Important Social Commerce Statistics 2024 for Marketers [Updated]

In the dynamic realm of social commerce, we witness the fusion of social media and online shopping, resulting in an environment where consumers, often referred to as “social buyers,” possess the remarkable ability to seamlessly explore, peruse, and acquire products and services directly within their preferred social media platforms.

For marketers, the significance of social commerce in today’s e-commerce landscape cannot be underestimated.

To navigate this evolving landscape successfully, our updated report on 18 social commerce statistics for 2024 serves as a valuable resource. It provides an in-depth understanding of the emerging trends that are reshaping consumer behavior and fueling the surge in online purchases.

Armed with this knowledge, you’ll be well-equipped to tap into the expansive potential of social commerce and strategically position your brand for success within the ever-evolving digital marketplace. Stay ahead of the curve and leverage these insights to your advantage.

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1. Social Commerce Market Were Expected to Grow at a CAGR of 31.6% From 2023 – 2030 

On a global scale, social commerce achieved a remarkable revenue of approximately $728 billion in 2022. This dynamic sector is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 31.6 percent anticipated between 2023 and 2030.

Consequently, industry experts predict that by the end of 2030, the revenues in this segment are expected to achieve an impressive figure of approximately $6.2 trillion. 

The surge in social media usage and the extended time people spent on online platforms during COVID-19, combined with the ease of online shopping, are set to be major drivers of market growth.

The pandemic has not only accelerated our reliance on digital technologies but has also emphasized the significance of staying connected.

Implications: This shift in consumer behavior presents a promising opportunity for businesses to thrive in the digital landscape while keeping social shoppers all better connected.

Businesses should consider prioritizing social media as a main avenue for brand communication and sales in their marketing strategies. 

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2. Approximately 69% of Users in the United States Engage in Shopping Through Social Commerce

According to recent statistical data, it is anticipated that the United States will boast approximately 300 million online shoppers by the year 2023.

This figure represents a significant 91% of the nation’s entire population. Furthermore, nearly 69% of the total population in the United States actively engages in social commerce, with approximately 25% of these individuals making online purchases at least once a month.

Implications: Considering that 69% of the population actively participates in social commerce, it is crucial for businesses in the United States market to incorporate social commerce into their marketing strategy.

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3. Social Commerce is Also on the Rise in Asia-Pacific Regions

Although its primary strength lies in fostering brand awareness, social commerce remains a potent force for driving actual sales. A survey conducted in 2022 among online shoppers in the Asia-Pacific region offers insights into this phenomenon. 

Notably, in Thailand, a substantial 88% of respondents have engaged in shopping through social media, with 62% completing their transactions directly on the platform.

In contrast, in Japan, 35% of respondents have explored shopping via social media platforms, with 16% of them opting for on-platform payment methods in the same year.

These statistics illustrate the varying degrees of social commerce adoption and usage across different markets within the Asia-Pacific region, underlining its role as a sales-driving channel alongside its brand-building capabilities.

Implications: Findings underscore a significant opportunity for brands to enter the APAC marketplace and establish a robust presence in the realm of social commerce.

It suggests that a strategic emphasis on social commerce within marketing strategies can be a compelling approach for brands seeking to thrive in this dynamic region. 

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4. Gen Z is the Main Adopter of Social Commerce 

The reliance on digital devices among Generation Z is steadily on the rise. Born between 1997 and 2012, Gen Z represents the inaugural cohort to be raised in the digital age, making them inherently comfortable and adept at utilizing technology.

As this generation progressively joins the workforce, they accrue greater buying power. About 50% of U.S. Social Buyers is Gen Z, who prefer to buy product from social media. 

While navigating these platforms, algorithms adeptly capture their preferences and behaviors. This data-driven approach enables the algorithms to make relevant product recommendations, thereby facilitating a highly personalized shopping experience for Gen Z consumers. 

Notably, this personalization not only enhances the overall shopping experience but also plays a pivotal role in reducing the likelihood of cart abandonment, mitigating friction between the desire to purchase and the final checkout.

It is conceivable that this tailored and seamless shopping experience significantly contributes to Gen Z’s affinity for certain online shopping platforms, positioning these platforms favorably among this digitally-savvy generation.

Implications: Businesses must prioritize their marketing strategies and brand communication for Gen Z. By doing so, brands can effectively attract a large pool of potential customers through social media platforms.

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5. There are 4.88 Billion Social Media Users Globally  

As of July 2023, 4.88 billion individuals worldwide are active social media users. This remarkable figure represents an impressive 60.6% of the total global population. It’s evident that social media continues to be a prevalent and influential platform for connecting with a vast audience and fostering engagement.

Implications: Considering that more than half of the global population is active on these platforms, it is crucial for businesses to leverage this opportunity for effective communication with a large group of people. 

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6. Social Media Users Spend 2.30 Hours On Social Platforms Everyday 

With the continual growth in social media usage year after year, there is a concurrent increase in screen time among users.

Research conducted by GWI indicates that the average global user now dedicates approximately 2 hours and 30 minutes daily to social media, marking a 2% rise from the previous year.

This escalating screen time presents a valuable opportunity for businesses to strategically position their products and services directly in front of their target audience.

By aligning marketing efforts with the platforms where users are spending an increasing amount of their time, companies can effectively capture the attention of potential customers and enhance their market presence.

Implications: Businesses have the option to implement screen time tracking tools to monitor the online activity of their target audience across various platforms.

Utilizing these tools, brands can refine their content posting strategies, ensuring that their messaging reaches the widest possible audience within their target demographic.

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7. Convenience is the Main Reason For Young Social Buyers

According to a report on grocery shopping by the Food Institute, there has been a noticeable shift in grocery shopping behavior following the pandemic. While traditional brick-and-mortar stores were the primary choice for grocery shopping in the past, recent trends indicate a change.

The report highlights convenience as the foremost factor motivating grocery consumers to shop online instead of in physical stores. A substantial 62% of shoppers have identified convenience as a significant consideration in their decision-making process. 

Notably, the preference for convenience is especially pronounced among the younger demographics, with 45% of Gen Z and 42% of millennials citing it as the primary reason for opting to shop online for groceries.

These findings underscore the importance of convenience in shaping modern grocery shopping habits, particularly among the digitally-savvy younger generations.

Implications: This data holds relevance for various business sectors beyond groceries. Brands engaged in social commerce, particularly those aiming to capture the attention of the younger generation, should prioritize the provision of efficient online customer service.

Swift and effective customer support, such as prioritizing expedited shipping and hassle-free return processes, significantly contributes to delivering a convenient and satisfying online shopping experience. 

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8. 34% of Shoppers Use Social Media for Holiday Shopping

As per Statista’s 2022 survey findings, a notable 34% of respondents expressed their intention to leverage social media platforms for the purpose of sourcing and purchasing holiday season necessities.

A recent survey conducted by Statista has illuminated the primary sources of influence on U.S. consumers’ holiday gift-shopping decisions. Facebook emerged as the most influential social network, wielding a significant impact in guiding consumer choices.

Following closely, YouTube claimed the position of the second most influential platform, demonstrating its relevance in the holiday shopping landscape.

Additionally, Instagram played a substantial role as an inspiration for holiday gift shopping for a significant portion, 35%, of shoppers. 

These findings shed light on the prominent channels through which businesses can strategically engage with consumers during the holiday season. 

Implications: Businesses can draw in social shoppers by crafting enticing holiday deals and leveraging festive visuals and posts that align with people’s holiday shopping behaviors and preferences

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9. 58% of Gen Z Trust Social Media Influencers 

The e-commerce landscape for brands is currently undergoing a notable transformation in consumer behavior, driven by the evolving purchasing habits of Generation Z.

There is a discernible shift towards social media platforms and digital payment methods among Gen Z consumers. In the process of seeking inspiration for their purchases, Gen Z individuals are getting information from various sources, with a significant focus on social media platforms where influencers and content creators hold sway.

Remarkably, this shift in consumer behavior is substantiated by statistics, as evidenced by the fact that 58% of Gen Zers have initiated a purchase based on recommendations they received from content creators on social media.

These findings underscore the influential role that social media and digital content creators play in shaping the purchasing decisions of Generation Z, presenting a compelling opportunity for brands to engage with influencers and cater to this demographic effectively.

Implications: Brands are advised to integrate influencer marketing into their strategic approaches, making thoughtful selections of influencers whose values align with those of the brand.

This strategic choice holds significance as influencer recommendations play a pivotal role in steering consumer purchasing decisions.

Moreover, partnering with the right influencers can serve as a means to bolster brand credibility and extend its reach, enhancing the overall effectiveness of marketing efforts.

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10. Exceeding 80%, Marketers Allocate a Specific Budget on Influencer Marketing

The increasing popularity of influencer marketing has led to a notable trend among brands—allocating dedicated budgets for this purpose.

As per the findings of the IMH report, a substantial 82% of respondents indicated their intention to establish a dedicated budget for influencer marketing. 

This figure represents a noteworthy rise from the previous year, where 77% of respondents were planning to allocate resources specifically for influencer marketing initiatives.

This shift underscores the growing recognition of influencer marketing’s effectiveness and its integration into the broader marketing strategies of businesses.

Implications: The data highlights a compelling case for brands to incorporate influencer marketing into their overall marketing strategies. This approach can significantly enhance reach and, in turn, contribute to driving sales within the realm of social commerce.

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11. Instagram Stands Out as the ROI Top-Performing Platform for Influencer Marketing

Instagram has emerged as the preferred platform for influencer marketing, primarily owing to its robust return on investment (ROI).

As revealed by a HubSpot survey, 30% of marketers acknowledge Instagram as the platform delivering the most substantial ROI in influencer marketing endeavors. Furthermore, 32% of respondents find Instagram to be the most user-friendly platform for collaborating with influencers.

Implications: Businesses should consider collaborating with influencers for their social media influencer marketing initiatives, with a particular emphasis on platforms like Instagram, which offer substantial potential for a high return on investment (ROI).

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12. 44% of Instagram Users Do Instagram Shopping on a Weekly Basis 

As per Instagram’s survey findings, it has come to light that an impressive proportion of their user base, specifically almost half, engages in shopping on a weekly basis. This data bears significant relevance for social media managers and brand owners who are tasked with building brand awareness.

The frequency with which Instagram users actively seek and engage in shopping activities underscores the platform’s potential as a prime channel for connecting with consumers who are consistently in search of products to purchase. 

Implications: Businesses should strategize marketing tactics like offering weekly deals and posting weekly updates to their products. Here your branded content will be seen by frequent shoppers.

This leads to sales increase and brand exposure, especially among those who have never heard of your brand. 

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13. Instagram Content Influences the Buying Decisions of 72% of Users.

72% of Instagram users have affirmed that their purchasing decisions are influenced by content they encounter on the platform. This undeniable statistic highlights the profound impact of Instagram on consumer buying choices.

Instagram’s strength lies in its visual nature, where high-quality images and videos serve as powerful tools for showcasing products and services in a compelling and captivating manner.

The platform’s capacity to present well-curated and aesthetically pleasing content plays a pivotal role in capturing the attention of prospective buyers.

For businesses and brands, harnessing the visual appeal of Instagram can prove to be a strategic advantage, as it offers a dynamic space to effectively engage with an audience, influence their buying decisions, and ultimately drive sales.

The platform’s visual-centric approach aligns seamlessly with consumers’ preferences, making it a valuable channel for businesses looking to connect with their target audience and enhance their market presence.

Implications: When it comes to creating visual or video content, brands need to be mindful of the little things. Every aspect of the content is important to the audience.

Keep in mind that if your brand can evoke a positive feeling when consumers see your posts, they are more likely to have a favorable opinion of your product.

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14. Every Month, 130 Million Instagram Users Interact with Shopping Posts

The fact that 130 million Instagram users actively engage with shopping posts on a monthly basis underscores the significant influence of Instagram shopping within the platform’s ecosystem. 

This data serves as compelling evidence of Instagram shopping’s effectiveness as a channel for businesses to connect with their desired audience and boost their sales.

The platform’s capacity to attract such a substantial number of users to shopping-related content is indicative of its potential to emerge as a prominent player in the ever-evolving e-commerce landscape.

It is a testament to the platform’s capacity to facilitate seamless shopping experiences and signifies the vast opportunities it offers to businesses aiming to thrive in the digital marketplace.

Implications: With this data, shows that there is a strong desire for Instagram shopping among a large group of individuals. To make a connection with shoppers, brands should create captivating posts. Additionally, they can utilize tools such as Instagram Ads to reach a wide audience.

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15. TikTok is a New Search Engine

During the Brainstorm Tech conference in the preceding year’s summer, Google’s Senior Vice President, Prabhakar Raghavan, shared insights from the company’s research.

The findings revealed a notable trend, indicating that approximately 40% of the younger demographic prefer to use TikTok or Instagram rather than Google Maps or Search when seeking dining options, underscoring the evolving consumer behavior in the realm of local search and recommendation.

The rationale behind this behavior lies in the perception of Gen Z that information on TikTok is more personalized, and consequently, more authentic and valuable compared to traditional search results on Google.

TikTok’s algorithm is meticulously crafted to deliver content tailored to individual preferences, drawing from their past interactions and engagements.

This personalized approach resonates with Gen Z’s desire for relevant and genuine content, shaping their preference for TikTok over conventional search engines like Google.

Implication: The data indicates that online shoppers begin their shopping journey on TikTok, in other terms, in the product discovery stage.

This underlines the importance of prioritizing TikTok in SEO strategies, launching new products on the platform, and optimizing product visibility for this initial discovery phase.

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16. TikTok is a Word-Of-Mouth Marketing Avenue 

A recent study conducted by Material has revealed significant differences in user behavior on TikTok compared to traditional social platforms.

TikTok users exhibit a notably higher propensity to recommend products or services they’ve come across on the platform, with a twofold increase in the likelihood of making such recommendations. Furthermore, they are 1.5 times more effective at persuading others to try these recommended products or services.

Interestingly, the influence of TikTok transcends the platform itself, as more than half of its users (57%) actively seek information on where to purchase products they’ve encountered on TikTok. This figure represents an astonishing 84% increase compared to traditional social platforms. Among these users, nearly 65% conduct their research online, while 54% opt for in-person investigations. 

These findings underscore the far-reaching impact of TikTok as a potent driver of product discovery, recommendation, and subsequent purchase intent among its user base.

Implications: Brands are encouraged to increase their spending on TikTok marketing and develop long-term strategies for brand communication, such as collaborating with influencers or utilizing affiliate marketing through nano creators.

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17. TikTok Live Drive 50% of Users to Make Purchase

The research findings indicate that a notable proportion, specifically 1 in 5 live streaming users, actively partake in watching TikTok LIVE broadcasts.

Within this cohort, an impressive 62% exhibit a daily engagement pattern, providing brands with a unique avenue for fostering daily interactions with their target communities.

Beyond its potential for elevating brand awareness, TikTok LIVE demonstrates remarkable efficacy in driving sales. Half of TikTok users have reported making purchases following their engagement with TikTok LIVE sessions. 

These insights emphasize the dual benefits of TikTok LIVE as a potent tool for both brand exposure and revenue generation, making it a compelling platform for businesses looking to leverage real-time engagement for business growth.

Implications: Brands are encouraged to tap into the power of TikTok Live as a means to promote their products effectively.

Leveraging this feature, they can conduct live demonstrations, host interactive Q&A sessions, or even collaborate with influencers to orchestrate engaging live sessions, all of which can effectively boost sales on this platform.

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18. 58.2% of Users Find Shopping Inspiration on TikTok

A majority of users, accounting for 71.2%, have reported a tendency to engage in shopping activities when they serendipitously come across products or offers within their feeds, stories, and related content.

Additionally, an impressive 58.2% of respondents who are active TikTok users have acknowledged the platform’s role in providing them with valuable shopping inspiration.

These findings highlight the pivotal influence of social media in shaping consumer behavior and offer insights into the importance of these platforms as potent tools for driving shopping engagement and motivation.

Implications: Businesses should deliver eye-catching and entertaining content to appeal to TikTok users, as they make up the majority of shoppers on the platform seeking inspiration for their shopping needs. 

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Adapt and Thrive 

Social commerce is poised for substantial expansion in 2024 and further years ahead, offering an array of promising prospects for businesses. These 18 statistics are your future proof. Plus, number of consumers relying on social media platforms for their buying choices continues to rise.

In a crowded marketplace, we must find unique ways to stand out, right? 

By leveraging social media platforms to showcase your products or services, you can engage customers in a way that traditional e-commerce simply can’t – creating an interactive and personalized shopping experience. Don’t miss out on the chance to differentiate your business and leave a lasting impression.