UNDATED (WKRC) – Years after apps like TikTok, Instagram, and Facebook successfully launched their ecommerce platforms, most shoppers prefer shopping online over in person.
Amazon was created as an online bookseller in 1994, but by 1999 the storefront sold video games, CDs, electronics, and more. By the time the new millennium started, Amazon had shipped 20 million items to 150 countries in just five years.
Two and a half decades later and online shopping is the new normal for a lot of people, especially in a post-COVID society. Forbes predicts 20.6% of all retail purchases in 2024 will be made online, accounting for an estimated $11 trillion of spending.
According to a study commissioned by UserTesting of 4,000 participants (2,000 American, 1,000 Australian, 1,000 British), Facebook is the most popular social media for shopping, with 85% of participants using it for some kind of purchase. Instagram was second with 49%, and TikTok in third at 38% (notably, three fourths of TikTok users state that the app being banned would not significantly affect their shopping habits). 68% of participants identified themselves as social media shoppers.
Most online purchases (72%) are spontaneous, knee-jerk decisions, which is perfect for social media, where ads can be seamlessly weaved into your feed. 13% of shoppers said they make online purchases multiple times a week, and 10% reported once a week.
The participants said their biggest reasons for shopping through social media was convenience (33%), already being on the app (32%), more information on products (30%), and better and more consistent deals (26%).
Influencers have a chance to make a pretty penny on their new, commerce-forward platforms, too. 47% of participants said they were more willing to buy something after seeing someone else use it online. Most people prefer to purchase items recommended by friends or family since there’s no fear of shady sponsorship. Despite this, 21% of participants said they participated in sponsored livestreams where a stranger shows off a series of items like television shopping channels, and 83% of those viewers would likely purchase the showcased product.
Could we be approaching a future without malls and outlets, but with all business being done online? What do you think?