Social commerce is still in its infancy, but Meta appears to be in a strong position to dominate the market not least because of its apps WhatsApp and Instagram.
A new report from SimplicityDX, the mCommerce experts, shows that three out of the four most widely used social media platforms are owned by Meta – Facebook, WhatsApp and Instagram.
However, Facebook tends to be overvalued for brands. In reality, 63% of its social commerce comes from Facebook Marketplace, a destination for private and smaller sellers.
With Facebook Marketplace, Meta social networks are considered a shopping destination for 83% of users. Once Marketplace is taken out of the equation, this drops to 65%.
Instagram is a go-to destination for brands and gained momentum in recent years not least because of the push into influencer marketing.
33% of users recall Instagram as a destination for making purchases and the app has been working hard to complete its mCommerce features that lets brands upload their inventory.
Make-up brand Glossier is an example of an account that managed to optimise its Checkout function and direct sales by tapping into targeted ads on the app.
Meta faces some stiff competition from TikTok which gained 20% of consumer recall despite having extended in eCommerce only last year.
However, the research found that consumers still prefer to checkout on a brand website and tend to use social media more for product discovery (48%) than making a purchase.
That said, 87% of users said they followed a brand or visited a website after seeing a product on Instagram.
For brands and retailers that means they should place more emphasis on promoting product discovery in-app.