The global social commerce industry is expected to grow three times as fast as traditional e-commerce, from $492 billion in 2021 to $1.2 trillion by 2025. The growth is spearheaded by Gen Z and Millennials who will make up 62% of social commerce spend by 2025. As of now, almost 2/3rd of social media users (estimated 2 billion) said they made a purchase on social media in the past year.

Social commerce is predicted to go from 10% of all e-commerce to 17% by 2025. The report also found that clothing (18%), consumer electronics (13%) and home decor (7%) will make up the highest number of purchases globally.

Many platforms are focusing on increasing this growth, with Meta’s Facebook and Instagram, Snapchat and TikTok rolling out shopping features and partnerships that seek to increase adoption by brands and consumers. Similarly, Walmart has made several partnerships as it continues to ramp up its social commerce capabilities.

Source: https://www.marketingdive.com/news/social-commerce-to-grow-3-times-as-fast-as-e-commerce-accenture-predicts/616741/