Insider Monkey

10 Best Social Media Platforms For eCommerce

Ramish Cheema
8 min read

In This Article:

In this piece, we will take a look at the ten best social media platforms for eCommerce. If you want to skip our introduction to social media and eCommerce, then take a look at 5 Best Social Media Platforms For eCommerce. 

The power of social media which lets people sitting at home reach thousands of others all over the world has disrupted a variety of different industries. For instance, news organizations that typically had to rely on newspapers and physical deliveries can now target more readers through Facebook or X (formerly known as Twitter). Additionally, video sharing platforms such as Alphabet Inc. (NASDAQ:GOOG)'s YouTube have enabled media organizations to generate millions of views and reach users who do not have access to cable television platforms.

However, perhaps the biggest beneficiary of the Internet has been electronic commerce. While Alphabet's Google, the world's best known and most widely used search engine, is used to run informational queries (such as those surrounding the current conflict in Gaza) to enable users to stay up to date with current events, the reality is that one of the benefits that Google offered people during its early days was to easily search products online in an era where new websites were popping up left, right, and center and there needed to be a medium to consolidate all this information under a single roof.

Since then, the Internet, eCommerce, and social media have come quite far ahead. Not only is Alphabet one of the most valuable companies in the world, but Meta Platforms, Inc. (NASDAQ:META) is equally as valuable simply because its user base provides advertisers with the ability to reach billions of people. Meta, in particular, has been one of the hottest stocks in 2023, as the hype surrounding artificial intelligence has served it well since it provides the firm with the ability to generate better content and advertising recommendations to users. The hype has seen its shares gain 150.77% on the market year to date, and Meta has also announced key upgrades to its services that integrate AI into the broader user experience.

Therefore, it's clear that eCommerce and social media go hand in glove, since not only does social media allow small time merchants to set up their shops, just like Amazon.com, Inc. (NASDAQ:AMZN) does, but it also provides the merchants with a vast market whose product preferences and tastes are often laid out in clear for better targeted advertising.

In formal and research terms, selling products through social media is dubbed social commerce. Due to the ease of access for merchants and the vast number of users of social media networks, this market is quite sizeable. Multiple research reports try to wager an estimate for the size for this market. One such report comes from Accenture plc (NYSE:ACN) and it suggests that social commerce sales stood at a whopping $492 billion as if this wasn't enough, despite its heft, the sales are expected to grow at a compounded annual growth rate (CAGR) of 26% to sit at $1.2 trillion by 2025 end. Accenture believes that Asia and Brazil will lead this wave of social commerce sales, with India in particular expected to play a dominant role due to its large youth population that is more technologically literate when compared to its elders. As for the U.S., American social commerce sales should double by 2025 and will be dominated by items such as apparel.

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