Social media has become an integral part of our lives, shaping how we connect, share, and consume information. As of October 2023, an incredible 61.4 percent of the world’s population are social media users. That equates to a whopping 4.95 billion people!
Number of internet and social media users worldwide as of October 2023 (in billions)
Consumers use social media for news, entertainment, socializing, researching, and shopping. The global social commerce market will be valued at $2.4 trillion in 2023, and by 2030, that number will reach $8.5 trillion.
What is Social Commerce?
Social commerce integrates social media features with commerce functionalities so users can seamlessly browse, research, and shop without leaving their favorite social platforms. Shoppable posts are spurring the massive growth of social spending.
In fact, the average US social buyer spent $518 via this channel in 2022, up 26.9% from 2021. Annual spend is projected to increase by $419 per buyer over the next three years, reaching $937 in 2025.
(Image Source – Insider Intelligence)
25 Amazing Social Commerce Statistics
Here are 25 social commerce stats to help you capitalize on in-market shoppers on social media.
- The average person uses seven different social networks per month. And the amount of time internet users spend on social media is now higher than ever — 151 minutes per day.
- 54% of social media users use social media to research products and 71% are more likely to purchase products and services based on social media referrals.
- Product research is one reason why 76% of internet users access social media.
- 27% of consumers prefer to discover new products through social media over any other channel.
- 41% of consumers have discovered a product on social media in the past three months, up 14% YoY.
- Around 84% of consumers search for brands on social media before making a purchase.
- 67% of consumers have made purchases through social media platforms.
- 29% of social media users are more likely to purchase on the same day of using social media.
- 11% of social media users immediately make an online purchase after discovering a product, while 44% purchase later.
- 81% of consumers’ purchasing choices are influenced by their friend’s posts on social media and 78% of consumers state their purchases are influenced by posts on the social media pages of brands.
- 53% of global consumers say they intend to shop more through social platforms in the future.
- People who have already made a social commerce purchase are 2X more likely to buy from a brand they’ve never heard of before than those who haven’t.
- 13% of social networkers say a “buy” button is one of the top purchase drivers.
- 44% of Generation Z have bought something after a social influencer’s recommendation, compared to 26% of the general population.
- 54% of Gen Z shoppers and 58% of Millennials agree that social platforms are better than online searches for new products.
- About half of US Gen Z and millennial social users make purchases on social media, compared to 38% of US adults overall. Boomers are the least likely to buy via social.
- TikTok is the most trusted platform for social shopping for Gen Z but is the least trusted platform overall for all generations.
- 41% of Gen Z and Millennials make an impulse purchase online every 2-3 weeks.
- 73% of Boomers responding to a recent survey said they’ve made a purchase on Facebook in the past three months.
- Consumers say Facebook has the best in-platform shopping experience, and it’s the platform most consumers have used for in-app purchases in the past three months.
- More than 70% of online shoppers will use social media to recommend the brands they purchase from.
- Social media-based influencer recommendations help 49% of consumers decide what to buy–and around 80% of consumers have purchased something after seeing it recommended by an influencer.
- During the holidays, 34% of consumers used social media sites to make purchases, and 70% of consumers in the United States have used social media networks to find inspiration for purchases.
- Around 80% of social media marketers say consumers will buy products directly within social apps more often than on brands’ websites or third-party websites like Amazon.
- More consumers report finding the perfect product by seeing a targeted ad (49%) over an organic post by a brand (40%).
6 Social Commerce Strategies for 2024
1. Leverage Shoppable Posts
Shoppable posts are the linchpin of social commerce. Use them strategically to showcase your products or services within your social media content. Ensure that your shoppable posts are visually appealing, well-tagged, and accompanied by compelling product descriptions. Make it easy for users to discover, explore, and purchase.
2. Host Live Shopping Events
Live shopping events offer a great way to engage with your audience in real-time. Host live broadcasts to showcase your products, answer questions, and offer exclusive deals. Interact directly with viewers, creating a sense of urgency and community.
3. Prioritize Personalization
Leverage data and AI-driven algorithms to offer personalized shopping experiences. Use customer browsing and purchase history to make product recommendations tailored to individual preferences. Personalization enhances user engagement and increases conversion rates
4. Encourage User-Generated Content (UGC)
User-generated content, such as customer reviews, testimonials, and product photos shared by satisfied customers, carries immense weight in social commerce. Encourage customers to share their experiences and content related to your products. Repost UGC to build trust and authenticity.
5. Invest in Influencer Marketing
Collaborate with influencers who align with your brand and target audience. Encourage influencers to provide genuine recommendations and share their personal experiences with your products.
6. Improve Customer Engagement and Service
Exceptional customer service is crucial to social commerce success. Respond to customer inquiries and comments in a timely and professional manner. Offer post-purchase support, including easy returns and exchanges.
If you found this information helpful, tune into our podcast episode: Social Media Advertising – What’s in Store for 2024.
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