Social commerce has been around for quite some time – as an offshoot of online business to meet the needs of the teeming internet users exploring different online platforms to buy and sell various products.
The potential for having an online business can not be overemphasized because of the wider reach of the audience that can be converted from potential customers to paying customers.
Over the years, social commerce has emerged to corroborate the prospects of buying and selling on e-commerce platforms as the number of mobile users grows significantly. However, it is noteworthy that the rate of mobile web traffic is at par with desktop traffic – meaning that half of the total traffic to a web page comes from mobile devices.
This shows how influential mobile devices are, perhaps, this is why most online businesses tend to focus on mobile interfaces for their users. However, as social media has narrowed the world into smaller entities that can be navigated in the shortest time, this gives rise to people leveraging social media for buying and selling – which is social commerce.
Today, you can buy and sell your product(s) on social media with little or no restrictions, depending on the social platform you use. The most commonly used social commerce platforms are Facebook and Instagram, while others, in a way, use TikTok, Snapchat, etc. Above all, social commerce platforms take the semblance of peer-to-peer (P2P) platforms where the buyer meets the seller directly to buy and pay for products.
Payment is of the essence in every business, as this is what validates the purchase of a buyer from the seller. This is why sellers have a cliché of "payment validates the order." This means that your purchase is incomplete without making payments.
There are two (2) forms of structure on social commerce platforms. These are payment on delivery and payment before delivery.
Payment on delivery is the instance of the buyer paying for the purchase of products at the point of delivery to the buyer's doorstep. This is common among new businesses that are just coming up on social platforms. They often use this form of payment to earn the confidence of their buyers while boosting their integrity in the social space.
However, payment before delivery is a form that established sellers use to manage their customer base, especially when the patronage is large. Nonetheless, payment is a hallmark of every business, and that is typical of social commerce.
In the meantime, the rising case of breach of the agreement between buyers and sellers on social commerce platforms is becoming worrisome for many, as this is dissuading some buyers or sellers from using social commerce channels.
There have been different cases of buyers making payments to validate their purchases from some social media businesses and they didn't receive their products being paid for. Also, similar is the case for sellers that deliver products to buyers with the payment on delivery mode, and the sellers didn't receive payment.
Consequently, the lack of trust between buyers and sellers (concerning payment) has caused some level of friction between the two parties in managing their varying needs. However, a good understanding of this amiss integrity towards both the buyers and sellers leads to Peppa coming up with a payment protection strategy that would portend a win-win situation for the buyers and sellers.
What Is Peppa?
Peppa is a social commerce platform that enables buyers and sellers to enjoy the dividend of buying and selling safely and effectively on social media. Peppa is your one-stop platform for buying different products at affordable prices, selling various products to maximise profits from wider audience coverage, and protecting your payment with its escrow payment feature.
As a leading indigenous social commerce platform in Nigeria, and by extension, Africa, Peppa, in its prerogative, is changing the narrative of how to buy and sell products in the African continent.
How Does Peppa Influence Payment Protection Between Buyers And Sellers On Social Commerce?
Typically, Peppa offers escrow as a service to act as the middleman between the buyer and the seller. This is the culmination of the lack of trust that buyers do have in online businesses, especially if the location of the business is a way far from your reach (as a buyer).
Therefore, Peppa comes in as a third party (escrow) to which buyers make payments for their purchases. The money will be in this secured payment account until the completion of the agreement between the buyer and the seller.
The escrow feature on Peppa is open to buyers and sellers, on which they can create an secured payment account to protect their funds in such a way that no party would be at loss.
For instance, if Richard wants to buy a television set, with a price tag of N150,000 from a social media business that employs Peppa's secured payment service or from Peppa marketplace, he must deposit N150,000 to the escrow account and not the seller directly. The money in the escrow account is evident that Richard is interested in buying the television set.
In return, the seller takes the television set off the market and prepares for the delivery of the television set to Richard. The seller will receive payment from the escrow account upon the successful delivery of the television set to Richard. In the case of a delay or complaint, the seller will be unable to access the secured payment account for payment until everything has been resolved satisfactorily.
It is unpopular knowledge that Peppa's secured payment service makes buyers kings but the sellers are the kingmakers. This is because buyers can always buy from sellers with good integrity and buyers also need to fulfil their end of the bargain without delay or infractions.
Today, Peppa has been helping buyers and sellers to have more confidence in social commerce, as its escrow service ratifies integrity and trust between the two parties.
Conclusion
Social commerce brings convenience to buyers and sellers because of an array of sellers that sell similar products, which gives buyers a pricing overview of a particular product and the large audience that can in turn customers.
What separates a trusted seller or buyer from the bad eggs is the credibility of payment. As buyers can become victims of fraudulent sellers, sellers can also fall prey to scamming buyers. But when there is an escrow feature in place, either of the two parties sits up to the commitment.
In this regard, using Peppa's secured payment feature gives both the buyers and sellers peace of mind regarding payment protection as there is no payment for products not delivered and vice versa.
Create a Peppa account now to enable your payment protection on social commerce platforms.
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