as capitalizing on one of the several in-demand goods already available on the market.
However, when it comes time to actually acquire things, many business owners encounter a brick wall. Good products aren’t always simple to find, whether you intend to manufacture your own products or locate wholesale vendors.
If you choose the wrong supplier, you can have product returns, poor quality, and shipping delays. But if you pick the appropriate source, you’ll be on your way to offering them with high-quality goods.
What makes a good supplier? Here are the 4C’s to help determine the perfect partner for you!
1. Capability
Numerous businesses can complete the same task in any industry. Capability is more about the track record of the people leading the endeavor than it is about having the physical aptitude to do the task.
Do you have confidence in the vendor you are choosing to complete the task? Do you have confidence in your vendor to act morally even when you aren’t looking? Do its leaders have the necessary moral capacity? If you choose to act morally, even if you don’t know how it will turn out, you won’t ever face criticism for it, most especially in a positive workplace culture. You will be one step closer to a contract if you can demonstrate that your business is ethically and physically capable of performing the work.
Additionally, most of the importers are aware of the value of seeking out manufacturers of the desired goods. In fact, a lot of importers give a potential supplier’s production capacity so much attention that they neglect to take other important factors into account. However, it is more difficult to confirm a supplier’s production capabilities than it is to just speak with a supplier representative you identified on Alibaba. A good supplier should be able to regularly produce a good that satisfies your needs.
2. Cost
Every business transaction involves cost, but selecting a vendor involves far more considerations than simply accepting the lowest price. The price of the service or product, cost savings to the bottom line, time savings, labor savings, the cost of not trusting the vendor and losing sleep over it, and the cost of collaborating with a company with a negative reputation are all costs that a company takes into account when choosing a vendor.
Additionally, you must always strive to purchase items for the lowest possible price that you can get. You must also gather numerous offers to ensure you are getting the greatest deal. Knowing this, please watch out for providers who offer estimates that are significantly less than those of their competitors.
In the worst case scenario, you might get that goods or services that would not, at all, satisfy your standards. Or, you can end up paying costs that weren’t included in the price and end up spending more than the stated cost. Tell potential partners everything you need in order to acquire a precise bid.
Your business will be able to win the contract if you can establish a reputation for caring about your clients’ bottom lines while providing solutions for each of these principles.
Please remember to continually read the small print! There can be some unstated fees or charges there.
3. Communication
The third factor that businesses take into account when choosing a vendor is the quality of the communication. Does the supplier communicate openly, frequently, and clearly? Do the representatives communicate enough or are they overly aggressive? Do you think they treated you honestly during the sales process? The need of effective communication is one point on which most leaders can agree. Responding to all contacts within 24 hours or fewer is a smart rule to put into place throughout the entire organization.
Clients will be aware that they can count on you to consistently keep them informed of what’s happening, whether it’s good, terrible, or indifferent, rain or shine. This will demonstrate to your clients that you share their concern and will help them see you as the business they want to work with.
In reality, organizations with a reputation for providing exceptional customer service are likely to look after you.
References are very important, as was previously stated. Obtain vendor references from people you trust. Ask them extra questions about their experiences with customer service, particularly service that comes after the sale.
4. Character
The character of the company they are hiring, as well as its leaders, is the fourth and possibly most crucial aspect, in my opinion, that businesses take into account when selecting a vendor.
Character is slightly more difficult to measure in a business transaction, but once a company and its vendors’ characters are in line, it will be difficult for any rival to sever the relationship. How did the business react to this? Or did the leadership steer clear of it? Even the most absurd remarks are still visible online and are likely to be seen by customers. The information we read online frequently combines fact and fantasy.
It’s challenging to maintain your reputation as a business. If you put your customers and staff first, your reputation will endure, and you’ll be able to be proud of it. Create this strong foundation for your firm, and customers will come to you since they will know what to expect when doing business with you.
Take advantage of the digital age we are now living in. Customers that have unpleasant customer experiences may vent their frustration online. You can conduct a search on the internet to find this kind of feedback. Search “[vendor name] reviews” on Google. You might be shocked by what you discover, whether it’s good or terrible!
Conclusion
Finding manufacturers and suppliers is a special procedure, yet it is one of the startup costs.
Finding suppliers who are a good fit is important for your new company, but they aren’t always simple to identify.
Finding the ideal partner for your new enterprise typically simply requires a little more tenacity and patience than you might think when you run into dead ends or brick walls.
Do you think you’re more knowledgeable about choosing the right suppliers? Are you still unsure?
Pick the PERFECT partner with AsiaCommerce!
Contact us at philippines@asiacommerce.net or through any of our social media accounts!
As we all know, China is a global export powerhouse. It encourages the export of goods, which allows companies all over the world to benefit from low manufacturing costs and a wide range of suppliers. Thanks to improvements in communication, shipping, and international payments, purchasing from China is now simpler than ever before! However, despite all these, it can still be intimidating. How can you be sure that your items will meet your requirements and arrive on time when your supplier is on the other side of the globe? When you are unable to visit suppliers’ facilities or participate in conventional trade events, how can you inspire confidence in new vendors?
Trade Assurance can be useful in this situation. Here is a discussion of how this service might reduce the risk associated with purchasing from China by setting delivery dates and product standards in advance.
What is Trade Assurance?
In essence, Traded Assurance provides insurance to guarantee that there is trust between consumers and suppliers. Additionally, it is intended to increase security while paying Chinese suppliers.
You are protected if: Your products are not shipped on time as per the contract with your supplier. Your products do not meet the quality standards as per the contract with your supplier.
Alibaba is providing you with this free protection service and should there be any problems with an order covered by Trade Assurance, Alibaba will work with you to find a solution that meets your needs. This can entail paying back some or all of your expenses or coming to another arrangement with your supplier.
Take note!
It’s crucial to understand that purchasing from a provider who offers Trade Assurance doesn’t mean you’re promised a refund, so you don’t fall for a false sense of security. When ordering the goods, you and the supplier must come to an agreement on a few particular parameters. You must also follow the Trade Assurance process, such as interacting with the supplier through the platform so that what you’ve agreed to is recorded.
You won’t receive a refund unless you accomplish this, and the mediators concur that the order’s provisions have been broken.
Trade Assurance can enable your company to approach new suppliers in China by providing you with some of the assurances you would anticipate when conducting business locally.
Grow Your Business with Trade Assurance
Here are a few ways it can aid in business growth:
1. Try Out new Vendors WITHOUT Fear
No matter if your business is just starting to grow in Asia or if you’ve already placed an order with a Chinese supplier, Trade Assurance will protect you from the very first transaction. Because you may approach a new supplier with the confidence that a Trade Assurance order should match your specified product requirements, it is simple to benefit from China’s lower production costs.
Previously, you might have been forced to rely on a personal referral or suppliers with whom you have a long-standing business connection, but today you can experiment with new suppliers who offer Trade Assurance.
By lowering the risk of approaching a new supplier, you may quickly expand your network of dependable suppliers. If a supplier’s service leaves something to be desired, you are under no obligation to continue working with them.
2. Freedom to Search for a Good Deal
While purchasing from China will lower expenses, your savings will be restricted if you can’t search around for a decent deal. The major benefit of Trade Assurance in this situation is that it allows you to shop without being constrained by the costs of a small number of vendors. You utilize Alibaba to look for a competitive price, then you check to see if the source is a Trade Assurance member.
If they have signed up, you can take advantage of the cost savings while knowing that when placing your order, you can choose the quality of the goods and a shipment date.
3.Punctual Delivery
Businesses may be reluctant to place orders from suppliers situated in China due to the lengthy distance that items must travel between China and the UK. With Trade Assurance, you may designate a shipping date in your agreement with the provider, which might help allay your concerns. You can register a dispute to request a refund if they fail to meet this deadline. Planning distribution and stock management can be made simpler by being aware of when your products should be dispatched.
4.Products that Meet Your Standards
Be as explicit as you can in the purchase contract when placing an order with a Trade Assurance supplier. Instead of using terms like “excellent quality material,” which are difficult to measure, specify the actual materials and dimensions, such as the precise ratio of cotton, nylon, and polyester.
Trade Assurance guarantees that the product you receive should fulfill the requirements once you and the supplier have agreed on your unique product standards, or you can register a dispute. This offers you the assurance to place sizeable orders with a Chinese supplier knowing that the final product should be of acceptable quality even though the production costs may be less.
How to Use Alibaba’s Trade Assurance Service?
1. Start an order online with a Trade Assurance supplier.
You have two options for placing an order: either online or by having your provider do it. It is advised that you attach a performa invoice (PI) for your convenience.
2. Make a payment to the bank account that Alibaba has specified.
On their platform, you can pay immediately online with a credit card or an e-check. You can also pay by Telegraphic Transfer (T/T), and the information about the beneficiary account is available on the order details page. Boleto can be used as payment if you are a Brazilian customer. Only few USA purchasers can use Pay Later.
See below for more details on the payment methods:
Source: Alibaba.com
Note
All in all, Trade Assurance offers comfort when placing an order with a supplier based in China, but it only addresses two aspects of your order: the shipping date and the quality. It’s not a complete assurance of a refund, so you must be sure to consider a number of factors, including the information required in the order contract, the maximum claim amounts, the window of time in which to file a claim, and more.
Not satisfied? If you want to learn more about this and how to import using Alibaba, Contact us at philippines@asiacommerce.net or through any of our social media accounts!
See you in our next blog!
Import Solution
If you need any help navigating through and importing goods, don’t hesitate to contact us or fill out our import request form for a FREE Quote.
For more information about how we can help your brand & business, consult with our Professional Team and we will give you the best recommendation to start improving Cross Border Supply Chain and Unlock Cross Border Potential Opportunities for your Wholesale Business, E-commerce Retails & Brands.
The world of influencers and social media is quite dynamic and competitive. However, businesses may use social media to communicate with their clientele and leave their mark. With so many social media channels to choose from for your marketing endeavors, it can be difficult to stay current on what’s new and what opportunities there are for growing brand awareness.
As eCommerce sales continue to boom around the world, now is the best time to take advantage of the upcoming eCommerce trends.
Here are our top 5 of the most important social media and eCommerce trends this year of 2023:
1. Influencer Marketing
It is not a new trend to hire well-known celebrities to endorse and promote a product. However, a small revolution in “influencer marketing” is currently being fostered by social media’s growing popularity.
Using influencers can help businesses achieve more than just lead generation; for example, it can support customer engagement and foster customer loyalty. Carefully select an influencer that has a significant fan base and one that specializes in your niche. Particularly micro-influencers have a higher audience engagement rate, and followers pay attention to what they have to say.
One great example of influencer marketing in the Philippines is the case of Maine Mendoza and MAC Cosmetics. Her collaboration with the cosmetic brand was purposeful since this served as a way to introduce the brand to a new target audience. In the country, MAC cosmetics was viewed as an excessively expensive brand for Filipinos who were majorly middle class. In doing this collaboration, MAC cosmetics was able to upgrade itself from an “upper-class” brand to an “aspirational” one. In fact, they were able to sell out their lipstick collection online within 1 mere minute!
In order to harness influencers’ impact on every step of the consumer experience, from launching a new product to sharing reviews to driving sales, brands may enter into real, imaginative, and economical relationships with influencers. Make the appropriate connections with influencers to help your company stand out!
2. Domination of Short-form Video Content and Vertical Video Formats
As users and marketers in social media, we understand the effectiveness and influence of video marketing. The format offers a useful way to engage, entertain, and give information. According to Datareportal, there are around 5.5 billion mobile users globally that use their devices to browse social media and watch videos. Because of this, thinking vertically is crucial.
This format is preferred by social networking platforms as well as visitors on mobile devices. More bite-sized content is produced as a result of shorter attention spans. For instance, users of Facebook on computers stayed on a piece of material for an average of 2.5 seconds. Those who used their phones to access Facebook took 1.7 seconds. In response, social media platforms are now providing more options for bite-sized material, including short-form movies and other content.
3.TikTok will Rule
In 2022, it was predicted that TikTok would become one if not the most important social network and/or platform for marketing, and 2023 did not prove this wrong!
In 2023, TikTok will still be a developing social media network. The platform declared that its priorities for this year were creating space for joy, actionable entertainment, and community-based ideas. To date, TikTok has received over 3 billion downloads and has 1 billion daily active users, with 80 million of those users based just in the United States. Unsurprisingly, with how TikTok has taken over the past few years, 2023 will see the expansion of short-form video that TikTok has championed across all social media platforms as brands capitalize on viral challenges, alluring auto-play media, and trending audio to increase user engagement.
As the most crucial social network for marketing, TikTok will surpass Facebook. This is because it grew the fastest, had the best ROI (de[ending on the industry), and was the most enjoyable to spend time on.
4.Increase in Social Commerce
Shopping within social networking platforms, where everything from product research to checkout takes place, is referred to as “social commerce,” a subset of e-commerce. Brands can now sell through their social media networks thanks to social commerce. Social media networks are anticipated to adopt features that facilitate user shopping as the social commerce market grows. According to Sprout Social, 98% of consumers actually want to make a purchase on social media.
Utilizing social commerce solutions has several advantages, such as: The installation is free. They simplify the sales process and produce engaging, memorable online shopping experiences. They increase the locations where sales can occur. They make headless trade possible. You may design live shopping experiences thanks to them.
With this in mind, you can use different platforms such as Facebook, Instagram, Pinterest, and even TikTok nowadays to sell and purchase products. They, however, provide different features on how to place said products to potential shoppers as they scroll through their feed.
5. Trust and Authenticity — Essentials in Social Commerce
Ever since the pandemic hit, online selling and/ or eCommerce have been on the rise. Because of this, consumer trust is important because 81% of online buyers, according to buySAFE, are apprehensive when making purchases on a website they are unfamiliar with. In the long term, this can result in a loss of clients as well as sales. Therefore, confidence in online shopping is crucial to ensuring that conversion rates are higher.
Implementing trust seals and security certificates, strong social proof, and client testimonials are a few ways to build trust in eCommerce. In fact, brands become more authentic when CEOs are active on social media. Customers are prepared to reward companies they believe to be sincere and reliable.
Most importantly, according to Sprout Social, when consumers identify with a brand, 57% of them are willing to raise their spending with it, and 76% will choose it over a rival.
Conclusion — Wrapping Up
The best part about the trends mentioned above is that they are trends we can easily see on any social media platform. With this, it can be said that they are fairly simple and easy to implement. Use these five social media and eCommerce trends to create a detailed social media ecommerce strategy for just about any business and put your brand on the path to bigger and better things in 2023. Start the year right with a great marketing strategy!
Did this blog post help you understand digital marketing, eCommerce, and its upcoming trends? Do you know that you can learn more about it with AsiaCommerce? Contact us at philippines@asiacommerce.net or through any of our social media accounts!
Stay tuned for more!
Import Solution
If you need any help navigating through and importing goods, don’t hesitate to contact us or fill out our import request form for a FREE Quote.
For more information about how we can help your brand & business, consult with our Professional Team and we will give you the best recommendation to start improving Cross Border Supply Chain and Unlock Cross Border Potential Opportunities for your Wholesale Business, E-commerce Retails & Brands.
