In 2022, $992 billion was spent on social media commerce
As the variety of social media users increases, so does the quantity they spend on apps. In 2022, customers spent $992 billion on social media purchases. This trend is particularly strong in Thailand, where 90% of Internet users make purchases on social media. India is available in second place with 86% of web users making purchases on social media.[2]
By 2030, social media commerce is predicted to achieve $8.5 trillion
If you think that the present social media commerce market is large, consider that it’ll grow to $8.5 trillion in only six years.[2] Companies have great opportunities to monetize their activities on social media. To make the most of this growing audience, we recommend using a solid social media management tool.
106.8 million people within the United States shop on social media
While social media commerce statistics are huge globally, they’re still quite large within the United States as well. In 2023, an estimated 106.8 million people shopped on social media. By 2027, this number is predicted to grow by 10.6% to 118 million Americans shopping on social media.[2]
Millennials are the most probably to buy on social media – 55% of 18- to 24-year-olds within the United States have made a purchase order on social media
In 2021, greater than half of social media users aged 18 to 24 within the U.S. placed no less than one online order via social media. While millennials are the age group most probably to buy on social media, 25- to 34-year-olds are available in second. It is evident that social media trading is best with younger generations.[2] When deciding to include social media into your e-commerce strategy, keep your target market in mind.
China, India and Thailand have the best rates of live shoppers on social commerce
Live commerce is a growing trend during which users buy products from social networking sites in real time. This is an especially popular option in Thailand, India and China, where greater than seven in ten users make live purchases.[2] If you desire to enter the worldwide market or expand your global reach, it’s definitely price considering selling your services or products on social media.
Facebook is the preferred social media platform for social commerce transactions
There is not any shortage of social media platforms nowadays, but not all of them are effective in selling your offer online. About 51% of survey respondents said they use Facebook for online shopping, so keep this in mind when deciding which platforms to make use of. According to research, there have been over 90 million social commerce shoppers within the US in 2021.[2]
40% make purchases under the influence of social media
Social media makes many individuals feel like they must “keep up with the Joneses.” As a result, a lot of them make purchases that they won’t have thought of in the event that they had not used platforms similar to Facebook or Instagram. The products which have the best influence on social media are clothes and accessories, health or beauty items, food and beverages, event tickets and holiday experiences.[6]
For 49% of social commerce customers, an influencer’s advice influenced their purchase
Social media influencers are lively social media users who’ve built a repute for their expertise and knowledge on a particular topic. Nearly half of social media shoppers were encouraged to make a purchase order based on what they saw or heard from influencers. Believe it or not, 70% of teenagers trust influencers greater than traditional celebrities, and 86% of ladies use social media for shopping advice.[7]
Credit : www.forbes.com
