??? Shopping in 2024: Social Commerce Takes Center Stage
As we navigate 2024, the lines between social media and e-commerce are blurring. Here's why:
? Seamless Shopping Experience: Platforms like Facebook, Instagram, and TikTok are redefining retail by allowing purchases within the social media experience, making every scroll a potential transaction.
?? Consumer-Centric: This approach thrives on the time users spend on social media, leveraging inspiration and trends to influence purchasing decisions, particularly among the younger, tech-savvy generation.
?? Strategic Shift: For brands and marketers, social commerce offers a streamlined path to connect with customers, backed by data-driven insights and peer recommendations.
Continued growth for social shopping is on the horizon, with sales growing well into the double digits through the end of 2027.
The spending per buyer is increasing, which is expected to nearly double between 2023 and 2027. This is expected to drive most of the sales growth, rather than the acquisition of new buyers.
??Key stats of Social commerce:
US adults will spend 11.4% of their total daily media time and 17.9% of their digital media time with social platforms in 2024.
Nearly a quarter (23.1%) of US social buyers are between the ages of 25 and 34, and more than two-thirds (66.5%) are under 44.
US digital buyers ages 18 to 34 have made purchases on Instagram (28%), Facebook (26%), and TikTok (22%).
33% of Gen Zers have purchased a product from an influencer-founded brand in the last year, per a November 2023 Morning Consult survey.
Gen Z is more likely than any other generation to purchase a product after watching a review from an influencer they follow, per November 2022 data from Deloitte.
Facebook leads with the largest number of social commerce buyers, expected to reach 64.6 million in 2024.
Almost 4 in 10 shoppers hold back from shopping on social media over concerns about how platforms manage personal data, per a May 2023 PYMNTS.com survey.
??Learn more about how to use social CRM tools for social commerce and word of mouth marketing: https://lnkd.in/gXyMcP2X
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Customer Success & Sales Leader Passionate About Customer Advocacy and Sales Excellence
2 周So how do social platforms build the trust of their target demographic? Is it up to the retailer to build that trust (i.e. advertise "find us on TikTok" sort of thing) or is it up to the social platform themselves to build the trust? I think the two have to work in tandem. The retailer needs to instill confidence of alternate platforms to purchase their goods while the platform needs to instill confidence in a secure purchase.