Socal Commerce Grows, Consumers Still Wary

According to a Booz & Co. estimate, social commerce will grow to $30 billion globally in the next five years. But consumers still have security concerns about making purchases via social networks. More than half (55%) of social media users aren’t comfortable giving credit card information via social networks, according to a new Harris Interactive survey commissioned by Digitas. Among other highlights from the study:

*People that use their mobile phones to access social media sites spend close to a full hour a day on average (50.7 minutes) doing so. That’s only a bit less than social media users spend accessing social sites on their computer (56.3 minutes).

*Two in five (38%) social media users that use their mobile phones to access social media sites cite general browsing (scrolling through updates, visiting brand pages, “liking” or “following” posts) as their primary social media activity.

*One in five (20%) social media users said, where possible, they would buy products or services from their favorite brands on a social media site.

*But 74% indicate that given the option, they wouldn’t use virtual currency, such as Bitcoin or Facebook Credits, for purchases on a social media site



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