Social Commerce is taking over ($89 billion market). Social Commerce it’s the process of selling products directly on social media.

It’s the entire shopping experience, from product discovery to checkout, that takes place on the social media platform.

Social Commerce: Stats and Tips

The current platforms that permit social commerce are Instagram, Pinterest, and Facebook.

But you need to understand that social commerce is not e-commerce. E-commerce involves buying and selling goods through a website or a dedicated app.

Social commerce is about selling products through social media, without leaving the platform.

Social commerce allows the user to have an all-in-one experience.

This feature allows the customer to have access to their favorite social media, while still providing a shopping experience and they can share this with friends and family.

Some Stats

40% of Gen Z and Millennials interviewed have bought something while watching a live stream on a social media app

53% of the responders said they like to carefully research the product online before buying, while only 12% said they buy something right away after seeing it on social media (e.g. in an influencer post or live streaming)

61% prefer “Add to cart” (without leaving the social media app), while the other 39% prefers “Buy on third-party website” (leaving the social media app)

Social Commerce Tips and Opportunities

This new method of shopping has been growing, specifically in the United States.

The number of US social commerce buyers grew by 25.2% in 2020 and will grow another 12.9% (90.4 million) in 2021.

US retail social commerce sales will rise by 34.8% to $36.09 billion this year. Brands are discovering that society spends a good amount of time spending their day scrolling online.

This has made them pivot into having to get in front of the customer through their screen and on the apps they are spending most of their time on.

The main targets for social commerce are Gen Z and Millennials. 97% of Gen Z consumers use social media as their top source of shopping inspiration. 40% follow brands they like on social media.

68% of Gen Z customers read or watch at least three reviews before a first-time purchase.

Millennials: 72 million in the US. They have consistent spending power and they seek experiences even when they are buying something online (and they buy A LOT online!).

Social commerce is here to stay as it provides a great opportunity for small businesses. It provides reliable data and allows influencers to become more involved.

A small business with a storefront, before COVID-19, was successful if it was discovered by people in its local area and had some popularity.

Now, small businesses are beginning to triumph over big brands due to the power and ease of social media and being able to purchase while online

It also is a great way to track how long a user stays on the website and which products they like.

Also, influencer marketing becomes more effective with social commerce and clickable links that lead straight to the product.

More Details – https://theinfluencermarketingfactory.com

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