The evolution of trade is on track and it is a critical theme on which we continue to focus. Within this prevalent category is the intersection of social media and commerce – or social commerce.
In a recent survey conducted by Statista last summer, around 37% of respondents indicated that social media is generally a way for them to discover new and interesting products.
By comparison, only 24% of those surveyed said they had discovered interesting new products in a store.
As more and more business moves online, businesses continue to innovate at a rapid pace, finding new ways to serve this huge market. With only a fraction of total retail sales circulating on the internet here in the United States, the opportunity remains attractive.
Today, most social media companies have started to focus on an e-commerce strategy. Most notably is Facebook (FB), which has prioritized commerce through Instagram and Facebook stores. They allowed consumers to discover new brands, but also to check transparently. Pinterest and Snapchat have made strides in this space as well.
As social media networks themselves gain momentum, partnerships with major platforms (i.e. Shopify) are also important parts of the story. With improvement factors like reducing shipping times on the back end, it will be interesting to see how all of this drives consumer adoption and ultimately benefits the businesses at the heart of it all.
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