THE SOCIAL COMMERCE REPORT: Inside the fast-developing opportunity to reach billions of consumers' wallets using social platforms

This is a preview of THE SOCIAL COMMERCE REPORT from Business Insider Intelligence. 14-Day Risk Free Trial: Get full access to this and all Payments & Commerce industry research reports. Social media's immense popularity and influence have built a huge potential audience for shopping through social platforms. Global internet users spent an average of 142 minutes per day on social media in 2018, up from 90 minutes in 2012, according to a report from GlobalWebIndex cited by Digital Information World.

This has made social media a major influence on consumers' purchasing habits, with 36% of US internet users saying social networks have become as important as other information sources for making product choices, up from 27% in 2015, according to a survey from GfK cited by eMarketer.

As social media's influence grows, social commerce is becoming an increasingly important channel in online shopping. Consumers have used social media to learn about products and brands and find inspiration for over a decade; the term "social commerce" was introduced by Yahoo! in 2005. But in the past few years, platforms have been working to eliminate the friction of buying a product elsewhere after discovering it on social media by adding buy buttons and digital wallets, for instance, so users can make direct purchases.

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