Barclays has published new research which predicts that social commerce sales are set to more than double to £3.3bn within the next five years.
According to the study, by 2021 41 per cent of UK consumers are expected to be influenced by, or to be using, social media to make a purchase. This figure is much higher for consumers under 34 years of age, as this group is already engaging in social commerce.
The biggest beneficiaries of social commerce sales are currently retailers in the fashion, footwear, music, film and grocery sectors, but the whole retail sector can potentially benefit by becoming more ‘social’. It’s not difficult to see the attraction of introducing the social element of online shopping: if a consumer finds out that a friend or relative has recommended a product, they are likely to be influenced by it.
And Tesco hasn’t wasted any time to embrace the idea.
Tesco is currently trialling an app on Facebook that enables its customers to earn double Clubcard points by using the social network to like, share and buy products via its website. As the company has over 800,000 followers on Facebook, the potential is massive.
With the financial gains so high, many more retailers will undoubtedly follow Tesco’s lead and look at ways of making online shopping a more personal experience.