Summary
READ IT1. Short Video Form Attention Span
On an average, compared to generation Z, millennials have a longer attention span when it comes to watching videos at a whooping 12 seconds as compared to a mere 8 seconds.
2. Purchase Frequency
Surveys show that less than 50% of generation Z has a likely frequency to purchase products from social media, whereas 74% of millennials on the other hand are more likely to purchase products from social media.
3. Interests in Loyalty Programs
On an average, surveys conducted show that when taking generation Z into consideration, only a small percentage of individuals (30%) consider loyalty programs to be of interest.
4. Critical drivers for online purchases
When looking at critical drivers for payments on social networks, research shows that while 73% prefer click and collect modes of payment and delivery, a whooping 79% are more likely to be attracted towards free delivery offerings.
5. Social Commerce Trends From Summer 22-23
Taking into account trends on social networks from the year 22-23, it has been identified that 80% of consumers prefer online channels for shopping as compared to brick and mortar, 76% prefer to shop on social media platforms as compared to brand websites, 63% of community retail shoppers prefer to purchase recurring from the same sellers again and 65% have a preference towards online payment gateways as compared to cash on delivery.
6. Highest number of social commerce purchases globally
When analysing social commerce purchases, some common findings are clothing and apparel has the highest purchasing frequency at a soaring 18%, consumer electronics follows closely behind at 13% alongside fresh foods (only exclusive in the Chinese market) and last but not the least home decor products lining up a solid 7% of global purchases.
7. Social Commerce Opportunity
Globally, sales made through social commerce in 2021 are expected to reach $492 billion.
Growing at a CAGR of 26%, the social commerce opportunity will nearly triple by 2025 to $1.2 trillion.
8. Top Ten Social Commerce Features 22
When developing your social commerce strategies, here are the 10 key performing features that you can implement for a successful strategy. At 41% research shows that ratings or reviews are one of the most important features to integrate into your strategy. This feature is closely followed by close to 30% of surveys identifying the importance of clear images and descriptions, alongside a 25% score towards the implementation of in-app checkout methods.
9. Top concerns with social commerce compared to e-commerce
While there are numerous pros and cons associated with social commerce as compared to e-commerce, here are a few concerns to keep in mind in order to ensure that you are set up for success. Coming in at close to 50% the biggest concern for both social buyers and non-social buyers is the simple fact that they are concerned that their purchases won't be refunded. Additionally, it's interesting to note that 29% of social buyers find purchasing products through social media to be significantly consuming, compared to 18% of non-social buyers concerned with the same.
10. Companies using YouTube for their marketing
While social commerce is growing at a rapid rate, some interesting facts discovered through surveys show that despite being the market as one of the oldest only 13.6% of companies are marketing their products or services via YouTube, with a whooping 86.4% of organisations not leveraging the same.
11. Age specific chart for internet usage, April 23
Fun Fact! Only 56.5% of users between the age of 25-34 are utilising the internet on a whole, with a larger portion of 65% of the demographic 55–64 years of age utilising the internet on a larger extent.
Download the PDF version
Here is a PDF summarizing the key social commerce statistics that can boost your brand visibility significantly.
Resources:
3. Interest in Loyalty Programs
4. Critical drivers for online purchases
5. Social Commerce Trends From Summer 22-23
6. Highest number of social commerce purchases globally
7. Social Commerce Opportunity
8. Top Ten Social Commerce Features 22
9. Top concerns with social commerce compared to e-commerce
10. Companies using YouTube for their marketing
11. Age specific chart for internet usage, April 23
