Social media's ROI: The future of social commerce
Digital Orange Consulting
Social commerce has become the latest in a long line of abuses by an industry that seems hell-bent on short-term returns, but it should be at the top of your to-do list and not the bottom.
Internet retailing is predicted to take in $279 billion by 2015 (source: Forrester) with 10-15% of all spend by 2018 via social commerce channels, according to IDC. As a nation, the UK spent 3.57 billion hours shopping online in 2012. Without any context it's a large number, but of all the time spent online (more than 37 billion hours) it equates to approximately 10% of all activity online; Experian data shows that for every hour we spend online, 10% is spent shopping. Yet even in the face of such opportunity, many Fortune 500 companies are still happy to accept that social commerce is low on their priorities lists, favouring engagement over real investment.