Yaneek Page | The struggling entrepreneur’s guide to cashing in on social commerce

In my previous column, I shared that the emergence of social commerce in the Western world was a new gold rush, potentially blowing billions in opportunities for entrepreneurs and businesses in the Caribbean.

The feedback was overwhelming, with many of my readers asking this question: What’s the easiest way to capitalise if I don’t have a product, expertise, resources, or capital to put into social commerce? Or put another way, how can I cash in if I am struggling financially? The answer is: you can take a start-up approach and focus on selling other people’s products while gathering market insights for product development or distribution. For minimal risk, you could earn a pretty penny as you learn.

You don’t need money to make money in social commerce.

It is one of the few instances in which you don’t need money to make a vast amount of money. Let me explain. Last week I came across a post from a TikTok Shop content creator who has been doing social commerce for a few months. She was crying tears of joy as she shared how she earned over US$30,000 in affiliate commissions in August. She said the sum was equivalent to what she earned in a whole year as a trained teacher when she was fresh out of college and that at this mature stage in her life, it was “life- changing money” for her family.

I was flabbergasted at the speed at which she earned, and the fact that she has no prior business skills, knowledge or training in sales or marketing, until I came across another creator who shared that her best month so far netted her US$284,000. These earnings came from commissions. She didn’t physically sell anything. This is not “monopoly money”. Annualised, that is a profit before tax of over half a billion Jamaican dollars. Most companies that are listed on the junior stock exchange have never posted those numbers.

These people are not famous. They are not large creators with a big following. Now you understand why this era is like a gold rush for some. In fact, TikTok describes some of their earning campaigns as “gold rush”.

The main pathways for a content creator to turn this opportunity into cash are affiliate marketing and brand partnerships:

Testing affiliate marketing

Affiliate marketing is straightforward: you share a product link with your followers, and when they make a purchase through that link, you earn a commission. It’s a simple system that doesn’t require you to create or own products – just promote what you already tried, like, and what your audience will benefit from.

You don’t need to wait for TikTok Shop to open up in Jamaica. Amazon is one of many ways to kick-start your journey. I’ve tested this myself recently. I signed up for the Amazon Associate programme, which allows me to generate a unique affiliate link for almost every product on Amazon.

I came across several other Jamaicans who have done the same and have posted about this on YouTube and elsewhere.

Once someone clicks your affiliate link and makes a purchase, you get a percentage of the sale. This ranges from three per cent upwards to 15 per cent, depending on the product, campaigns special promotions, and so on.

This is valuable passive income, and I can confirm that it is the easiest way I have ever earned online. There are many other affiliate programmes that you can sign up for, and now is the time to explore.

Brand partnerships

The other common way to earn is through brand partnerships. Companies are always on the lookout for authentic content creators to showcase their products to specific audiences. You don’t need to have a hundred-thousand followers to secure a deal – many brands are more interested in engagement and trust than just numbers.

By partnering with brands, you can earn significant income by creating posts, videos, or reviews around their products. This may require a shift in how you use social media. It may require a shift in your brand identity online. This is a decision you should not take lightly. At the same time, your window of opportunity is small because as more opportunities open up and the space becomes more crowded, your earning potential will be impacted.

If you’re a struggling entrepreneur, start-up, or someone who is in need of a positive change towards good financial fortune, this may be your time to shine.

If you decide to cash in, you must take an entrepreneurial approach. Be proactive and research the best affiliate programmes and brand partnerships in your niche, with a focus on social commerce. Test and adapt as trends change quickly. Every programme is evolving now because of what’s happening on TikTok Shop and with their partnership with Amazon.

As I write this, I have received an email from Amazon with new updates to their programme to push social commerce. They realise that not every strategy will work right away. They are testing different approaches, and you need to as well to see what resonates with your audience and adapt your content accordingly.

The potential for financial success through social commerce is real. We’re seeing people around the world build wealth by harnessing these platforms, and there’s no reason you can’t do the same from our neck of the woods.

By acting now, you position yourself to be one of the early adopters of this movement, securing a place in a booming industry before it becomes oversaturated.

One love!

Yaneek Page is the programme lead for Market Entry USA, and a certified trainer in entrepreneurship.yaneek.page@gmail.com