Unwrapping Social Commerce 2024

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2024 CONSUMER SHOPPING INSIGHTS

⭐ Unwrapping Social Commerce: Insights for 2024

In a recent survey by The Influencer Marketing Factory, exploring the online shopping habits of 1,000 US consumers, several intriguing patterns emerge, shedding light on consumer reservations about online purchases and revealing current trends.

📉 Past Dynamics:

Over half (56.6%) express concerns about transactions on social media, primarily due to:

• fears surrounding the security of sensitive information, such as credit cards and billing addresses. 

• uncertainty about the identity of the seller remains a significant factor hindering social commerce. 

• loyalty programs continue to thrive, providing users with a sense of exclusivity and reduced risk.

🤯 Contrary Insights:

Despite these reservations, a notable 43% of consumers embraced social commerce in the past year, underscoring the substantial impact of this emerging trend. Interestingly, it appears that consumers often require multiple exposures to a product before feeling confident enough to make a purchase.

💥 Top-Purchased Categories:

Categories such as Apparel (25.6%), Beauty (19.4%), and Home Products (13.5%) emerge as the leaders, suggesting a strategic opportunity for businesses to tailor promotions and campaigns to these specific areas to boost sales.

❓ Motivations for Social Media Purchases:

Looking ahead to the 2023 holidays, a significant 54.7% of consumers express intentions to make purchases on social media. This is primarily driven by enticing factors like:

• free shipping (21.76%), 

• limited-time offers such as 30% off or Buy 1 Get 1 (20.47%), and 

• the desire to discover and save new products (20.08%).

🏆 Social Winner:

Facebook emerges as the leader in the social commerce experience, outperforming rivals like Instagram, TikTok, and Pinterest. Facebook excels across various aspects, including product discovery, checkout experience, and the overall purchasing flow.

⚡ Power Of UGC:

Nearly 40% of consumers consider product reviews to be crucial before making a purchase on social media. This underscores the influence of authentic reviews in building brand trust and acting as a catalyst for increased sales during the holiday season.

As Social Commerce reshapes the retail landscape, businesses are encouraged to embrace seamless app integration, foster collaborations with influencers, streamline the shopping experience, and consider adopting Buy Now, Pay Later options to align with the evolving preferences of the modern consumer.

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QUICK SCOOPS

🎯The success rate of selling to a new customer is under 20%, while the success rate of selling to repeat customers is over 60%. Join AdRoll & Customers.ai on Nov. 30 at 1 pm ET for a webinar on Boosting Post-Holiday Retention & Loyalty.

👻Snapchat is trialing a new Snapchat+ tier at $15.99 AUD ($US10.50) monthly, removing most in-app ads, primarily to comply with E.U. data privacy laws. 

🚫YouTube Intensifies Battle Against Ad Blockers by intentionally slowing down its website for users employing such tools, as it’s currently used by about 31% of U.S. adults.

🧑‍⚖️X, withdrew from a crucial Ernst & Young audit for MRC accreditation for Brand Safety, citing "resource constraints" and technological challenges.

🪄Anthropic introduces Claude 2.1, a 200,000 token context, slashing false statements by 50%, and supports tool integration with APIs and databases. 

🤖 Sam Altman Reappointed as OpenAI CEO, Board Welcomes New Members.

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