Social media channels are no longer a platform to hang around at or a place for the usual hum-drum – It is now a digital marketplace!
According to the recent study done by PayPal, social media platforms are no longer limited to mere networking! It has ventured into a more sizeable industry – Digital forum where merchants and consumers can purchase as well as sell services. The newest term coined to be Social commerce (s-commerce) is hyped up further since it is driving the adoption of digital payments.
Interestingly, the social commerce, or say sales through social media platforms, now account for 79% of the total online selling of goods and services in India.
Dubbed as “Beyond Networking: Social Commerce as a Driver of Digital Payments”, the study throws light on how the landscape of s-commerce has seen a sudden upsurge across seven markets in the continent, and India enlists its name in them.
It showcases how the financial lives of merchants as well a consumer has altered after the concept of s-commerce came into existence. Additionally, with social media platforms being revamped, digital payments have started playing an integral role for sellers and buyers, both.
- YouTube accounts for 64%.
- Twitter sits at 61%.
- Google+ accounts for 50%.
- Skype accounts for 53%.
- LinkedIn accounts for 33%.
Tapping The Web!
“With digitization, India is rapidly transitioning towards a digital, mobile-first economy. The very nature of social commerce inherently encourages greater digital payment adoption. Merchants are seeing social media as viable business platforms and are open to exploring social networking sites to grow business and tap consumers. We demonstrate our support of social commerce with features such as PayPal.me for Business, that allows merchants to request money from anyone across the globe with the click of a link. We want to create a world where everyone has the ability to sell, monetize their talent and reach out to communities beyond their own.” – Narsi Subramanian, Director – Growth, PayPal India.
According to PayPal, although social commerce offers products and services across different categories like groceries, insurance, and much more, Cosmetics and Beauty products are the most hyped segment online. About 52% of consumers demand on social commerce offers cosmetics and beauty products. This is followed by the disruption in supermarkets as groceries, food, drinks and alcohol is the second most sought-after category of online purchases.
Taking it as known, internet penetration has been at a surge of over 68%, social commerce has also been fuelling the growth of online payment. Apparently, the rise of social commerce in the retail space of India has been cushioning customers as well as sellers from insecure payment.
Social Commerce as the Next Revolution!
Social commerce can help in expanding reach. There are thousands of small businesses offering services, supporting tenderfoot app makers, freelancers, and consultants.
With social commerce, one can take a business to global space, with an efficient low cost. In a more realistic context, sellers can reach out to customers who pay more, from all over the world.
The report also brings to light how merchants show significant confidence in social commerce which apparently, is a sign of a healthy socio-economic spectrum.