“While only a small portion of ecommerce sales come from social channels, consumer adoption has grown in the past year. We expect that more than 75 million US social network users ages 14 and older will make at least one purchase from a social channel in 2020, up 17.3% from 2019.”
- “Two out of five (40 percent) of the world’s population is on social media, including 60 percent of Americans. eMarketer predicts that almost 70 percent of retail ecommerce sales will come through mobile by 2021.
- Its community members typically spend over 20 minutes per day in the app including engagement across Instagram and Facebook
- Almost three out of five (56 percent) want to see product ratings or pictures before making a purchase.”
“Facebook said it acquired visual shopping and artificial intelligence startup GrokStyle in a move to bolster the social-media company’s own AI work.
GrokStyle’s technology, which was integrated into Ikea’s mobile app, was simple in practice. A user takes a picture of a piece of furniture and the technology would match it to similar products that could be purchased online. On its website, GrokStyle said it is “winding down” its business, but that it is “moving on as a team” along with its technology. The company didn’t disclose it’s joining (FB, +0.58%) Facebook.”