Business lender, iwoca has released new research showing that small business owners are using social commerce more post-pandemic.
Iwoca’s research has found that post-pandemic the amount of business owners under 40 using TikTok has doubled. With the growing popularity of TikTok and social commerce in general, it is no surprise that SMBs are looking to expand their reach on a platform with a big following of younger generations.
Fulfilment and software solution companies are also noticing this drive towards social commerce with many striking deals and partnerships to help brands flourish and grow.
With TikTok, there’s an opportunity to be at the epicentre of culture – somewhere all marketers strive to be – and each of these brands has grasped that in their own unique ways.
– Kris Boger, General Manager, Global Business Solutions, TikTok UK
TikTok isn’t the only platform being utilised by SMBs and although company websites still sit in top spot, 34% of small business owners use Facebook and nearly four in ten younger business owners use Instagram.
Since the pandemic has began SMBs owners are using different channels to market their business post-pandemic, likely spurred on by the growth in social commerce. Find out how the platforms ranked in the survey below:
Top channels pre pandemic:
- Company website 38%
- Facebook 34%
- 3. eBay 16%
- Instagram 15%
- Amazon 9%
- Etsy 5% / Gumtree 5%
Top channels post pandemic:
- Company website 40%
- Facebook 37%
- Instagram 19%
- eBay 15%
- Amazon 8%
- Etsy 5% / Gumtree 5%
