Survey: Business leaders to invest in social commerce, AI ahead of holidays

The vast majority of business leaders are expecting higher holiday sales this season, according to a new survey.

Global commerce firm Commercetools’ new report, "Unwrapping Success: Key Investments Driving Holiday Sales,” shows that 94% of business leaders surveyed are projecting a positive outlook, and 89% expecting higher revenues than in 2023.

To make sure the 2024 season is as profitable as possible, leaders say they are taking a handful of proactive measures. More than half (55%) are upgrading their e-commerce platforms, 81% are investing in tech improvements, and 77% are enhancing social commerce capabilities.

Commercetools’ new report noted that according to data from eMarketer, 67% of consumers use social media to research products before purchasing. Along the same lines, the report found that 69% of business leaders are ramping up investments in social media advertising to respond to meet shoppers where they are. Facebook Shop/Marketplace is the most popular among brands, with 71% of businesses planning to use the platform for holiday sales. TikTok Shop is also on the rise, with 55% of companies planning to invest there for holiday campaigns.

"Staying ahead of consumer behavior is more critical than ever,” said Jen Jones, chief marketing officer at Commercetools. “Platforms like TikTok and Instagram are no longer just social networks — they're becoming go-to search engines and shopping hubs. For CFOs and CTOs, deepening social commerce capabilities is a strategic move to position your business where consumers are actively searching and spending. While in-store and online shopping still hold ground, this rapidly growing segment could be a key to dominating this holiday season and beyond.”