Social Commerce 2022 Report by the Influencer Marketing Factory
The Social Commerce industry is expected to grow to $80 billion by 2025 in the U.S. alone, with 72% of users using social media platforms to research brands and 97% of Gen Z consumers using social media as their top source of shopping inspiration. The number of U.S. social commerce buyers accelerated 25.2% to 80.1 million in 2020 and is anticipated to increase to 96 million in 2022. The Influencer Marketing Factory completed a survey in December 2021 asking 1,000 U.S. responders, between 16 and 54 years, about their social commerce and social shopping behaviors.
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After analyzing the results, The Influencer Marketing Factory narrowed down five main findings. These are:
- 82% of responders have discovered a product on social media and purchased it directly on their phone.
- 57% have purchased something during a livestream shopping event and 39% strongly agree that they like to discover new products during live shopping events.
- 58% have used a Buy Now Pay Later (BNPL) service; compared to another previous survey ran in early 2021, 36% more users have tried BNPL.
- 41% strongly agree they like to take advantage of special discounts offered by influencers.
- 42% strongly agree that they prefer to check out directly on a social media app (instead of a third-party website).
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“Social commerce can help brands increase their mobile conversion rates and decrease cart abandonment rates. It can also support influencers in terms of additional revenue streams, such as affiliate fees when they sell third-party items and better margins on their own merchandising, products, and services. Our survey shows that there is a lot of interest and potential in social commerce, thanks to new social media features and tools, and I can’t wait to see its future development,” stated Alessandro Bogliari, CEO of The Influencer Marketing Factory.
What type of product do U.S. users buy more often on social media?
First place (22%) goes to apparel/clothing, second place (15%) to beauty/make-up products and, holding the same third place (11%) to home products and electronics.
How often do U.S. users shop on social media?
29% of the responders like to shop on social media at least once a week and 24% more than once a week.
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