Global social commerce market to hit $604.5bn by 2027
A shock new study has revealed less than 30% of businesses are prioritising the customer journey from start to end.
The same report, from customer experience platform Emplifi also found companies that fall under the figure are failing to cultivate and nurture customer relationships throughout the social purchase journey, and putting their long-term social commerce growth at risk.
The Cashing In on Social Commerce Forrester Opportunity Snapshot study, commissioned by Emplifi, highlights the challenges experienced by early adopters in the social commerce spaces who aim to fast-track revenue expansion efforts and improve overall customer care via social channels.
The study uncovered social commerce is expected to grow by 31.4% by 2027 and the global social commerce market is estimated to hit a massive $604.5 billion by the same year.
Mark Zablan, CEO, Emplifi, said: “Consumer demand has forced businesses to pivot online, and we have seen a significant uptick in the number of B2C businesses embracing social commerce.
“We believe the study confirms much of our internal findings: B2C brands are racing to embrace social media as the means to conduct business from discovery to engagement, and now to shopping, service, and customer care. Social commerce is the new conduit to great CX.”
More than 80% of the social commerce leaders surveyed confirmed they are investing in two or more social shops, with more than a third currently using four or more social shop platforms.
Not only are social commerce leaders adopting social shops at a swift pace, 86% of the survey participants expect — or have already achieved — a return on their social commerce investment within a one-year time period.
Zablan added: “Social commerce leaders are seeing major gains but are also becoming increasingly aware of the need to bridge the gap between building brand presence among a growing audience, and then convert that audience into loyal, engaged long term customers.
“The most effective, and efficient, way to do this, and accelerate social commerce efforts, is to utilise best-in-class CX tools with integrated social capabilities. By sharpening their toolset, especially when it comes to customer care and holistic social commerce reporting, brands will get the competitive edge they need in this rapidly growing social commerce market.”
While an astounding 50% of the brands surveyed for the report have realised measurable revenue gains or expect incremental cross-channel revenue, the data shows the most successful social commerce efforts go beyond the immediate purchase to focus on the full customer experience.