The most recent report from 8th Bridge provides an overview and trend evaluation of the most recent state of Social Commerce. Data from the report was gathered during the period from August to October this year, where 475 companies based on the 2012 Internet Retailer Top 500 and Second 500 were involved.
In an introductory statement, 8th Bridge CEO Wade Garten says:
“Social commerce has pivoted its focus from e-commerce transactions on social networks to a new kind of social network in which users are connected by their interests (Interest Graphs) rather than friendships (Social Graphs). The industry has witnessed the rise of a new phase of social commerce where innovative retailers have begun deeply integrating social shopping into their websites rather than relying on social network websites for engagement.”
A survey among 1,819 U.S. residents on their Facebook usage and interest in social commerce conducted from July 9 – July 12, 2012 point to some interesting statistics:
- 70 % of people would prefer to hear about a new product rather from their friends, than from a brand.
- 43 % of survey participants have asked their Facebook friends for advice before buying a product.
- Facebook is the most preferred platform to share products (63 %), followed by Twitter (25%) and Pinterest (22%).
- 44 % of people are most likely to discover new products on Facebook, 21% on Pinterest and 13 % – on Twitter.
Social Commerce Trends
A significant trend can be witnessed in the rapid adoption of Pinterest. In less than a year, 78 % of the IR Top 500 have established a Pinterest presence with an average of 22 brand boards, and 51 % of the sites now have website integration via the Pin It button. However, the average upstream traffic from Pinterest to the IR 500 in general is twenty times less than the traffic driven from Facebook.
In addition, in Ecommerce Sites (IR Top 500) social elements like ratings & reviews sections, like- , tweet- and pin buttons are increasingly being integrated. However, the integration of new tools, the use the Custom Open Graph and specially designed social shopping apps with Facebook Login is still low due to their recent appearance, but the industry expects an increase in their adoption levels in the near future.
What I would definitely recommend as a must read, is Chapter four of the report, where 8th Bridge shares some social commerce Best Practices, which will suit as key drivers for success for retailer companies in their e-commerce strategies of 2013.
You can read the full report here or review the main points in the infographic below: