Social Media Contributing Significantly to Global E-Commerce Revenue
Aug. 24, 2015
Global e-commerce generates more than $1.2 million in revenue every 30 seconds, according to a new report from the Associated Chambers of Commerce of India (ASSOCHAM) and Deloitte. Further, the study found, social networks are contributing significantly to this revenue. Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations, and increasingly , the ability to buy directly from the site, rather than requiring a visit to a retailer’s dedicated e-commerce site.
“Social media also helps e-tailers to build brand awareness by responding to customer queries,” said D.S. Rawat, secretary general of ASSOCHAM. “Seasonal sales and offers are displayed in social networks to reach maximum number of people. E-tailers have even started to motivate customers with reward points to provide feedback on the product on social networks. Prospective customers also interact with users of the product or service on social networks before making purchase decision.”
The survey found Facebook, Pinterest and Twitter contribute $5,483, $4,504 and $4,308 respectively every 30 seconds to the $1.2 million worldwide e-commerce total.