The social commerce industry is expected to grow to $80 billion by 2025 in the US alone, with 72% of users using social media platforms to search for brands and 97% of Generation Z consumers using social media as their primary source of shopping inspiration. The number of social commerce buyers in the US accelerated 25.2% to 80.1 million in 2020 and is expected to rise to 96 million in 2022. The influencer marketing factory completed a survey in December 2021 asking 1,000 American respondents, ages 16 to 54, about their social networks . Social commerce and shopping behaviours.
Marketing Technology News: MarTech Interview with Kate Adams, Senior Vice President of Marketing at Validity
After analyzing the results, The Influencer Marketing Factory narrowed down five key findings. here they are:
- 82% Discover from respondents a product on social media and purchase it directly on their phone.
- 57% You bought something during a live shopping event and 39% I totally agree with their desire to discover new products during live shopping events.
- 58% You have used the Buy Now Pay Later (BNPL) service; Compared to another previous survey conducted in early 2021, 36% More users have tried BNPL.
- 41% I strongly agree that they want to take advantage of special discounts offered by influencers.
- 42% I strongly agree that they prefer to check directly from a social media app (rather than a third party website).
Marketing Technology News: Atari Avatar Lists on Bittrex Global
“Social commerce can help brands increase mobile conversion rates and reduce cart abandonment rates. It can also support influencers in terms of additional revenue streams, such as affiliate fees when they sell third-party items and better profit margins on their products, products, and services.” Our survey shows that there is a lot of interest and potential in social commerce, thanks to the new social media features and tools, and I can’t wait to see its future development,” stated Alessandro Bugliari, CEO of The Influencer Marketing Factory.
What kind of product do American users buy the most on social media?
It ranked first (22%) for clothing/clothing, second (15%) for beauty/make-up products, and third (11%) for household and electronics products.
How often do US users shop on social media?
29% of respondents like to shop on social media at least once a week and 24% more than once a week.
Marketing Technology News: Monstock investment forecast platform introduces NFT function