Social media platforms are everywhere and everyone is using at least one of them right now. As a result of the rise of social media platforms and social messaging, those who run a business are going to look to how it can be financially beneficial for them. Yes, we are talking about social commerce. Let’s take a look at some information you need to know about social commerce.
What is Social Commerce?
Social Commerce (sCommerce): A digital initiative that uses social media to assist in the buying and selling of products and services.
The goal of sCommerce is to increase:
Social Commerce Statistics
According to Shopify:
According to Statista:
According to Business Insider:
Research by Statista showed that 93 percent of millennials are spending their time on social networks, so it makes sense that businesses would want to capitalise on social commerce. There has already been the rise of WeChat social commerce in China. In April 2016, it was reported 31% of users initiated purchases on WeChat, which is twice as many as the previous year. This proves that social commerce has its potential.
Are you leveraging your business on social commerce?