If you’re a business owner, 2023 may be a good time to mix some business with a lot of pleasure. Of course, that’s provided you aren’t already selling your products or services while you mingle with friends and strangers on social media.
Professional services network Deloitte says that “the social media feed is the new storefront”. The company adds that users aren’t just window shopping, but spending money on plenty of products as they socialize online.
In fact, Deloitte predicts that social media commerce will surpass US$1 trillion in 2023 globally, with over two billion people expected to do their shopping on socials.
“Social commerce—a consumer experience on a social platform that blends the point of inspiration and the point of purchase—marries serendipitous product discovery with effortless digital payment to create shopping opportunities that are hard for many to resist,” says Deloitte in its 2023 TMT Predictions.
What’s driving the shopping spree?
The drive behind the growth? You guessed it (or not): convenience and influencers.
Online shopping, and specifically shopping on social media, saw a spike during the Covid-19 pandemic when it was easier and safer for users to see a product online, pay for it from the comfort and safety of their homes and have it delivered without having to risk their lives. The trend continued when most of the world eventually opened up.
Deloitte says Gen Z and millennial consumers are most likely to say their buying decisions are influenced by influencers.
“In the future, Gen Zs are expected to continue to be very much online, where they’ll continue to get hyper-targeted and personalized ads for products they want and need—straight from the influencers they already know and love,” Deloitte says.
For brands, the social media commerce ecosystem that continues to expand presents an opportunity for brands, social media platforms, and developers.
“Brands and influencers should focus their efforts on discovering which product categories are ripe for social commerce as well as tracking cultural shifts in user behaviors and buying preferences,” says Deloitte.
It says social media platforms are ideal spaces for brands to capture customers. Brands can use multiple social advertising tools with algorithms that personalize and target the right customers.
Here’s to 2023 and to expanding your sales to circle beyond your friends and family on social media.
How to get your business on social media platforms
Facebook: Sell something on Facebook Marketplace
Instagram: How to set up Instagram Shopping