Value Of Social Shopping Set To Double To £3.3bn By 2014

New research commissioned by online auction site eBay estimates that the value of social shopping is set to more than double by 2014. .

The study, conducted by retail research agency Conlumino, estimates that in the next five years the value of social shopping will more than double from £1.6bn to around £3.3bn. UK retail sales directly via social media are forecast to grow to £290m by 2014 from £210m (a rise of 44%) as more and more retailers target consumers with personalised offers and deals on social networks.

However, the real value from social media is expected to come from the way it is used to influence and inspire purchases, with over £3bn of retail sales predicted to be influenced by social media by 2014. The research found that 46% of social media users are already using social platforms like Facebook and Twitter while thinking about making a purchase, and 40% of users are actively deciding what to buy based on what they have seen on social media platforms, including reviews and recommendations, and this is only set to grow.

The Conlumino research also reveals that nearly half of social media users are interacting directly with retailers on social media platforms.

Petra Jung, head of mobile shopping at eBay, said: “There’s a billion pound prize for UK retailers in using social to help customers make up their minds when they’re looking to buy something. Generating direct sales is part of the prize in social shopping but using peer-to-peer networks to influence purchasing decisions is the far bigger opportunity.

“Many shoppers, particularly women, want fun and inspiration as much as information when they shop, and social networks are a great way to seek out a friend’s advice, see other people’s style, and get ideas.”