As we discuss in our new Social Commerce trend report, the potential for selling via social networks is clear – with many APAC-based networks/apps having already proved that healthy revenue streams can be established in this area.
For names like Facebook, there is a strong opportunity here. Over 40% of the network’s active user base say they turn to social networks when they are researching a product or service. And among the youngest Facebookers (16-24s), it’s now almost half who are using social media as a brand research channel.
But while Facebook active users are comfortable using social networks to research products, converting them into purchasers will be a challenge: only 11% of Facebookers say that a ‘buy’ button on a social network would motivate them to purchase.
Education and reassurance will be the key to overcoming this. Convincing networkers that shopping via social networks can be both easy and secure could unlock yet another major source of revenue for the service.