People’s shopping behaviour has shifted drastically in recent years, and social media has become one of the most prominent choices for shopping.
Although it is significantly higher among younger customers, social media commerce is only booming as customers find it easy to discover a product and make a purchase on social media.
However, according to a new study commissioned by Snap and carried out by IPG Mediabrands' Magna Media Trials and Reprise Commerce, consumers are interested in making purchases through social platforms but are hesitant to disclose their payment information on social apps.
The team polled 8,000 people in the United States, the United Kingdom, Germany, and Saudi Arabia. It discovered that 92% of people would be willing to buy directly from brands on social media platforms rather than an online marketplace if they were given good offers and discounts and the app was user-friendly.
According to 67% of respondents, consumers' first choice for discovering new products is social media. Following that are online marketplaces (52%), and search engines (48%). And then, 78% of people stated they would turn to friends and family for product recommendations, while 59% preferred influencers and celebrities. Indeed, a few of the respondents never preferred social media for purchases.
According to the report, these users were concerned about two major issues: Nearly 40% expressed a lack of trust in the brand or social media in general, while 36% expressed apprehension about sharing private financial data with social media platforms.