In the pursuit of monetizing their platforms, social media platforms have seen the need to delve into e-commerce in a bid to leverage on their user base. Pinterest announced buyable pins which are special blue “pins” where its users can be able to purchase content on the platform. Twitter also has been testing buy buttons for the same purpose. Facebook too was testing a new way for people to buy products on the platform although it was limited to businesses in the US. Well according to a report, Facebook now commands more than two thirds of mobile e-commerce traffic.
According to the report by BI Intelligence, Facebook commands upto 64% of the total social revenue which makes it an important platform for retailers. Facebook has been pushing its Messenger app where it intends to use it as a platform to connect potential customers and retailers which is also powered by their new assistant in Messenger M.
Other key points from the report include:
1. Pinterest drives 16% of the total social revenue and this might increase if the new buy buttons on retailers posts on the platform are implemented fully.
2. Social media users are 35% likely to share a brand’s social posts on mobile than on desktop. This means that brands & social media platforms should really focus on mobile to drive revenues on both ends.
3. Instagram surprisingly doesn’t drive significant sales activity for retailers as of now but brands have been noted to use it for “branding purposes”
4. Twitter is losing its influence in the social media e-commerce space but BI Intelligence thinks they have a role in the sporting marketing landscape.
5. Social media platforms have increased their share of e-commerce referrals by nearly 200% between Q1 2014 and Q1 of 2015 which shows the immense interest by retailers to use these platforms
Brands have seen the increased need to use their official accounts in leading social media platforms to market their products and these sites have seen the need to provide proper tools to help them in their quests for creating new sources for revenue. As more reports are released over the next couple of years, we’ll only see the increased importance of social media platforms in the ecommerce space.
