Despite the continued hype around social media, retailers are still figuring out how to best drive sustainable e-commerce purchases via social media. In 2015, we saw major developments including Pinterest’s launch of the “Buy it” button and Instagram’s expanded ad program. Twitter, Facebook, and YouTube also made their sites and apps more eCommerce-friendly with the addition of new buy buttons.
While social commerce may still only drive a small fraction of retail sales, small businesses can’t ignore its impact. According to the Internet Retailer’s Social Media 500 report, the top 500 retailers earned $3.3 billion from social shopping in 2014, a 26 percent increase over 2013, well ahead of the average 16 percent growth rate for eCommerce. Analysts predict the jump in 2016 may be even greater. Keep a close eye on these three platforms.
Will 2016 Be the Year for Social Commerce?
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