V. Competitive Analysis

Competitor 1
Competitor 1 focuses on leveraging UGC to sway the target market and increase brand trust. To offer consumers improved shopping experiences, it collaborates with brands, customers, and retailers. The goal is to establish a rapport with customers in order to raise brand awareness. It helps online retailers in making their websites more user-friendly so that users can engage in social shopping and become devoted patrons.

Competitor 2
Competitor 2 was one of the first companies to show how Instagram's Checkout social commerce tool might be used with the platform's drop reminder feature to generate excitement before a new campaign was launched. This fashion company ran a sneak of its new product line in order to connect with fashion influencers. Instagram Story stickers and in-feed launch tags were used to entice users who viewed the sneak-peek material to sign up for release reminders.

Competitor 3
Competitor 3 was established in [xx]. It is one of many companies that allow Facebook users to make purchases without ever leaving the social network. Its social commerce approach is focused on using video to increase the visibility of its Facebook Advertisements, a tried-and-true technique given that research shows that video ads outperform other content types. 

Strengths

• Use of user-generated content to create inclusivity among customers
• Easy user interface that helps buyers shop without leaving the social media channel.
• Personalized shopping experiences clubbed with lucrative offers.

Weakness

• Being new to the industry could lead to a significant lag in establishing goodwill and trust.

Opportunities

• The global market for social commerce, estimated at $559.7 billion in the year 2020, is projected to reach a revised size of $2.9 trillion by 2026, growing at a CAGR of 30.8% over the analysis period.
• The growing adoption of online shopping and the increasing number of buyers on social media platforms..

Threats

• Competitors could look to copy the company's business model.