How 98% of consumers choices have changed – do you know how to profit from this?

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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  • More attention equals more posts. 
  • Holding attention is better content. 
  • More attention > more engagement leads to Selling More. 

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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,