Social commerce is a type of eCommerce where people buy products or services on social media platforms. It can also include clicking links on social media that lead to a retailer’s product page and then buying the product right away. In this article, we talk about the growth of social commerce in 2022.
With social commerce, the whole process of buying can be done on social media. From looking at products you want to buy and findings out more about them, to pay for them on the same page.
It is estimated that global sales through social media platforms will reach $560 billion in 2020. Since then, social commerce sales have continued to rise at increasing rates, with many people now preferring to shop from home using their phones. This is why the value of social commerce sales is estimated to reach $958 billion in 2022, potentially reaching $2.9 trillion by 2026.
Social commerce is growing quickly. It is expected to make up 17% of all eCommerce spending by 2025. This growth is especially high in China, where almost half of the internet users buy products from social networks.
Global social commerce in 2022
In just one day in October 2021, two Chinese live-streamers, Li Jiaqi and Viya, sold $3 billion worth of products. This is three times as much as what Amazon sells on an average day.
There was an estimated $51.2 billion of social commerce sales in the US in 2021. This type of sale is where people buy things using social media. The US is expected to have even more sales in this category over the next few years.
Social commerce in 2022 versus eCommerce
Social commerce is when people buy things on social media. It’s different from e-commerce because you don’t have to leave the site to buy something.
Social commerce is when you use social media to sell things. Social selling is when you use social media to find people who might want to buy things from you.
Shopping on social media is more interactive than shopping on a regular website.
Buying things from social media is easy because it removes the friction from the consumer journey. This means that it is easy to follow through from when you first discover the product to when you actually buy it. The product is always there, and all you have to do is go to the checkout.
If you are involved in eCommerce, you can benefit from the growth forecast for social commerce and the increasing use of social media. Facebook is currently the largest social media platform in the U.S. This means that your organization should consider it as a contender for your social commerce activity.
How Bold Creators Club can help you with your social commerce strategy
Running Instagram ads is still a good idea – it will help you build up a following and figure out what engages your target customers best, but it’s not the key point for your brand, as many brands are already engaging with this strategy.
Using influencer marketing to boost social commerce in 2022 is the key to success. But dealing with social media influencers is not always easy. Actually, most of the time, companies and influencers can’t communicate clearly, as there is a lack of a cultural, linguistic, and social bridge that connects both.
When it comes to Latin influencers, this communication barrier is even bigger. Not only because a lot of people in countries like Brazil or Colombia don’t English, but also because these countries are highly multicultural, with cities with completely different styles, slang, and social and cultural movements within the country.
In the case of Brazil, this aspect is so strong that there are even completely different cultures within the same city, in big metropolises like São Paulo or Rio de Janeiro.
It is really hard to keep up with the constant changes in pop culture and in the internet world, so contacting an agency whose job is to always be updated about what the influencers are doing, how is the stability in the country, and more important information for your company, is the best strategy.