Social selling has revolutionized the way brands connect with their audience, utilizing precise, data-oriented strategies to produce quantifiable results. For shoppers, purchasing through social media has evolved into a fluid and engaging process that facilitates new brand encounters and product familiarity during each interaction.
The trajectory of social commerce continues to ascend, with projections suggesting the market could reach $8.5 trillion by 2030, reaffirming its significant impact on digital retail’s future.
In this blog, we will review crucial social shopping statistics from 2023 to guide your business strategies for 2024 and beyond, as we anticipate the upcoming shopping season.
Top Social Commerce Statistics To Inform and Inspire Your Brand
1. The Expanding Global Social Shopping Marketplace
In 2023, the global market for social commerce soared, achieving revenue estimates of $571 billion. The market is on track for rapid expansion, with projections forecasting revenue to cross the $1 trillion mark by 2028 due to a robust annual growth rate of 13.7%.
2. Projections for Social Commerce in 2024
The momentum of social commerce is set to continue, with revenue expectations nearing $700 billion in 2024. This projection reflects a significant 23% growth from the previous year, showcasing the dynamic expansion of this sector.
3. Consumer Preferences Shift Towards Online Shopping
A majority, over 70%, of consumers showed a preference for online shopping over traditional store visits in 2023, particularly in categories such as holiday and entertainment products, emphasizing the shift in consumer shopping habits.
4. Social Media Preferences Among U.S. Young Adults
In the United States, while Facebook maintained its popularity, Instagram emerged as the favored platform among young adults aged 18 to 34, reflecting shifting social media preferences based on demographic trends.
5. The Influence of Content Creators in the U.S.
A notable 90% of Americans were engaged with online influencers or content creators in 2023, highlighting the significant influence these personalities have on consumer behavior and trends.
6. Social Commerce Revenue in the U.S.
The U.S. market for social commerce was robust, with revenues reaching approximately $75.6 billion in 2023. Expectations suggest a potential doubling of this revenue in the coming five years.
7. Comparison of Social Commerce Markets: U.S. and China
China’s market for social commerce dwarfs that of the U.S., with sales nearly ten times greater, driven by an extremely high engagement rate of over 90% among online shoppers in regions like China and Thailand.
8. Leading Platforms for Social Shopping in the U.S.
Facebook led as the top platform for shopping among U.S. consumers in 2023, with Instagram and YouTube also playing significant roles in the social shopping landscape.
9. Global Consumer Ratings for Social Commerce Platforms
Globally, 23% of consumers rated Facebook as the best platform for a satisfying social commerce experience in 2023, with Instagram following closely behind, underscoring the global appeal of these platforms.
10. Preferred Categories for Online Shopping
Technology emerged as the preferred category for online shopping among fast-moving consumer goods in 2023, with a significant portion of consumers opting to buy tech products online.
11. Millennial and Gen Z Engagement with Social Commerce
Both Millennials and Generation Z have shown a greater engagement with social commerce, likely due to their comfort with technology and financial independence, which aligns with broader trends across various age groups.
12. Growth in U.S. Social Shoppers
The number of social shoppers in the U.S. has shown a notable increase, rising from 97 million in 2021 to nearly 107 million in 2023, indicating a strong adoption of social commerce practices.
13. Top Product Categories Influenced by Creators
Merchandise was the leading category of products purchased via social commerce in the U.S. in 2023, followed by beauty products and food items, showcasing the diverse influence of content creators on consumer purchases.
14. Average Annual Spend per Social Shopper in the U.S.
The average annual spend per social shopper in the U.S. was expected to exceed $600 in 2023, with predictions suggesting a dramatic increase in this spending over the next few years.
15. Total Number of Social Buyers in the U.S.
In 2023, there were nearly 106.8 million social buyers in the U.S., with projections showing an increase to over 118 million by 2027, reflecting the growing popularity of social commerce platforms.
16. Social Media’s Role in Pre-Purchase Research
Social media platforms, particularly YouTube and Facebook, played a crucial role in pre-purchase research among U.S. consumers, with many using these platforms to gather information before making purchases.
17. Holiday Shopping Trends on Social Commerce Platforms
Around 34% of shoppers planned to use social commerce platforms for their holiday shopping in 2023, indicating the significant role these platforms play in seasonal shopping trends.
18. Impact of Social Media on Purchasing Decisions
In 2023, nearly 60% of U.S. shoppers reported purchasing a product after seeing it on social media, illustrating the powerful impact of these platforms on purchasing decisions.
19. Investment in Social Media Advertising
Social media advertising saw significant investment, reaching nearly $70 billion in 2023 in the U.S. alone, highlighting the critical role of advertising in driving commerce on these platforms.
20. Discovery of New Brands Through Social Media Ads
A considerable 29% of internet users aged 16 to 64 discovered new brands through social media ads in 2023, emphasizing the effectiveness of social media advertising in brand discovery and customer engagement.
Turn These Social Shopping Insights Into a Social Media Marketing Plan
You can leverage these social commerce trends to solidify your marketing strategy and have better returns.
Ateliv Internet Marketing Agency is here to help you with all things social media marketing, including seasonal marketing.
