About 98% of consumers plan on making a social shopping purchase in 2022, says Sprout Social.
Buying will be entirely on social media.
We now live in a Social Selling Economy.
The buyer or customer will make all purchases from within social media platforms. The customers will not need to leave social media to visit a website.
Globally fast-growing businesses operating on social media channels are quickly taking market share away from traditional retail e-commerce.
According to a Social Commerce Market Analysis Report from Grandview Research, the global social commerce market was nearly $500 billion in 2020 and likely 7x larger reaching $3.4 trillion by 2028.
What is the size of social commerce businesses?
- 57% of small businesses currently sell on social media commerce sites.
- 84% of mid-market businesses and 85% of enterprise businesses operate a social commerce business.
The rapid change is driven in part by changes the platforms have made –
- live streaming retail (the retailer is a 24/7 TV station streaming from social media platforms)
- And the ease of building eCommerce within social media channels.
- Billions of people are already on social media platforms.
The battle for many E-commerce stand-alone stores is the rapid increase in paid advertising.
The changes are not only impacting retailers but almost all business types.
As more businesses move their business model to a
- Subscription business model – taking monthly subscriptions for their work rather than periodic payments – social commerce is driving them to build within social media.
Reporting further change from McKinsey
- 70% of employees now demand – purposeful work.
- Buyers and customers are making decisions based on purpose and sustainability.
- Purpose does not come at the expense of profitability but, in many cases, drives performance.
Detergent brand Surf launched business courses for entrepreneurial Filipino moms –
Surf recognises the widespread learning gap and now provides free, year-long entrepreneurial programs for aspiring mothers and future business owners: Wais U.
Filipina Homebased Moms and Surf developed a comprehensive program covering topics
- revenue models
- traditional and digital entrepreneurship,
- identifying a target audience,
- finance and
- social media marketing.
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If you have read this far, thank you for your attention. It means a lot. I hope this helped you even a little bit in better making sense of this topic. If so please share it with a friend who might also benefit from it.
Thanks for reading,
David
