Social media; a breakthrough in technology that put everything everywhere is looking even brighter for business right now and it’s time to take note.
You’ve probably noticed that more and more social media platforms are dipping their toes in ecommerce capabilities, giving online (and offline) businesses another rapidly growing channel. They are utilising the pandemic that pushed people online by capitalising on large consumer bases already sitting comfortably in the palm of their hands.
It’s clearly no surprise that Accenture is predicting that the already huge global social commerce industry will grow three times as fast as traditional ecommerce with Millennials and GenZ at the wheel.
With Millennials making up the largest portion of adults worldwide, GenZ covering those who haven’t known life without the internet and both leading the way with 62% of global social commerce spend by 2025, there’s no reason why you shouldn’t be considering social media as an option for your business.
It’s a social revolution
At least that’s what Accenture’s report, “Why Shopping’s Set for a Social Revolution” shows. So, let’s look at the findings, and see just how important social commerce could be for your business.
- 64% of social media users surveyed made at least one social commerce purchase in 2021.
- 59% of social buyers surveyed said they are more likely to support small and medium-sized businesses through social commerce than when shopping through ecommerce websites and 63% said they are more likely to return to that seller again.
- 44% of those surveyed are more likely to buy from a brand they haven’t come across before meaning businesses have some fantastic opportunity to grow their customer base on social media.
- Social commerce is a hit in developing countries.
What about trust on social media?
Consumers still lack trust when it comes to social commerce… surprising isn’t it? We can hardly blame them when differentiating between good and bad sources is still so hard. When trust is broken, getting it back is far from easy and when it comes to making purchases on any platform trust that consumer purchases are protected and can be refunded is a must. So, between it all, highlighting this as a consideration to your customers is a pivotal part of gaining trust and selling on social media.