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Aug 31, 2023

The Influence Of Social Commerce

The Influence of Social Commerce

Social commerce has revolutionized the way we shop, surpassing a remarkable milestone of over US$1 trillion in annual sales. The convergence of social media and e-commerce has paved the way for a dynamic and engaging shopping experience.

Gone are the days of merely browsing through a physical storefront; now, social media feeds have become the new shopping destinations. Deloitte Global predicts that by 2023, the social commerce market will exceed US$1 trillion, fueled by the anticipated participation of more than 2 billion users on social media platforms for their shopping needs.

Shopping on Social: Inspiration and Instant Gratification

Social commerce, a service offered by Ekhos Agency offers a captivating blend of inspiration and instant gratification. It seamlessly merges the excitement of discovering new products with the convenience of making purchases within the same platform. Imagine stumbling upon a post by your favorite influencer, showcasing a pair of extraordinary shoes. With just a few taps on your screen, you can add those very shoes to your virtual cart, complete the purchase using a mobile payment service, and eagerly await their delivery at your doorstep within a few days.

The Growing Social Commerce Market

With a staggering 5 billion social media users worldwide in 2023, the social commerce market is outpacing traditional e-commerce, demonstrating relentless growth. Its popularity gained significant momentum during the COVID-19 pandemic and continues to expand despite the uncertainties caused by the global health crisis. Research conducted in 2021 reveals that around one-third of US consumers have directly made purchases through social media, while an even larger proportion acknowledges the role of social media in their buying journey.

Seamless Post to Purchase

Social commerce embodies a consumer experience that seamlessly combines inspiration and purchase, resulting in irresistible shopping opportunities. Influencers have successfully harnessed the power of social media users, with one-third of US consumers admitting that these influencers influence their buying decisions.

The Power of Generation Z in Social Commerce

Although millennials currently dominate the social commerce market, the emergence of Generation Z cannot be underestimated. Gen Z constitutes the largest generational cohort globally, accounting for over 30% of the world’s population. The majority of these digital natives are constantly immersed in the social and online realm. A comprehensive survey conducted across the United States, the United Kingdom, Germany, Brazil, and Japan reveals that nearly all Gen Z individuals use social media platforms, with 85% of US Gen Z users accessing social media daily. Furthermore, more than half of US Gen Zs rely on social media for shopping inspiration, a critical initial step in their purchasing journey. As we look ahead, it is evident that Gen Z will continue to dominate the online landscape, receiving targeted ads for products they desire and require directly from the influencers they already admire and follow.

Ekhos Agency is uniquely positioned to provide Social Shopping solutions due to our ability to create engaging social content that grows your social audience. Check out our website and give us a call to have your social stories echoing in the marketplace at www.ekhosagency.com.

Source: Deloitte