Social commerce has now become a £68 billion market. This is only set to grow, with figures set to reach £450 billion within the next seven years. Some studies are predicting that social commerce will grow by 35% in 2022 alone.
It is becoming more and more clear that consumers are discovering and purchasing products through social media. Social media is becoming a primary research tool for shoppers. Instagram is now a discovery engine for many companies. According to Instagram, around 60% of their users find new products on their platforms and then go on to find and buy the product.
Despite this, most retailers are overlooking the power of social media for e-commerce. According to a study by Brightpearl, over a quarter of retailers don’t accommodate shopping via social channels. Most businesses don’t accommodate the non-traditional ways to shop, such as Instagram and Pinterest, with very little urgency to change this.
This could prove a very costly mistake. Research highlights, that consumers are turning to digital channels to socialise and access entertainment. Retailers need to match consumers’ changing behaviours. It would be a great idea for businesses to use a wide variety of different social commerce options for a range of age groups.
Gen Z is particularly interested in buying online through social media apps. This generation loves social commerce, as it combines entertainment and shopping – very similar to traditional shopping centres. Young people are looking to scroll and shop at the same time, with 75% of 18-24-year-olds planning to shop via alternative channels in 2022.
However, it’s not just the ‘youth’ market, over half of the internet users in the 18-34 age bracket purchased through social media in 2019 and this number is only set to carry on growing.
It’s evident that this won’t be a short-term trend. Companies that aren’t embracing new social media shopping channels, may be leaving money on the table.
The complexities involved in adding and managing several social channels and delivering a consistent customer experience will become a growing issue for many businesses.
There’s loads you can do yourself to boost your sales through social media, but if you’re struggling to find the time to manage it yourself have you considered speaking with an expert?
Audience are pros at connecting businesses with their audience, especially through social media. Contact them today for a free business health check to see how they could help you with your social channels and more.
In the meantime, check out our Guide on The Ultimate Social Media Marketing Guide.