$992 billion was spent on social media commerce in 2022
As the number of social media users increases, so does the amount they’re spending in apps. In 2022, customers spent $992 billion on purchases through social media. This trend is particularly big in Thailand, where 90% of internet users have purchased from social media. India is a close second, with 86% of internet users making a social media purchase.[2]
Social media commerce is expected to reach $8.5 trillion by 2030
If you thought the current social media commerce market was big, consider that it’s expected to jump up to $8.5 trillion in just six short years.[2] There are major opportunities here for businesses to cash in on their social media following. To take advantage of this growing audience, we recommend using a robust social media management tool.
106.8 million people in the United States shop on social media
While global social media commerce statistics are huge, they’re still quite large in the United States as well. It’s estimated that 106.8 million people shopped on social media in 2023. This is expected to increase by 10.6% to 118 million Americans shopping on social media by 2027.[2]
Millennials shop on social media the most—55% of people aged 18 to 24 in the United States have made a purchase on social media
In 2021, more than half of 18- to 24-year-old social media users in the U.S. placed at least one online order via social media. While these millennials make up the age group that shopped the most on social media, 25 to 34 years earn the second place spot. It’s clear that social media commerce is most effective with the younger generations.[2] Keep your target audience in mind when trying to determine whether to implement social media in your e-commerce strategy.
China, India and Thailand have the highest rate of live social commerce shoppers
Live commerce is a growing trend where users buy products from social media sites in real time. It’s a particularly popular option in Thailand, India and China, where over seven in 10 users engaged in live shopping.[2] If you’d like to move into the global market or expand your global reach, selling your products or services on social media is certainly worth exploring.
Facebook is the most popular social media platform for social commerce transactions
There is no shortage of social media platforms these days but not all of them are effective for selling your offerings online. About 51% of survey respondents stated that they use Facebook for online purchases so keep this in mind when determining which platforms to use. According to research, there were over 90 million U.S. social commerce buyers in 2021.[2]
40% make a purchase because of social media influence
Social media gives many people the feeling that they need to “keep up with the Joneses.” As a result, many of them make purchases they might not have considered if they didn’t use a platform such as Facebook or Instagram. The most influential products on social media include clothing or accessories, health or beauty items, food or drinks, event tickets and vacation experiences.[6]
49% of social commerce shoppers have had an influencer’s recommendation impact their purchase
Social media influencers are active social media users who have built a reputation for their expertise and knowledge on a certain topic. Almost half of social media commerce shoppers have been encouraged to make a purchase based on what they saw or heard from these influencers. Believe it or not, 70% of teens trust influencers more than traditional celebrities and 86% of women use social media for purchasing advice.[7]
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