4 minute read
Social commerce is a leading payment trend in 2023. Here's why.
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Social media is evolving. It's no longer just a place where people interact with friends. People—including your customers—are now shopping and buying directly from social media, including Facebook, Pinterest, Instagram and TikTok. This experience is known as social commerce—one of our top commerce and payment trends of 2023, and for good reason.
More than 50% of the businesses we surveyed* say they'll introduce social commerce as a new channel in 2023. Why? Because you can reach more customers on social media. Researchers expect nearly 6 million people to be on social media by 2027. And social media attracts a highly engaged audience: The average person spends nearly 2 hours and 30 minutes on social platforms. It's no wonder that global social commerce will reach nearly $793 billion by 2025.
$793b
Global social commerce will reach nearly $793 billion by 2025, up 12.2%.
Different from social media marketing
Social media marketing, unlike social commerce, directs buyers off-platform to purchase items through a website. Users click an ad that directs them to purchase those items through a different website—adding an extra step in the buying process.
Social commerce lets users buy your products or services without ever having to leave social media. Why is this such a huge benefit? Because the purchase is fast, seamless and secure for your customers. And less friction means more sales for your business.
$793b
Global social commerce will reach nearly $793 billion by 2025, up 12.2%.
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“It's smart to think social commerce for every size business. There's revenue opportunity at stake.”
Konrad Chan
President, Asia Pacific, Global Payments
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Simple technology. Simple integration.
Out-of-the-box payment technology helps you convert your social media followers into paying customers. No complicated integrations or hardware are necessary. You can generate an on-platform checkout with a simple, embedded payment link that you add to your social media post or ad.
These payment links are versatile, so you'll be ready to transition to the next emerging social channel whenever it arrives (think Gucci's partnership with Snapchat to launch the first augmented reality shoe try-on campaign).
Lasting and authentic connections
Boost sales while building lasting and authentic connections with your customers. That's what social commerce can do for you. To get started, first evaluate your audience's social media preferences. Then look at the capabilities of the technology that's best for you. With the right social commerce solution, your business can tap into more revenue and connect with customers in new ways.
Our social commerce solution lets your customers shop for your products and services directly on each social media platform. Contact us today to get started.
*The global survey of 217 businesses mentioned in this report was conducted online between July 12, 2022, and August 12, 2022.
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