Adopting social retail as an e-commerce service is rising with a near 20% increase since 2021, according to Wunderman Thompson Commerce and Censuswide. In their recent data collection with 31,040 shoppers who shop online, it found that 56% of shoppers chose to use their preferred social media platform to purchase goods and 65% of consumers have already made a transaction via a social retail platform.
We want it all at the touch of a single button. Through social accounts, businesses can advertise single items and within a size and colour choice and a linked payment card, the product can be instinctively bought with little effort.
The future of social retail
Meta (formerly Facebook) believes that ordering through social retail is still yet to increase over the coming years. Popular retail names like Adidas, Nike, Gucci, Burberry, Tommy Hilfiger, Samsung and Louis Vuitton, together with even the HSBC and JP Morgan banks have all brought space within the metaverse and are preparing to do business.
However farfetched it may seem now; Meta is counting on that we will all be trying on clothes and shoes and living in our avatar world in the future. Their concept is that as a customer, your avatar can pop into a metaverse clothing shop to try on and buy items which will be posted to you in the real world. Or alternatively, you can treat your avatar to a new item of computerised clothing.
Furthermore, Meta is developing its own cryptocurrency to pay for goods known as Libra. Their vision is to create a central area for communicating, browsing, trying out, purchasing, and paying for goods, all within its single app.
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