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In 2020, the share of internet users in Australia who used social media for online shopping amounted to around ** percent. Forecasts show this figure will exceed ** percent in 2021 and gradually continue to increase until 2024.

Will social commerce overtake traditional ecommerce?

Despite the value of social media as an advertising and brand promotion space for businesses, around half of Australians are wary about linking their financial information to their social media account. A key barrier to using social media for financial transactions appears to be a lack of trust in the security of social media platforms. This leads to many consumers preferring to purchase an item through a dedicated online store or at a retail outlet, even if they got their inspiration to make that purchase from a social media platform.

Most popular social commerce platforms

Facebook is undoubtedly the most widely used social commerce medium, catering to more than of social shoppers, compared to Instagram’s ** percent penetration. Apart from Facebook and Instagram, YouTube is rising as a social media player, finding particular popularity with the younger generations. This shift may also see YouTube take a more prominent place in the social commerce market, particularly for brands targeting younger consumers.