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Social Commerce Stats You Need to Know
Learn who’s selling and buying on social commerce platforms. Here are some social commerce stats that may inspire you.
Social commerce has taken over the online shopping world. If you shop online or spend any amount of time on social media, you may have already noticed channels like Facebook, Instagram, Pinterest, Twitter, and WhatsApp who have thousands of businesses marketing on their platforms, and many have adopted shopping and payment functions that allow people to buy a product or service directly on the platforms.
While social commerce is relatively new, it falls under the larger umbrella of eCommerce sales, which are expected to reach $4.2 trillion in 2022. That revenue potential is attracting the attention of marketers across a variety of industries, according to our partners over at HubSpot.
Take a look at these social commerce stats. They will help you understand the current market and help you generate best practices for attracting buyers and growing your business.
Social Commerce Stats
The Surge of Social Commerce
Social commerce is transforming the way we shop online. Recent data reveals that 27% of consumers now prefer discovering new products on social media more than any other channel. This shift is significant, with a 14% year-over-year increase in product discovery on these platforms. Surprisingly, 67% of buyers have already made purchases through social media.
Sales and Growth
In 2022, social media platforms witnessed an astonishing $992 billion in global sales. The US market alone is projected to grow to a $79 billion industry by 2025. During the pandemic, US companies heavily invested in social commerce, aligning with the trend of increased online and mobile shopping. Nearly half of social media marketers report direct sales within these apps.
Trust and Security Concerns
Trust plays a crucial role in social shopping. A staggering 54% of users express concerns about the legitimacy of companies selling on social media. Only 41% feel comfortable making purchases, and even fewer, 37%, trust these platforms with their card information. This highlights the need for enhanced security measures and trust-building in social commerce.
Demographic Insights
Each generation shows unique shopping behaviors on social media. Over 20% of Gen Z, Millennials, and Gen X users have bought a product directly via a social media app recently. Among different platforms, TikTok ranks as the most trusted for Gen Z but remains the least trusted overall. In the US, nearly 36% of internet users are social buyers, equating to about 90.2 million people.
Purchasing Statistics
The average value of orders referred through social media was $86.21 in Q2 of 2022. Tablet visits to e-commerce sites from social media stood at 27% in Q1 of 2023. Notably, apparel and accessories dominate social commerce categories. Users engaging with educational and inspirational content on these platforms are more inclined to make purchases.
Platform-Specific Trends
Facebook is the most trusted platform for social shopping, offering the best in-app shopping experience. It leads with 63.5 million buyers in the US and is a popular choice for discovering and buying fashion products.
Instagram, known for its visually appealing content, is the third most trusted shopping platform. It has a significant impact, with 41 million social buyers in the US.
YouTube
YouTube follows closely, being the second-most trusted platform. It’s also evolving, with new shoppable ad features expanding its influence in social commerce.
TikTok
Despite being the least trusted overall, TikTok has seen 45% of its users make a purchase within the app, particularly popular among Gen Z.
Pinterest stands out, with 27% of users making purchases through the app. It offers high conversion rates and a unique shopping experience that appeals to its user base.
Business Impact
Social commerce is a game-changer for businesses. Nearly half of social media marketers acknowledge direct sales within apps.
Social media is no longer just a platform for connection and entertainment. It has evolved into a dynamic marketplace, shaping how consumers discover, interact with, and purchase products. With trust and security as pivotal factors, platforms that can provide a safe and enjoyable shopping experience will likely lead this new era of digital commerce.
Get a piece of the pie this year! Talk to Advent Trinity about adding social commerce to your marketing strategy.
By Leslie Radford
**Updated November 2023
