Social Commerce

As reported by Forbes Agency Council – March 10, 2022

The Future of Selling Is Social: Social Commerce vs. E-Commerce

Globally, social commerce is expected to grow three times as fast as traditional commerce to $1.2 trillion by 2025, up from $492 billion currently. Roughly 62% of this growth will be driven by millennials (33%) and Gen-Z (29%), with Gen-X (28%) and baby boomers (10%) trailing closely behind. In all, social commerce is poised to take a large chunk of the e-commerce market as consumers gravitate to doing their shopping on social apps.

Social commerce driven by influencer marketing offers something radically different than traditional e-commerce by carefully blending buying and selling with a sense of urgency across communities. Further, it’s altering who holds power within the global economy. Smaller creators, influencers and sellers are increasingly finding new avenues to attract consumers, tipping the market share in their favor.

In a technology-enabled, socially connected world, all the tools, networks and strategies that exist to drive social commerce initiatives have exponential power compared to more traditional linear e-commerce tactics, especially across younger demographics. Together, millennials and Gen-Z, who already derive much of their influences from social media, online content and celebrities, are projected to account for over half of the global population by 2030. As these cohorts age, their spending power will grow significantly, parallel to their dominance.

If The Ecosystem Works Together, Everyone Wins

Social commerce is expected to grow three times faster than traditional e-commerce as the number of consumers who regularly make purchases through social media platforms rises. This growth is will likely have far-reaching implications for brands and consumers alike as platforms and advertisers alter their strategies to attract target audiences better.

However, brands need to ensure that their strategies reflect their advertising data models with the right amount of authenticity, humanity, and convenience to truly succeed. Without these things, brands hoping will struggle to do so.

It is the goal that BRAND NATION and its ever-expanding network of influencers will work together with their strategic partners and usership to share creativity, inspiration and insights and drive purpose-led campaigns and promotions over the BRAND NATION network. With the proper ROI framework, brand creative and analytics in place, social will be the channel that unlocks more performance than companies could ever imagine.