A new report from PYMNTS and Amazon Web Services reveals a significant gap between social media browsing and consumer purchasing behaviors.
The study, titled “Tracking the Digital Payments Takeover: Monetizing Social Media,” surveyed 2,976 consumers between May 5 and 15, 2023.
According to the findings, 43% of consumers—an estimated 110 million individuals—use social media platforms to browse goods and services. However, only 14%, or approximately 36 million people, complete purchases through these channels.
Platforms Dominating Social Commerce
Facebook emerges as the leader in social commerce, with a 24% conversion rate among its 77 million product browsers.
Instagram follows with a 21% conversion rate from 57 million browsers, while TikTok secures third place with a 17% conversion rate from 39 million browsers.
Source: PYMNTS
The report highlights platform-specific trends in product categories.
Instagram proves popular for clothing purchases, with 47% of its users buying apparel in the 30 days before the survey.
TikTok closely follows at 42%. Beauty products find their niche on TikTok, with 33% of users making such purchases—the highest rate across all platforms studied.
YouTube leads in food and beverage purchases, with 40% of its users buying these items in the month preceding the survey.
PLYMNTS believes the platform’s longer-form video content contributes to its effectiveness in showcasing product performance, particularly for appliances, home furnishings, pet products, and office supplies.
Buyer Behaviors
The study identifies impulse buying as a key factor in social media shopping.
32% of social media shoppers cite ease and familiarity as their primary motivation, while 28% appreciate the ability to make instant purchases when products catch their attention.
Despite social commerce’s growing popularity, the report uncovers significant barriers to adoption.
Source: PYMNTS
Trust issues top the list of concerns, with 37% of non-buyers expressing reservations about sharing personal data safely on these platforms. Additionally, 31% question the legitimacy of social media sellers.
Product quality concerns deter 27% of potential buyers, while 17% worry about refund difficulties if their purchases are faulty.
TikTok’s influence on consumer behavior is notable, with the hashtag #TikTokMadeMeBuyIt generating 58.5 billion views as of June 2023.
Payment Methods
The study also examines payment preferences for social media transactions.
Credit cards lead at 29%, followed by debit cards at 24%. Digital payment options show significant adoption, with PayPal used by 18% of shoppers, cryptocurrency by 7.5%, Apple Pay by 5.2%, Amazon Pay by 2.3%, and Google Pay by 2.2%.
Source: PYMNTS
The report suggests that social media platforms and merchants must address trust issues, streamline the purchasing process, and offer a wider range of payment options to boost conversion rates.
David Adler is an entrepreneur and freelance blog post writer who enjoys writing about business, entrepreneurship, travel and the influencer marketing space.
![Male Shoppers Are Almost Twice As Likely To Buy On Social Media [REPORT]](https://www.netinfluencer.com/wp-content/uploads/2024/11/Male-Shoppers-Are-Almost-Twice-As-Likely-To-Buy-On-Social-Media-REPORT-400x240.png)
![Male Shoppers Are Almost Twice As Likely To Buy On Social Media [REPORT]](https://www.netinfluencer.com/wp-content/uploads/2024/11/Male-Shoppers-Are-Almost-Twice-As-Likely-To-Buy-On-Social-Media-REPORT-100x100.png)
![Top 3 Factors That Make Podcast Listeners Hit Play [REPORT]](https://www.netinfluencer.com/wp-content/uploads/2024/11/Top-3-Factors-That-Make-Podcast-Listeners-Hit-Play-REPORT-400x240.png)
![Top 3 Factors That Make Podcast Listeners Hit Play [REPORT]](https://www.netinfluencer.com/wp-content/uploads/2024/11/Top-3-Factors-That-Make-Podcast-Listeners-Hit-Play-REPORT-100x100.png)
A new report from PYMNTS and Amazon Web Services reveals a significant gap between social media browsing and consumer purchasing behaviors.
The study, titled “Tracking the Digital Payments Takeover: Monetizing Social Media,” surveyed 2,976 consumers between May 5 and 15, 2023.
According to the findings, 43% of consumers—an estimated 110 million individuals—use social media platforms to browse goods and services. However, only 14%, or approximately 36 million people, complete purchases through these channels.
Platforms Dominating Social Commerce
Facebook emerges as the leader in social commerce, with a 24% conversion rate among its 77 million product browsers.
Instagram follows with a 21% conversion rate from 57 million browsers, while TikTok secures third place with a 17% conversion rate from 39 million browsers.
Source: PYMNTS
The report highlights platform-specific trends in product categories.
Instagram proves popular for clothing purchases, with 47% of its users buying apparel in the 30 days before the survey.
TikTok closely follows at 42%. Beauty products find their niche on TikTok, with 33% of users making such purchases—the highest rate across all platforms studied.
YouTube leads in food and beverage purchases, with 40% of its users buying these items in the month preceding the survey.
PLYMNTS believes the platform’s longer-form video content contributes to its effectiveness in showcasing product performance, particularly for appliances, home furnishings, pet products, and office supplies.
Buyer Behaviors
The study identifies impulse buying as a key factor in social media shopping.
32% of social media shoppers cite ease and familiarity as their primary motivation, while 28% appreciate the ability to make instant purchases when products catch their attention.
Despite social commerce’s growing popularity, the report uncovers significant barriers to adoption.
Source: PYMNTS
Trust issues top the list of concerns, with 37% of non-buyers expressing reservations about sharing personal data safely on these platforms. Additionally, 31% question the legitimacy of social media sellers.
Product quality concerns deter 27% of potential buyers, while 17% worry about refund difficulties if their purchases are faulty.
TikTok’s influence on consumer behavior is notable, with the hashtag #TikTokMadeMeBuyIt generating 58.5 billion views as of June 2023.
Payment Methods
The study also examines payment preferences for social media transactions.
Credit cards lead at 29%, followed by debit cards at 24%. Digital payment options show significant adoption, with PayPal used by 18% of shoppers, cryptocurrency by 7.5%, Apple Pay by 5.2%, Amazon Pay by 2.3%, and Google Pay by 2.2%.
Source: PYMNTS
The report suggests that social media platforms and merchants must address trust issues, streamline the purchasing process, and offer a wider range of payment options to boost conversion rates.
Find the full research here.