Social media has changed the way we communicate with friends and family, stay informed on everything from fitness trends to news, and share our thoughts and talents with the world. And now social media is changing where and how we shop.
Social commerce (selling goods and services on social media platforms) is rapidly gaining popularity. In 2020, social shopping ceo email id increased by 35%, reaching approximately $38 billion in US sales. U.S. sales are expected to reach $50 billion by 2023, according to U.S. market research firm eMarketer .
While the numbers are impressive,
they still compare favorably with China, where the livestream commerce market reached $170 billion in 2020, up from $66 billion the year before, suggesting untapped growth potential. inferior.
For brands with no social selling experience,
this year is the time to start. Social commerce enables brands to reach new audiences on platforms consumers already use and trust.
In addition, social commerce allows people to discover and purchase brands without leaving the social platform, streamlining the sales process and increasing revenue.
Driving the rise of social commerce
Social commerce has been around for over a decade. For example, Facebook launched “Marketplace” for peer-to-peer sales in 2007.