Press Release (ePRNews.com) - Mar 09, 2021 - Social commerce is taking over; studies show it is an $89 billion market currently. In basic terms, it is the process of selling products directly on social media. Through social commerce, the entire shopping experience, from product discovery to checkout, takes place on the social media platform. The current platforms that permit social commerce are Instagram, Pinterest and Facebook.
The Influencer Marketing Factory completed a survey that studied the U.S. market to date over this emerging trend. Our survey was focused on Gen Z and Millennial shoppers, and understanding their preferences when it comes to social media, shopping, and their overall consumer behavior.
After analyzing our results, we narrowed down three main findings. Which include:
40% of Gen Z and Millennials interviewed have bought something while watching a live stream on a social media app
53% of the responders said they like to carefully research the product online before buying, while only 12% said they buy something right away after seeing it on social media (e.g. in an influencer post or live streaming)
61% prefer “Add to cart” (without leaving the social media app), while the other 39% prefers “Buy on third-party website” (leaving the social media app)
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