While first to the table, Facebook is starting to see stiff competition when it comes to social commerce according to a new report by Global Web Index.
While Facebook-owned Instagram currently reigns supreme in the world of social commerce, TikTok and Reddit are gaining steam in select markets social commerce capabilities are being tested, showing promise for conversion rates on sponsored posts outside of Facebook-owned platforms.
Overall, the report says that of the over 650,000 surveyed, 13 percent of social network users would be inspired to make a purchase by a “buy” button. Those metrics change when users are on platforms that showcase long-form video content.
For example, 22 percent of internet users viewing livestream content say a “buy” button would be a purchase driver for them. IGTV and Reels also see a higher likelihood of intent to purchase as well.
As social commerce continues to mature, it will be interesting to see how platforms meet this demand for interactive social purchases, or see-it, buy-it kind of content.