The latest episode of the Social Pros Podcast drops today, featuring Justin Levy from Citrix, our bespectacled leader Jay Baer from Convince & Convert, and yours truly from everyone’s favorite data-driven social media marketing software provider.
For this week’s Social Media Stat of the Week, we discussed the findings from a recent social commerce study commissioned by Digitas, executed by Harris Interactive.
Social commerce appears to be the next great Internet gold rush – Booz & Co estimates that social commerce will grow to a $30B global industry over the next five years. But our research at Argyle, plus this survey via Digitas/Harris…plus a 2-minute conversation with your average Facebook user…paints a very different picture.
Harris Interactive surveyed 2,630 U.S. adults aged 18 years and older, of which 2,247 were identified as a social media user. Some key nuggets and thoughts are below:
55% of the sample stated that they are “uncomfortable” providing their credit card information via social media sites. You’ve gotta think that Facebook’s checkered past with regards to user data and privacy shapes this concern. I’d like to know how many of these “uncomfortable” people are otherwise okay conducting transactions on trusted sites like Amazon.com.
74% say that they would not use alternative currencies such as Facebook Credits or Bitcoin to conduct transactions on social media sites. If over half are uncomfortable providing their credit card information and 3/4 are not interested in alternative currencies, does this mean we’re left with cashier’s checks? I’d be interested to see how these two payment stats overlap.
One in five social media users agree that, where possible, they would purchase products or services from their favorite brands on a social media site. Note that this isn’t “One in five made a purchase…” – it is “One in five agree that they would make a purchase…” Unless I’m reading too much into this question, I’m not sure that this reflects the surging social commerce tidal wave that many perceive.
I found this survey useful, though there is obviously a much bigger story to tell. I’m bullish on social commerce – we’ll continue to track it closely on the Social Pros Podcast.