Remember how teens used to go to the mall to socialize? Well now they’re going on social media to shop. But it’s not just teens who are increasingly using social platforms to source and buy everything from clothes and makeup to homewares.
Active social media users from most every generation are exploring the shopping experience offered by apps like Instagram and Facebook—even LinkedIn is getting in on the act—and finding they like it.
In fact, Statista in 2022 estimated that shopping spend on social media reached $724 billion, and by 2030 it’s forecast to exceed $6 trillion.1
This is one party you can’t afford to miss
Impressive numbers. Though, bearing in mind that there are more than 4.6 billion2 active social media users globally and counting, the potential is, well—who knows?
And it shows no sign of slowing down. Social media’s unique ability to blend inspiration, promotion, incentivization, purchase and advocacy—sometimes in just one post—can make it the absolute north star of shopping experiences.
Because social media creates this heady mix, the opportunities for sellers can be enormous. Products are easier to find, simpler to pay for and quicker to buy. The see-want-buy process can happen in under a minute. So if you’re in the business of selling you should embrace social media, fast.
Payments: the life and soul of social media shopping
In a way you could say that this is the gamification of shopping. Scroll, tap, tap, tap, bought. The easier it gets it seems the more people want to do it. A core enabler of this is payments.
Technologies like Click to Pay from Cybersource, a part of the Visa Acceptance Solutions family, provide a fast, secure, and consistent checkout experience with no need to enter account numbers or passwords. It uses token technology to provide a greater level of security, which also enables businesses to gather insights to improve customer experience.
And speaking of gamification, as more and more digital experiences become shoppable—from gaming to the metaverse—businesses will need to be able to flex their payments solutions to meet shoppers on every platform.
The good news is that you don’t need to do it alone—and you don’t need to do it all at once. Preparation is key, by making sure your payments solution is flexible enough to hang out on every platform your customers do. The business that can join the social media party now but stay open to going somewhere new later will have the best time, guaranteed.
Want to know more about payment solutions that can make you the life of the party? Talk with us!
1 Chevalier, Stephanie. Social commerce revenue worldwide from 2022 to 2030. Statista, 2023, statista.com.
2 Jo Dixon, Stacy. Number of social media users worldwide from 2017 to 2027. Statista, 2023, statista.com.
Disclaimer: Case studies, comparisons, statistics, research, and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa neither makes any warranty or representation as to the completeness or accuracy of the information herein, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
This content includes references to offerings from Cybersource and Authorize.net, which are part of the Visa Acceptance Solutions family of brands.