How Trnd Aims To Improve The Influencer Shopping Experience

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The U.S. social commerce market, valued at a staggering $89.11 billion in 2022, is on a trajectory of rapid growth.

With data showing a projected compound annual growth rate (CAGR) of 29.2% between 2023 to 2030, revenues in this segment are expected to soon surpass the one trillion dollar mark.

This booming market is heavily influenced by the rise of influencer and creator marketing, a key driver of social commerce growth.

Research shows influencer campaigns boast an average engagement rate of 4.2%, significantly higher than the 0.9% seen in campaigns without influencers. Additionally, 60% of consumers report trusting recommendations from influencers when making purchasing decisions.

Despite these promising statistics, the social shopping experience is often hindered by friction within the purchasing process. Most existing solutions require multiple steps between product discovery and checkout.

Given shoppers' increasingly short attention spans , which now average about eight seconds, these lengthy processes often lead to high cart abandonment rates.

The Baymard Institute reports an average online shopping cart abandonment rate of 70.19%, with over 18% of abandonments due to complicated checkout processes.

Paul do Forno , Managing Director at Deloitte Digital's Customer Experience and Commerce arm, agreed that not having a fast, easy-to-use checkout connected with this shopping experience is a major hurdle for buyers.

"There needs to be an easy or integrated payment mechanism that allows for a quick conversion, especially within social buying, where every second counts. But if it's too hard to fill in a form or find a payment button, it's detrimental to conversions," he said.