Why Social Commerce is not happening… yet

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Many companies are asking when Facebook commerce is really taking off. Especially as some consulting companies like Strategy& see in Facebook an emerging market that might reach $30 billion within the next five years.

However people spend a lot of time on Facebook, social commerce is still low. And the reason is…? No other than those people fear in e-commerce: traditional security topics.

These are the findings of a survey that Harris Interactive did on behalf of Digitas last month in the US, polling 2,630 adults. 2,247 of them were identified as Social Media users.

The key findings of the study were…
– 75% indicate they would be more likely to purchase a product or service that a friend openly endorses via social media
– 55% don’t feel comfortable giving credit card information via social media
– 45% are somewhat comfortable however especially men between 18 and 54 with an income of $35,000 or more
– 34% are more likely to share info about a purchase they made on a social media site with friends than one made on a traditional e-commerce site
– 50.7% access Social Media sites close to a full hour per day on average via a mobile device

Spot On!
Virtual currency like Bitcoin or Facebook Credits seems to be a „NoGo“ as the new currency model. 74% of the respondents stated they wouldn’t use virtual currency to pay for a purchase made on a Social Media site. Nevertheless, it seems that trust is a new link for brands to get money through Social Networks. 20% agree they would purchase products or services from their favorite brands on a Social Media site. So, another emerging trend could become that brands will use their merchandise shops and make it accessible through Social Media sites.

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