'96% sellers on social media platforms credit digital payments for their success'
Selling products on social media platforms like Facebook, YouTube, among others - has not only enabled growth for domestic small sellers but has also improved the financial health with 66 per cent merchants using social commerce to access a global consumer base, digital payment solutions provider Paypal said in its survey.
A vast majority or 96 per cent of sellers on social commerce platforms attribute their growth to the growth of digital payments in the country as it offers them seamless and efficient payment experience, said a survey.
Social commerce - which is selling products on social media platforms like Facebook, YouTube, among others - has not only enabled growth for domestic small sellers but has also improved the financial health with 66 per cent merchants using social commerce to access a global consumer base, digital payment solutions provider Paypal said in its survey.
Across the Asian markets surveyed, India leads with 84 per cent merchants using mobile-enabled payment methods and Facebook tops the platform with 89 per cent merchants selling on it, the survey revealed.
Among all the markets surveyed, India emerged top in terms of usage of YouTube (64 per cent), Twitter (61 per cent), Google+ (50 per cent ), Skype (53 per cent) and LinkedIn (33 per cent) for selling goods and services.
As much as 94 per cent social sellers admit that social commerce has lowered their risks of starting business independently and while 96 per cent of them say social commerce has allowed them to reach bigger markets.
The survey highlights the rapid growth of social commerce across seven Asian markets, including India. It also showcases the positive impact that this form of commerce is having on merchants' and consumers' financial lives, and how digital payments plays an integral role by providing a secure way for sellers to sell on social media platforms.
Merchants have higher confidence in social commerce with over 79 per cent of them selling through various social platforms.
Growing digitisation and increasing Internet penetration here have encouraged commerce to move online. Facebook, WhatsApp and Facebook Messenger are used most by merchants here, than anywhere across Asia, except China.
Among the most active items sold in the country are cosmetics and beauty products, with 52 per cent of total consumer demand on social commerce comprising of the same, said the survey.
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Groceries like food, drinks and alcohol are the next most sought after categories online.