The Rise of Social Commerce

Sophie Frères
April 13, 2023
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8 Key Statistics Every Marketer Should Know

  1. By 2025, Social Commerce will make up 16,7% of all E-commerce - Accenture
  2. Social Commerce shall grow 31% year-on-year globally for the next 7 years – Statista
  3. Global Social Commerce sales expected to reach $947 BN in 2023 - Statista

If you are responsible for Marketing or CX at a retailer, brand or media outlet – and your teams aren’t talking and prepping to meet the already existing demand by customers for more interaction- discovery- and entertainment-driven experiences on your platform - your chances to get cracking on it successfully are dwindling by the day.

But, what IS Social Commerce even?

DEFINITION: Social Commerce includes any digital experience where people interact with one another socially and products can be purchased seamlessly out of the respective content format.

By this definition, Social Commerce includes a long list of formats, such as:

  • Interactive Livestream Shopping
  • Shoppable social content
  • In-game shopping
  • Metaverse shopping...

These experiences could be happening on or across any number of platforms (e..g on Social Media OR a brand’s webshop OR an online blog) – as long as the path-to-purchase is seamless for the viewer.

  1. Live Shopping sales to reach $𝟮𝟱 BN in USA in 2023 - Coresight Research
  2. Conversion Rates of Live shopping tend to be up 10x higher than those of regular e-commerce - Coresight Research
  3. 82% of consumers say they’re more likely to buy a product if they could ask questions and get immediate answers during a live video shopping experience - Salesforce

Among the different social commerce formats, livestream shopping is by far the largest one. With conversion rates of up to 37% and the formats’ ability to both inspire customers AND enable more informed purchase decisions; this is hardly surprising. The most important thing to keep in mind is that people value authenticity over any other factor in order to build trust.

  1. In Europe, the majority of live shoppers- 𝟱𝟵% - prefer an experience hosted directly by their favorite brands - Arvato

Trust is also the key reason consumers prefer to join live shopping events that are hosted directly by the brands and retailers they already know vs. those of lesser known creators on social media. Therefore, it comes as no surprise that in fact:

  1. In Europe, the majority of live shopping events – 70% - are already happening on brands’ own e-commerce platforms. - Arvato

Social and live commerce are here, and they are here to stay in a very big way. If you need help designing a winning strategy for your brand, talk to a LiSA expert free-of-charge today:

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