$992 billion will be spent on social media commerce in 2022
As the number of social media users increases, so does the amount of money they spend on apps. In 2022, customers spent $992 billion on purchases through social media. This trend is especially strong in Thailand, where 90% of internet users buy from social media. India is a close second, with 86% of internet users making purchases on social media.[2]
Social media commerce is expected to reach $8.5 trillion by 2030
If you think the current social media commerce market is big, consider that it's expected to soar to $8.5 trillion in just six years.[2] There is a huge opportunity here for businesses to gain a following on social media. To take advantage of this growing audience, we recommend using a robust social media management tool.
106.8 million people shop on social media in the US
Global social media commerce statistics are huge, but they're still sizable in the United States. It is estimated that 106.8 million people will shop on social media in 2023. It is expected that 118 million Americans will shop on social media, an increase of 10.6% by 2027.[2]
Millennials shop the most on social media. 55% of 18-24 year olds in the US have shopped on social media.
In 2021, more than half of social media users ages 18 to 24 in the U.S. made at least one online order via social media. These Millennials make up the age group that has shopped the most on social media, with 25-34 year olds taking her second spot. It is clear that social media commerce works best with younger generations.[2] When deciding whether to incorporate social media into your e-commerce strategy, keep your target audience in mind.
China, India and Thailand have the highest percentage of social commerce live shoppers
Live commerce is a growing trend where users buy products in real time from social media sites. This is a particularly popular option in Thailand, India, and China, where more than 7 out of 10 users participate in live shopping.[2] If you want to enter the global market or expand your global reach, selling your products and services on social media is certainly worth considering.
Facebook is the most popular social media platform for social commerce transactions
There's no shortage of social media platforms these days, but not all of them are effective for selling products online. About 51% of survey respondents said they use Facebook for online purchases, so keep this in mind when deciding which platform to use. According to research, there were over 90 million social commerce buyers in the US in 2021.[2]
40% of people make purchases because of social media influence
Social media gives many people the feeling that they have to keep up with the Joneses. As a result, many of them are making purchases they would not have considered had they not used platforms like Facebook and Instagram. Some of the most influential products on social media include clothing and accessories, health and beauty products, food and drinks, event tickets, and vacation experiences.[6]
49% of social commerce shoppers say an influencer recommendation has influenced their purchase.
Social media influencers are active social media users who have built a reputation for their expertise and knowledge on a particular topic. Almost half of social media commerce shoppers are inspired to buy based on what they see and hear from these influencers. Believe it or not, 70% of teenage girlfriends trust influencers more than traditional celebrities, and 86% of female girlfriends use social media for purchasing advice.[7]
