The rise of social commerce in the US is hard to overlook. Sales from social commerce are on track to surge by 34.4% in 2023.
Zoom out a bit, and the figures show an uptrend, with US social commerce spending having climbed by 27% in 2022 compared to the prior year. Globally, the arena is just as dynamic, with the market set to clock in at an impressive $2.4 trillion value this year.
Let me share the most crucial social commerce statistics and insightful social media shopping data you should be aware of right away. 📈🌐
Social Commerce Statistics: The Key Data
- The global social commerce market will be valued at $2.4 trillion in 2023, and by 2030, that number will reach $8.5 trillion.
- The global social commerce market is expected to grow at a compound annual growth rate (CAGR) of 31.6% from 2023 to 2030.
- US social commerce sales are set to grow 34.4% this year to $53.1 billion.
- US social buyers make up 32% of online consumers, or 90.2 million people.
- In 2022, 4.4% of U.S. online retail sales were social commerce.
- The average US social buyer spent $518 in 2022, which is a 27% increase from the previous year.
- 98% of consumers plan to make at least one purchase through social commerce in 2022.
- 74% of consumers use social media to make purchasing decisions.
Key Findings on Social Media Shopping Statistics
- 71% of users are more likely to purchase products and services based on social media referrals.
- 54% of social media users conduct product research on the platform.
- 74% of consumers use social media to make purchasing decisions.
- 40% of Americans have bought something after seeing it on social media.
- 44% of Generation Z have bought something after a social influencer’s recommendation, compared to 26% of the general population.
- 43% of internet users in the United States are classified as “social media shoppers.”
- The social-commerce market is expected to exceed $2 trillion by 2025.
- In 2021, people used social-commerce channels to buy $37 billion worth of goods and services.
- 61% of US online adults under 25 made a purchase on a social and creator platform network without leaving the website or app, up from 53% in 2020.
- 75% of US live-shoppers want to attend more shows.
Sources: (GWI, ODM Group study, Mint, Kantar, McKinsey, Forrester)
Social Media Referrals Boost Purchase Probability by 71%
|Leverage social media influencers||Given the high trust in social media referrals, partnering with influencers can significantly drive product sales.|
|Encourage customer referrals on social media||Strategies that motivate customers to refer your products on social media can increase conversions.|
|Integrate social proof in marketing strategies||The importance of social media referrals highlights the necessity of incorporating social proof in your marketing.|
|Prioritize engagement on social media||High engagement rates can facilitate more referrals, thereby driving purchases.|
54% of Social Media Users Undertake Product Research On-Platform
|Prioritize product visibility on social media||With a significant number of users conducting product research on social media, product visibility on these platforms is crucial.|
|Develop informative social media content||Users rely on social media for product information, so creating detailed, accurate content is essential.|
|Utilize social media for customer feedback||Given the role of social media in product research, it’s a potent tool for collecting and addressing customer feedback.|
|Optimize social media SEO||With high product research rates on social media, optimizing for social media search is a must to reach potential buyers.|
Social Media Influences Purchasing Decisions for 74% of Consumers
|Leverage social media for product promotion||A significant majority of consumers use social media to guide purchasing decisions, making it vital for product promotion.|
|Prioritize social media in marketing strategies||Given the platform’s influence on purchasing, integrating it thoroughly into marketing strategies is essential.|
|Foster social media engagement||High engagement can influence purchasing decisions, emphasizing the need for interactive and appealing content.|
|Utilize customer testimonials on social media||Given the high reliance on social media for purchase decisions, using customer testimonials can significantly enhance trust and sales.|
Source: ODM Group Study
40% of Americans Buy Post-Social Media Exposure
|Prioritize social media for US marketing||With a high percentage of Americans making purchases influenced by social media, it should be a key platform in US marketing strategies.|
|Create visually appealing social media content||Given the influence of social media on purchases, creating eye-catching product visuals can boost sales.|
|Leverage social media ads for conversions||Implementing ad campaigns on social media platforms can lead to significant conversions among American users.|
|Engage influencers for product promotion||Influencers can increase product visibility and drive purchases, particularly given the significant impact of social media on buying decisions.|
44% of Gen Z Buy on Influencer Recommendation, Outpacing 26% General Population
|Generation Z is significantly influenced by social influencers.||Influence marketing strategies need intensification for Generation Z demographic.|
|The general population is less influenced by social influencers.||Broad-based marketing strategies are more effective for the general populace.|
|The gap in buying behavior between Gen Z and general population.||A tailored marketing strategy is needed for different demographic groups.|
|Gen Z is the most influencer-receptive generation.||Marketing plans must incorporate influencers for this demographic’s engagement.|
43% of US Internet Users Identified as ‘Social Media Shoppers’
|What does the data Suggest||Justification|
|A significant portion of US internet users are social media shoppers.||Companies should increase their social media marketing efforts.|
|Traditional online shopping methods aren’t the only focus.||The importance of social media as a shopping platform is increasing.|
|The trend of “social commerce” is growing.||Investment in social media e-commerce integration is crucial.|
|The need for a robust online social presence.||A strong social media presence can boost sales and customer interaction.|
Social-Commerce Market Predicted to Surpass $2 Trillion by 2025
|Rapid growth in the social-commerce market is anticipated.||Business strategies must incorporate a social-commerce element.|
|Major shift towards social-commerce.||Investment in social-commerce capabilities is crucial for survival.|
|The future e-commerce landscape will be dominated by social-commerce.||Preparations for this shift should start now.|
|The potential revenue from social-commerce is enormous.||Ignoring this sector could mean missed financial opportunities.|
$37 Billion in Goods, Services Sold via Social-Commerce in 2021
|Social-commerce channels are already driving substantial sales.||Investment in social-commerce is not just for the future, but for the present as well.|
|Consumers are comfortable buying through social-commerce.||Efforts to make these channels seamless and user-friendly should be prioritized.|
|Social-commerce has significant buying power.||Businesses must optimize their presence on these channels for revenue.|
|A notable amount of commerce is conducted on social media.||E-commerce strategies should include a strong social media component.|
61% of Young US Online Adults Purchase via Social Platforms, Up 8% from 2020
|Young US adults increasingly buy directly on social platforms.||Simplified purchasing experiences on these platforms can drive sales.|
|In-app purchases are becoming more popular.||Seamless in-app shopping experiences are vital for attracting this demographic.|
|The trend of buying without leaving the platform is growing.||Efforts should be made to enhance this feature for user convenience.|
|A significant rise in in-app purchases in just one year.||This fast-growing trend demands quick adaptation from businesses.|
75% of US Live-Shoppers Keen on Attending More Shows
|High demand for more live shopping shows among US consumers.||Businesses should increase the frequency of their live shopping events.|
|Live shopping shows are popular among consumers.||Engaging content and interactive presentations are key to attracting customers.|
|There’s an untapped potential for increased live shopping events.||Developing more live shopping opportunities can increase sales.|
|Live shopping shows have a strong retention rate.||To retain and attract more customers, these events should be part of the marketing strategy.|