The number of UK businesses selling on social media sites and apps is predicted to double in the next six months according to new research from PayPal. British shoppers will be able to shop on the social media channels of a further 600,000 UK businesses, as the popularity of mobile shopping expands to new sites and apps. This is in addition to the 24% of British businesses already selling via these platforms.
PayPal’s annual Commerce Index, which surveys the latest trends in mobile commerce across the globe, found an additional one in five UK businesses plan to sell via social in future.
Currently 8.4m British consumers shop via social media, with Facebook, Instagram and Snapchat being the most popular channels. A fifth of those already purchasing through social do so weekly, with individual social spending averaging £71 monthly.
Yet whilst the research reveals positive intent amongst merchants, it also reveals the proportion of UK businesses selling through social media (24%) lags significantly behind the global average of 35%. Of the 11 countries surveyed, the UK was found to have the greatest consumer concerns about security when purchasing on mobile, with key barriers including a fear of having financial information linked to social media accounts.
“As Brits continue to lead increasingly busy lives relying on their smartphones more than ever to help them make the most of their time, it’s important that businesses are in a position to cater for this. Our data reveals a substantial risein the number of businesses that plan to sell through social media over the coming six months, capturing a consumer’s attention in the very place they go to for inspiration.
However, the UK falls some way behind the global average for selling via social, something which must be addressed if businesses are to compete and make the most of their selling potential. Security remains key for consumers shopping on social and companies of all sizes must address these fears, offering mobile-friendly payment options like PayPal to help instil trust from shoppers and ensure purchases are made securely.”
– Nicola Longfield, Senior Director of Small and Medium Businesses, PayPal UK
The Tamebay reader, who as far as we are aware, has had the most success selling on social media is Public Desire, who with over a million followers on Instagram, was on of the earliest to fully embrace selling on social media. So much so that where once founder Tayyab Akhlaq was a marketplace seller, he has guided the business to selling on social media being their primary source of traffic and sales.
You can read more about Tayyab’s success and his top tips for selling on social media here.