Ecommerce has undoubtedly made a huge difference in the world of marketing since its inception, and now social commerce is rising just as fast. These days, a lot of social networks are promoting ecommerce transactions, working together to provide an exceptional shopping experience. Multinational companies are following this trend, making shopping online relatively easier.
Facebook was the first of many to begin this era of social commerce. From the first ‘Virtual Gift Test’ to the launching of ‘Marketplace’ in 2007, and most recently promoting eBay daily deals, it is easy to see how it is leading the social commerce market. Even Amazon uses the social platform as a means to advertise their various Amazon offers to a wide range of clientele. Currently, it has a record of about 450 million users who visit its buy and sell groups. As of 2017, its revenue totalled up to $10.14B.
Of course, Twitter, Instagram, Tumblr, Pinterest, and many others are not left out. Dell earned up to $3M via Twitter sales in 2009, and in 2014 the network officially launched its first ad product. ‘Shop Now’ on Instagram also started on a smaller scale, but at the end of 2017, they had a record of over $4B ads revenue.
Statistics reveals that a lot of people enjoy shopping on social media. In fact, 70% of persons said social media helps them make purchase decisions. The 25% agreed they seek purchase advice on social networks, and 80% disclosed it helps them reach out to brands better.
With all of these, it is no surprise that big shots like eBay and Amazon have moved their markets to these social networks too.