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06 January 2022
Social commerce growth is a game changer
E-commerce & mobile retailSocial media audiences
Global sales through social commerce are predicted to grow from $492bn in 2021 to $1.2tr by 2025, by which time its share of all e-commerce will have jumped from 10% to 17%, according to consulting firm Accenture.
Why it matters
Almost half (44%) of the global population uses social media, with the average person spending 2.5 hours a day on social platforms, using them for news, entertainment and communication. Add commerce to the mix, says Accenture, and social media “could soon become so powerful as a destination in its own right that it starts to threaten the dominance of e-commerce and search giants”.
Almost two thirds (64%) of social media users – 2 billion people – bought directly from social platforms in 2021.
59% of social buyers are more likely to buy from small businesses when shopping through social commerce as compared to when shopping through e-commerce sites.
India (59% CAGR) and Brazil ( 30% CAGR) will be the fastest growing markets.
The big idea
“Social commerce is a democratizing force, opening up new avenues of opportunity for individuals and small businesses,” says Accenture. “The implications cut across every consumer category, across products and services, and will impact every platform, brand and retailer, as social commerce will grow three times faster than traditional e-commerce on a compound annual basis.”