Navigating the Social Commerce Boom: Insights From Influencer Marketing Factory's Latest Consumer Survey

social commerce report by The Influencer Marketing Factory

Social Commerce, a transformative concept that enables direct transactions within social media platforms, eliminates the need for users to navigate away from their preferred networks. With intuitive features like the "buy now" button and autofill payments, the process becomes seamlessly accessible to diverse users.

The Influencer Marketing Factory completed a survey in October 2023 asking 1,000 U.S. consumers and 500 content creators, between 16 and 55+ years, about their social commerce and social shopping behaviors.

After analyzing the results, The Influencer Marketing Factory narrowed down five main findings, which include:

  1. Facebook and Instagram Shops were top-rated by responders for social commerce experience, and Facebook Shop ranked #1 for checkout experience.
  2. Surveyed users ages 18-34 purchase via social commerce for limited-time offers whereas users 35+ are incentivised by free shipping.
  3. Apparel, beauty products, and home products account for 60% of all social commerce purchases, a 25% increase from our 2021 report.
  4. 37% of responders report spending more than $100 USD on social commerce in the past year.
  5. Most responders from all age groups say they need to see a product 1-2 times before deciding to purchase.

"Social commerce is set to significantly alter the landscape of brand interaction with mobile users, offering substantial enhancements in mobile conversion rates alongside a decrease in cart abandonment. This emerging field presents lucrative opportunities not only for brands but also for influencers, who are positioned to benefit from diverse income streams, including affiliate marketing, and garner greater earnings from their proprietary merchandise and services. Our research reveals a robust interest in social commerce, spurred by the advent of new features and tools on social media platforms. There's a sense of eagerness and anticipation for its future progression, and we are excited to see the transformative effects social commerce will bring," stated Alessandro Bogliari, CEO of The Influencer Marketing Factory.

What type of product do U.S. users buy more often on social media?

First place (25.6%) goes to apparel/clothing, second place (19.4%) to beauty/make-up products, holding third place (13.5%) to home products and electronics.

How often do U.S. users shop on social media?

19% of the respondents like to shop on social media a few times a year, 14.5% monthly, and 9.3% daily.

Do you want to learn more?

Learn more about the findings on Social Commerce and find more insights: Download the Social Commerce 2024 Report (70+ Pages) for free and check out the infographic.

About The Influencer Marketing Factory

The Influencer Marketing Factory, recognized as an INC. 500 honoree, is a premier global influencer marketing agency. Specializing in both Fortune 500 brands and SMBs, it expertly crafts, manages, and optimizes high-impact influencer marketing campaigns, driving unparalleled engagement and results.

Source: The Influencer Marketing Factory

About The Influencer Marketing Factory

The Influencer Marketing Factory is a global influencer marketing agency that helps brands and companies engage with Gen Z & Millennials on TikTok, YouTube and Instagram.

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