Social commerce - Statistics & Facts

Social commerce - Statistics & Facts

Statistics and facts about social commerce

Social commerce describes the convergence of social networks and e-commerce as social media is becoming increasingly more influential on consumers’ purchasing decisions. Popular examples of social commerce influencers and enablers include photo-sharing social networks such as Pinterest or Instagram, or highly-curated e-commerce sites with strong social components such as Etsy, Fab or Fancy. Niche services such as Airbnb, a social platform providing individuals to rent living spaces short-term lodging, have also taken advantage of social networking features and strongly pushing the social aspect of their services to potential customers.

Social media is an important tool for marketers – as of May 2015, Facebook adoption for marketing purpose was near universal among marketing professionals worldwide, followed by Twitter and LinkedIn. Not all traffic sources are created equal though. Recent industry figures show that social still ranks behind search, email and direct navigation in terms of average shopping value. Market leader Facebook ranks first in terms of e-commerce conversion rate.

The most popular social commerce enabling tools of omni-channel retailers in the United States include a Facebook page, a Pinterest presence and the “Like” button on product pages. Overall, the ability to share and discuss purchases on social media is a focus for many retailers and brands – unsurprising, as consumer survey data found that 86 percent of U.S. customers satisfied with a brand or purchase were likely to use Facebook to promote said brand or product. Product brands with the most Facebook fans include Coca-Cola, YouTube, Red Bull and Nike Football.

Due to its strong visual impact, Pinterest is also a platform with strong social commerce potential. Promoted pins allow brands to push purchases. Same goes for Instagram, especially as luxury, fashion and lifestyle brands profit from the social network’s focus on imagery. Another factor in Instagram’s favor is the strong celebrity usage rate – according to an internet user survey, 20 percent of female internet users have found brands through celebrity endorsements. Overall, purchase decisions of younger consumers were more frequently influenced by social media than those of older ones. Approximately one third of internet users in the United States aged 16 to 35 years are frequently influenced by what is happening in their social network. According to a study of social networking users, 26 percent of survey respondents would consider making a purchase on a social media site.

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