Social shopping comes of age with 65% conducting transactions in 2022
The rise of social shopping has been documented in a new report suggesting that 65% of us have indulged in a spot of online shopping through social media in the past year.
Social shopping comes of age with 65% conducting transactions in 2022
Wunderman Thompson Commerce’s Future Shopper Report 2022 observed a 20% uplift in social-derived shopping since 2021 as a profound rupture in traditional shopping habits sees spending percolate beyond Amazon.
The report found that 56% of shoppers prefer to remain on their social platform of choice when making a purchase, even as 64% expressed a desire for a global monopoly on e-commerce around a singular online marketplace such as eBay, Mercado Libre or Rakuten.
The trend is being driven by an insatiable demand for digital products and services, which now account for 38% of everything bought online – up from 33% last year.
Shifting spending patterns now see online account for 57% of retail transactions, with 64% of respondents demanding ‘more innovative’ shopping experiences to retain their custom. Here customer service is key, with 24% expecting delivery within two hours, and 61% favoring brands and retailers that demonstrate purpose beyond selling.
Hugh Fletcher, global head of consultancy and innovation at Wunderman Thompson Commerce, said: “TikTok, Twitter and Instagram, marketplaces and e-commerce more generally offer shoppers an instant way to engage with, and purchase from, their favorite products and services. However, this means demands are higher, expectations are loftier and consumers have reduced patience; they want products and services at the click of a button and won’t settle for second-best.
“Margins are expected to get tighter and that means retailers and brands need to invest in digital platforms that satisfy shoppers. Long gone are the days of copying what Amazon, Walmart or the next best competitor is doing. Learn from expansive marketplaces or innovation technology providers, yes, but adopt your own ethos and take shoppers through a purchasing journey that sees them return for more.”
Conclusions were drawn from a survey of over 31,000 online shoppers by Censuswide, drawn from 18 international markets including the UK, Japan and India.