According to research commissioned by PayPal, the number of businesses selling products on social media apps and sites is set to double in the next six months.
2000 people, aged between 18-74 who owned a smartphone, as well as 300-400 business influencers or decision-makers, sell or take payment online were interviewed in the UK demographics of the study.
One of the major forecasts predicted as a result of the study was that 600,000 additional UK businesses will start to sell on social media platforms over the coming months – joining the current 24% of UK businesses currently doing so.
Nicola Longfield, senior director of small and medium businesses at PayPal UK, said:
“As Brits continue to lead increasingly busy lives relying on their smartphones more than ever to help them make the most of their time, it’s important that businesses are in a position to cater for this. Our data reveals a substantial rise in the number of businesses that plan to sell through social media over the coming six months, capturing a consumer’s attention in the very place they go to for inspiration.”
The UK is, to some surprise, actually lagging when it comes to social commerce, with the global average being a whole 11% higher at 35%.
Longfield stated:
“The UK falls some way behind the global average for selling via social, something which must be addressed if businesses are to compete and make the most of their selling potential. Security remains key for consumers shopping on social and companies of all sizes must address these fears, offering mobile-friendly payment options like PayPal to help instil trust from shoppers and ensure purchases are made securely.”
8.4 million British consumers currently shop on social media, posing a significant market that is only going to grow as potential consumers gain trust.
Trust is a major key to social commerce success, especially for smaller brands without a reputation. At Fifteen we’ve helped many companies build a strong online brand with a trustworthy look that would be far too time-consuming for a scam account to create.
Because scams and fake ads are the biggest fear of potential online consumers.
Big companies have started to realise the potential of social commerce and platforms are doing their best to optimise it.
Earlier this month, Facebook launched Facebook Pay. A payment system that is available across all Facebook-owned platforms: Facebook, Messenger, Instagram, and WhatsApp.
The new introduction will allow users to send money to friends, shop, or donate to fundraisers – something that will contribute further to the growth of social commerce.
At Fifteen Design we work with you to create unique and interesting social campaigns designed to drive leads, sales and influence. Contact us now to find out more about how social media management can transform the way you do business.