The Social Commerce industry is expected to grow to $80 billion by 2025 in the US alone, with 72% of users that use social media platforms to research brands and 97% of Gen Z consumers that use social media as their top source of shopping inspiration. The number of US social commerce buyers accelerated 25.2% to 80.1 million in 2020 and is anticipated to increase to 96 million in 2022. The Influencer Marketing Factory completed a survey in December 2021 asking 1,000 US responders, between 16 and 54 years, about their social commerce and social shopping behaviors.
After analyzing the results, The Influencer Marketing Factory narrowed down five main findings. Which include:
- 82% of responders have discovered a product on social media and purchased it directly on their phone
- 57% have purchased something during a livestream shopping event and 39% strongly agree that they like to discover new products during live shopping events
- 58% have used a Buy Now Pay Later (BNPL) service compared to another previous survey ran in early 2021, 36% more users have tried BNPL
- 41% strongly agree they like to take advantage of special discounts offered by influencers
- 42% strongly agree that they prefer to check out directly on a social media app (instead of a third-party website)
"Social commerce can help brands increase their mobile conversion rates and decrease cart abandonment rates. It can also support influencers in terms of additional revenue streams, such as affiliate fees when they sell third-party items and better margins on their own merchandising, products, and services. Our survey shows that there is a lot of interest and potential in social commerce, thanks to new social media features and tools and I can't wait to see its future development." stated Alessandro Bogliari, CEO of The Influencer Marketing Factory.
What type of product US users buy more often on social media?
First place (22%) goes to apparel/clothing, second place (15%) to beauty/make-up products and, holding the same third place (11%) to home products and electronics.
How often do US users shop on social media?
29% of the responders like to shop on social media at least once a week and 24% more than once a week.
Do you want to learn more?
Learn more about the findings on Social Commerce and find more insights: Download Social Commerce 2022 Report (90+ Pages) for free and check out the infographic.
About The Influencer Marketing Factory:
The Influencer Marketing Factory is a global full-service influencer marketing agency that helps brands engage with Gen Z and Millennials audiences on TikTok, YouTube and Instagram.