A social commerce boom is seeing almost two-fifths of younger shoppers buy as they scroll, according to a recent trends report from Checkout.com.
The report found that 39% of shoppers aged between 18 and 35 are more likely to buy from a brand through its social media channels. It also revealed that over half (52%) of UK retailers believe social commerce is a key emerging trend for the sector.
The research suggests the UK will follow in China’s footsteps, where just under two-thirds (61%) of Chinese consumers regularly watch live-stream social shopping content. The market is reportedly worth around 3.7 trillion Yuan ($6 billion USD).
Fraud is a key concern for just over half (51%) of UK consumers, who worry about how genuine their social media purchase is. Concerns for brands include sustainability (38%), payment innovations such as BNPL (32%) and the rise of online marketplaces (25%).
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The research also found that UK businesses who have not optimised payment methods and security measures risk missing out on the boom, as demand for social commerce continues to grow.
Some 40% of UK retailers with both a physical and online presence expect their ecommerce business to grow over the coming year. As a result, almost a third (31%) are planning to invest in their social capabilities, although just 4% are looking to optimise payment facilities.
“We’re expecting social commerce to take centre stage here in the UK,” said Checkout.com’s retail sector lead, Moshe Winegarten. “In fact, we believe it is necessary for long-term business success as a tech-savvy, younger generation pushes for new and innovative ways to shop.
“Retailers that can dispel consumer concerns around fraud and issues of trust who will reap the greatest rewards. Offering secure and protected payments will be key.”
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