Social media is fast becoming a key retail channel for businesses according to new research by SavvyShopper.
The findings indicate that shopping using social platforms will pick up pace substantially over the next five years to become a mainstream channel, as Gen Z grow up to become adults and the core target retail audience.
According to the research, 63 per cent of Gen Y/Z shoppers said in the research that social media was their first port of call for ideas and inspiration surrounding online buys.
A further 67 percent of Gen Y/Z said that they regularly used social media to find inspiration for meals and food.
The growth seen in social commerce has opened up new challenges and opportunities for small businesses, with 78 percent of younger shoppers in the research saying social media makes it easier to find out about new, small and interesting brands.
“Over recent years we’ve seen thousands of new brands, born on social channels, enter the market and flourish. Unlike big brands, the success of these businesses is based on innovation, creativity, and relevance, rather than the size of their marketing budgets,” SavvyShopper chief executive said.
“Retailing through social channels is far more democratic than store-based and traditional online retailing”
“In 2017 only one in 10 of us had clicked on a ‘shop now’ or ‘buy now’ button on social media. Now, that has increased to 56 percent, rising to 73 per cent among Gen Y and Gen Z.
“As Gen Y drove the smartphone retail revolution in the past five years, we can see how Gen Z will drive the social retail revolution over the next five years.”