Whenever social media websites go down due to technical issues, we start to panic. Facebook and Instagram are as necessary as the air we breathe.
Let’s face it:
Most of us use social media for fun, to kill time, or to post pictures from a fun vacation or a night out. But more and more people turn to social media to buy stuff.
Marketing, product sales, user contribution through online media channels such as social networks constitute social commerce. This practice includes social networking that helps set up a brand as trustworthy, legitimate and credible, social commerce statistics say.
Brands and businesses are increasingly using social media’s popularity and impact to create a potential customer base and invite them to buy through social media platforms.
Let’s check out the latest facts and trends.
Smashing Social Commerce Stats (Editor’s Choice)
- By 2021, the global social commerce market will increase by about 34%.
- Researchers forecast that e-sales will exceed $735 billion by 2023.
- In the last two years, social media referral traffic to online stores has increased by more than 100%.
- 30% of interviewed online buyers claim they would purchase directly from Pinterest, Facebook, Twitter, Instagram, or Snapchat.
- 70% of consumers search for products they need to buy on Instagram and Facebook.
- More than 50% of Millennials would buy through social media.
- When Nike and Snapchat partnered up to promote and sell Air Jordan III “Tinker” after the NBA All-Star game, they sold out in just 23 minutes.
These are some mind-blowing stats. Just to make sure we’re all on the same page, though:
What Is Social Commerce?
Social Commerce is the use of Facebook, Instagram, Pinterest, and other social media websites to market, promote and sell services and products.
Social media e-commerce marketing and promotion tactics include:
- Inviting consumers to vote on items’ styles and designs.
- Applying audio and video content to initiate views and clicks.
- Inviting potential consumers to submit comments, photos, and feedback.
- Using celebrity influencer endorsements.
- Linking products directly to the shopping cart or checkout.
- Offering and organizing giveaways or promo packages to clients who share the product on their feeds.
Opportunities in social commerce are vast. Brands and businesses can generate profits from the orders made from social media networks, receive customers’ feedback, and discover what their current and potential clients want to see in their product line in the future.
Now that we’ve cleared that up, let’s move on to some:
Social Commerce Statistics, Social Media, and Ecommerce Usage Facts
Apart from increasing customers’ awareness of the brand and ensuring their loyalty, social commerce goes one step ahead of ecommerce by making on-page sales possible. In this way, customers can purchase the product they need without being referred to a product’s website.
This procedure saves shoppers’ valuable time since it doesn’t include registering on a web store. Social commerce enables customers to do their shopping without leaving social media websites.
1. The average internet user uses social networks for about 2 hours and 15 minutes daily.
28% of the interviewees spend some of that time discovering new brands and browsing products they would like to purchase.
2. According to social commerce market statistics, 80% of internet users make online purchases.
Great news for e-store owners and retailers! With a growing interest in online shopping, their businesses have a bright future. Nowadays, 50% of internet users shop online every day, while the majority of them have made an online purchase at least once in their lives.
3. 71% of consumers prefer online shopping.
Brick-and-mortar stores and shops are losing their clientele due to social and ecommerce. Many customers enjoy online shopping more than driving to the local store and waiting in line to purchase what they need.
4. Shopify has more than half a million active customers.
Shopify is one of the largest ecommerce platforms. Its annual income is about $46 billion, social commerce revenue statistics tell us.
5. In 2018, there were 3,196 billion social media users.
That’s a hell of a lot potential customers! This number also represents a 42% increase in social media users in the last decade. Chances are that this figure will only grow in the years to come.
6. 35% of consumers abandon carts because the shop asks them to create an account, while 27% think the checkout process takes too long or is too complicated.
Online shops that add additional costs suffer. Most buyers are put off by the extra money they need to spend at checkout. Baymard Institute research says that 61% of shoppers abandon their carts due to these unnecessary expenses.
7. 71% of online shoppers will recommend the brand they bought on social media.
According to a recent social commerce report, this mouth-to-mouth promoting practice can help increase brand awareness. So, many brands and businesses strategize how to use social media to improve their image, generate higher brand engagement and provide exceptional customer service. These are, in essence, the goals of social commerce.
8. 52% of online and offline purchases were influenced by Facebook in 2015.
In 2014, Facebook generated only 16% of purchases. Today, 85% of all purchases come from Facebook, as it’s one of the most popular social media ecommerce tools.
9. Social media recommendations influence 23% of online consumers.
Many buyers believe in referrals and recommendations of influential social media moguls. Plenty of brands use Instagram influencers to promote their products. This marketing practice is very popular and effective nowadays.
10. 84% of US online buyers take a look at a social media website before purchasing.
Close to 90% of online consumers reach for social media reviews to guide them through making the right shopping decision. Customers using social commerce benefit from gaining insight into what is the best product they can find at an affordable price.
11. Customers referred from Facebook order $55 worth of goods on average.
Brands and businesses that market and promote their products through social commerce know that buyers won’t make impulse shopping decisions that will cost them a lot of money. So, they usually sell items not more expensive than a hundred dollars on social media, social media e commerce statistics say…