As consumers spend more time on social media, social commerce is evolving beyond being just a smart marketing tool, into a valuable extension of e-commerce.
To help understand the significance of this rapidly growing platform and what it means for the industry, global data and measurement-driven media agency Essence has released the findings of its first-ever social commerce report.
The report highlights the significant opportunity social commerce presents to brands, with three out of four people surveyed saying they are likely or highly likely to buy through social media in the future.
It also forecasts that social commerce will account for 13 percent of total e-commerce sales in China this year and 41 percent of respondents worldwide have made purchases or intend to make purchases on social platforms.
Although social media has always been an environment where buyers and sellers can interact, this survey shows a significant shift towards organised commerce on these platforms as they develop, allowing further discovery, browsing and purchasing without needing to visit external websites or apps.
