Blog

Consumers coming around to social commerce

February 14, 2012

According to a Digitas survey, consumers are becoming more comfortable with spending money on social networking sites by using online credit card processing services.

According to a Digitas survey, consumers are becoming more comfortable with spending money on social networking sites by using online credit card processing services.

Sales generated through social commerce sites are expected to reach $30 billion in the next five years. Young males with higher incomes are projected to be key players in the demographic of social media shoppers. Males who already use the networks, such as Twitter and Facebook, and have a household income exceeding $35,000 report feeling more comfortable giving out credit card information on the sites to make purchases.

According the the survey, 20 percent of respondents said they would be likely to purchase products and services while using a social media site and 34 percent said they would be more likely to relay information about their purchases than if they were made on traditional ecommerce sites.

However, almost 75 percent said they do not want to make purchases with the virtual currencies, like Facebook Credits or Bitcoin, which leaves a gap to be filled by online credit card payment processing services. Retailers can satisfy customers’ needs by offering them the convenience and security of credit card payments. A virtual credit card terminal that is PCI compliant will protect consumers’ confidential data as transactions are completed through the social networking sites.

Back To Blog