Is Social Media eCommerce on the Rise?
eCommerce is turning into a mainstream way of shopping. The Social Commerce market in the U.S. has accounted for US$51.2 billion this year. This article discusses the growing trends in the industry and helps you with the best merchant service provider in the country.
Social Media eCommerce Is on the Rise: Trends
Based on the recent report “Global Social Commerce Industry, the U.S. currently represents a 6.9% share in the global Social Commerce market. Let’s look at several trends in the industry:
- The global Social Commerce market made up US$559.7 billion in 2020, and is expected to reach US$2.9 trillion by 2026. The growth will make up a CAGR of 30.8%. This is according to the “Social Commerce – Global Market Trajectory & Analytics” report.
- The future of eCommerce is about being more intuitive, providing content that resonates with your customers, as they’re looking for social media content that targets their interests. This is what Software eCommerce company Productsup chief marketing officer has noted.
- According to Deloitte, 71% of customers think augmented reality (AR) experiences would encourage consumers to shop more frequently.
- Technology company Akeneo’s country manager has mentioned that consumers consistently choose companies that recognize them, and social commerce enables consumers to enter into a conversation, meanwhile making their shopping experience convenient.
- Recent research by Hootsuite has revealed that 52% of social users think platforms’ privacy policy is the most important thing.
- As some professionals in the field note, it’s essential to find the right balance between the use of popular eCommerce methods and figuring out which methods are right for a company’s objectives and products.
- A recent survey by Essence shows that 41% of respondents around the globe purchased or were planning to purchase products via social platforms.
- The same survey also shows that about 80% of consumers in China bought items on social media. Next, come Singapore, India, and Indonesia with 50%, 49%, and 48%, respectively.
- Facebook’s digital stores, which are called “Shops,” will soon offer exclusive gifts and free shipping. In 2022, the social media giant will introduce more features as it expands it’s going to expand its eCommerce product.
eMarketer predicts that eCommerce sales in the U.S. will reach 23.6% of all sales by 2025. With digital commerce growing rapidly, it’s more vital than ever to offer online payment processing solutions to your customers.
To find the best merchant service provider in the U.S., work with an expert payments comparison specialist. Make sure the comparison company pays special attention to terms, complaints, and integration processes.
Social Media Commerce Growing
Advanced technologies contribute to the growth of social commerce. Make sure to work only with a reputable merchant services comparison specialist to grow your sales.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the best merchant service provider. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.
