Brand familiarity drives social commerce
Knowing about a brand makes shoppers overwhelmingly more likely to buy from that brand on social.
A new report from social media management platform Sprout Social finds that familiarity with brands drives social commerce purchases. Fully 80% of those surveyed said that knowledge of a brand makes them more likely to buy on social. Brand awareness, in this context, is important for revenue as well as reputation.
The survey, conducted for Sprout Social by Lucid, questioned over 1,000 U.S. adults aged 18-75, each of whom used at least one social media platform. 65% had already made social commerce purchases. Social commerce in the U.S. is forecast to reach over $56 billion in sales by 2023, $80 billion by 2025.
71% of consumers are using social media more this year than last year, and around a third are using it to discover and learn about products, services and brands.
Why we care. It’s the new reality. Brick and mortar is with us still and in-person shopping will grow again, but digital shopping has become an everyday reality for almost everyone. There was little choice. Add to that the 2021 statistic that the average person spends well over two hours a day on social media and the obvious conclusion is that that’s where brands need to meet them. The final piece which clicks into place is the need for a seamless purchase process in that channel rather than using that channel to push shoppers to web properties or stores.