Social media is no longer just about conversations; it’s about commerce. Social factors have always played a part in consumer buying habits, but the ubiquity of smartphones and social networks have taken word-of-mouth to new heights.
Most consumers around the world now carry posting and purchasing power around in their pockets with them every day. Forget going into stores to discover new products, now consumers can just scroll through their social feeds for inspiration. They no longer have to call their friends for a recommendation, they post to their social networks and crowdsource unfettered responses from family, friends and perfect strangers. This is particularly true for the most coveted brand demographic: millennials.
Whether you’re aiming to inspire and engage social audiences or propel purchases online and in-stores, these are 12 stats your brand shouldn’t ignore.
- 81% of consumers’ purchasing decisions are influenced by their friends’ social media posts. (Forbes)
- Consumers are 71% more likely to make a purchase based on social media referrals. (Hubspot)
- Facebook accounts for 50% of total social referrals and 64% of total social revenue. (Business Insider)
- 31% of consumers say they are using social media channels to browse for new items to purchase. (Aimia)
- Millennials are 1.6x more likely to use digital channels to learn about new products. (Facebook Insights)
- 84% of millennials say user-generated content from strangers has at least some influence on what they buy. (Gartner)
- 53% of consumers recommend companies or products in tweets, with 48% following through to purchase those products or services. (SproutSocial)
- 78% of consumers say companies’ social media posts impact their purchases. (Forbes)
- Customers are 6x more likely to purchase a product if the page includes pictures from social media. (AdWeek)
- Conversions increase 133% when mobile shoppers see positive reviews before buying. (Bazaarvoice)
- In 2015, Facebook influenced 52% of consumers’ online and offline purchases. (DigitasLBi Commerce)
- Global social commerce revenue reached $30 billion in 2015 (Statista)