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Influencer Marketing Is Lucrative!
The statistics for the influencer marketing industry in 2022 have reached $16.4B. In 2016, it was 1.7B, boosting up in 2020 and increasing in 2021 to 13.8B. The industry and the businesses related to it have shown an increase. This shows how necessary it has become to represent your brand through social media stars.
The budgets being allotted for this specific type of marketing are also increasing. We understand why the effectiveness of persuading viewers to consume that particular product or service is being promoted on social media platforms.
It Covers Every Niche.
Standard influencer categories such as beauty and lifestyle are still prevalent, but financial influencers (influencers), skincare influencers (skin influencers), and pet influencers (pet influencers are also emerging.
In addition, influencers accept the challenge by moving from their original niche to other categories, and You can think out of the box when you are required to promote something. For example, beauty bloggers can be seen covering different areas of interest, such as travel, dining, and fitness.
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The Social Commerce industry is expected to grow to $80 billion by 2025 in the U.S. alone, with 72% of users using social media platforms to research brands and 97% of Gen Z consumers using social media as their top source of shopping inspiration. The number of U.S. social commerce buyers accelerated 25.2% to 80.1 million in 2020 and is anticipated to increase to 96 million in 2022. The survey was conducted by an international marketing agency in December 2021, asking 1,000 U.S. responders between 16 and 54 years about their social commerce and consumption behaviors.
- 82% of responders have discovered a product on social media and purchased it directly on their phones.
- 57% have purchased something during a live stream shopping event, and 39% strongly agree that they like to discover new products during live shopping events.
- 58% have used a Buy Now Pay Later (BNPL) service; compared to another previous survey in early 2021, 36% more users have tried BNPL.
- 41% strongly agree they like to take advantage of special discounts influencers offer.
- 42% strongly agree that they prefer to check out directly on a social media app (instead of a third-party website).
Social commerce can help brands increase mobile conversion rates and cart abandonment rates. It can also support influencers in additional revenue streams, such as affiliate fees, when they sell third-party items and better margins. Our survey shows great interest in social commerce thanks to new social media features and tools.
Studies show the following products that users buy more often on social media.
First place (22%) goes to apparel/clothing, second place (15%) to beauty/make-up products, and, holding the same third place (11%) to home products and electronics.
How often do users shop on social media?
29% of the responders like to shop on social media at least once a week, and 24% more than once a week.
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