It’s true that social commerce is still evolving and finding its footing in the market. The adoption and growth of social commerce vary across different regions and platforms. For example, in China, a significant percentage of social media users have already made purchases through social media platforms, and social commerce accounts for a considerable portion of e-commerce. In contrast, the United States has a slightly lower percentage of social media users making social purchases, and social commerce’s share of e-commerce is comparatively smaller.
The potential for growth in social commerce is immense, especially considering the increased digital growth experienced post-pandemic and the rising demand for affordable shopping options driven by the cost of living. Consumers are becoming more open to exploring new shopping channels beyond traditional e-commerce websites.
However, the landscape of social commerce can differ by platform and region. For instance, TikTok has shifted its focus away from launching live e-commerce in Europe and the US, choosing instead to concentrate on expanding its presence in the UK. On the other hand, Meta (formerly known as Facebook) has introduced the Meta Avatars Store as a means to promote digital sales.
As social commerce continues to develop, it will be interesting to see how different platforms and regions adapt to the changing consumer behaviour and market trends. Social commerce can benefit the pharmaceutical industry in giving a good understanding of a product and helping users make well-informed decisions. This is particularly relevant for open markets like the US and for the over-the-counter (OTC) category in pharma. Overall, social commerce presents opportunities for the pharmaceutical industry to expand its reach, connect directly with consumers, and enhance brand awareness. By leveraging the power of social media, pharmaceutical companies can engage with customers, educate them about products, and drive sales while building stronger relationships with their target audience.
