Social commerce platforms thankful for growth of online payments: Survey

A vast majority or 96 percent 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 percent 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 percent of merchants using mobile-enabled payment methods and Facebook tops the platform with 89 percent merchants selling on it, the survey revealed.

Among all the markets surveyed, India emerged top in terms of usage of YouTube (64 percent), Twitter (61 percent), Google+ (50 percent), Skype (53 percent) and LinkedIn (33 percent) for selling goods and services. As much as 94 percent of social sellers admit that social commerce has lowered their risks of starting business independently and while 96 percent 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 percent of them selling through various social platforms. Growing digitization 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 percent of total consumer demand on social commerce comprising of the same, said the survey. Groceries like food, drinks, and alcohol are the next most sought-after categories online.