Did you know that social e-commerce is getting more interactive? Innovations across social platforms offer brands and consumers the blended experience they crave.
This 2023, it is estimated that social media users will catch up with internet users. A healthy e-commerce market attracts stiff competition. Marketplace giants have dominated on convenience, speed, and low prices, while many independent digital retailers struggle to stand out in a saturated market. Cart abandonment rates are high, and consumer loyalty is harder to earn.
Brands are looking to level the e-commerce playing field by turning to social media, whose users nearly equal the number of internet users. Simply put, if someone is on the internet, chances are they’re also on social media.
This is 5.07 billion internet users vs. 4.74 billion social media users.
Social media is infiltrating every part of retail. Almost one-third of businesses expect to increase social media marketing to drive company growth over the next few years. This is partly because having a good experience with a brand on social media makes 78% of consumers more willing to buy from them, 77% more likely to choose them over a competitor, and 72% to spend more.
If you are one of these businesses, this is the year when e-commerce will boom. Is your business ready? Space will play a big part in how much you can scale your business.
