Social media platforms have emerged as a leading option for brands and businesses to market their goods and services in recent years.
Nearly half of Millennials and 75% of Gen Zers now base their purchasing decisions on social media advertisements, and one-third of all social media users search social media platforms for products to purchase. Facebook is the top option for the majority of them.
With an average 53% share in the top markets, Facebook emerged as the most widely used social media platform for product purchases in 2023, according to data provided by OnlyAccounts.io.
The United States and Australia are the Top Two Markets for Facebook Shopping
Through the realm of social commerce, brands and businesses can swiftly transform social media users into paying customers, all within the confines of the social media platforms. Furthermore, they can engage in direct communication and cultivate a more robust brand presence. While platforms such as TikTok and Instagram have experienced significant user growth in recent years, none of them can quite match Facebook’s prowess in the domain of social commerce.
In accordance with the 2023 Klarna survey, Facebook emerged as the foremost social media platform for purchasing products on a global scale this year, boasting an impressive average market share of 53% across the top nine markets.
Within this selection of countries, the United States and Australia stood out as the top users of Facebook for shopping, with shares of 62% and 60% respectively among survey respondents.
Instagram secured the second spot as the most favored social media platform for shopping, wielding an average market share of 46% within these markets. Notably, unlike Facebook, Instagram reigned supreme for shopping in Spain and Portugal, garnering a substantial 57% share among social media shoppers.
YouTube followed closely behind Instagram, ranking as the third most popular platform with an average market share of 42% among respondents in the nine markets.
Intriguingly, statistics indicate that approximately 33% of social media shoppers turned to TikTok for their product purchases, positioning it as the fourth most popular platform for engaging in social commerce.
Millennials Shop on Facebook, while Gen Zers Choose Instagram and TikTok
According to the Klarna survey, Facebook emerged as the preferred social media platform for purchasing products across all generations, except for Gen Z, who showed a preference for Instagram.
Gen Zers also demonstrated a significant inclination toward using TikTok for social commerce, with nearly half of them utilizing the platform for their shopping needs.
In contrast, YouTube claimed the top spot among Millennials, with 47% of this generation opting for its platform when making product purchases.
When the survey results were dissected by countries, it became evident that Americans were the most avid social media shoppers, with 58% of respondents confirming that they had made purchases after encountering products on the platform.
This percentage exceeded the shares of respondents in the United Kingdom and Germany by almost 15%. On the other end of the spectrum, Finland and the Czech Republic occupied the lower ranks, with a 29% share of social media shoppers in these countries.