Social commerce will grow 3 times faster than e-commerce
Social commerce will grow 3 times faster than e-commerce
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The latest reports and forecasts suggest the global social commerce industry will grow three times faster than traditional e-commerce to $1.2 trillion by 2025, up from 492 billion in 2021.
The growth of social shopping will largely depend on millennials and Generation Z. They will account for 62% of total social commerce spending by 2025. About 2 billion social shoppers, more than 60% of social media users said they had shopped on social media in the past 12 months.
The growth of social shopping will largely depend on millennials and Generation Z. They will account for 62% of total social commerce spending by 2025. About 2 billion social shoppers, more than 60% of social media users said they had shopped on social media in the past 12 months.
Brands and retailers continue to invest significant amounts and are increasingly collaborating in the social commerce space. Additional growth is expected from 10% of all e-commerce to 17% by 2025.
Social commerce, which will be able to integrate modern digital tools together with social experience and e-commerce transactions, will be a priority for brands and retailers. Consumers will spend more and more time on social media platforms looking for news posts, communication and entertainment.
Social commerce, which will be able to integrate modern digital tools together with social experience and e-commerce transactions, will be a priority for brands and retailers. Consumers will spend more and more time on social media platforms looking for news posts, communication and entertainment.
The steady growth of people's social media time shows the importance of such platforms in our daily lives. They affect how the sale as a whole happens. Buyers and sellers adapt and get new opportunities. This is a new experience that you need to reckon with otherwise your competitors will beat you to the punch.
Millennials are expected to account for 33% of the social commerce market by 2025, with Generation Z spending rising even faster. If we talk about the categories of goods, then the category of clothing occupies the very top. About 18% of purchases will fall on clothes. Next comes electronics with 13% and household goods (about 7%). Fresh snack and grocery sales of about 13% are almost exclusive to China.
Millennials are expected to account for 33% of the social commerce market by 2025, with Generation Z spending rising even faster. If we talk about the categories of goods, then the category of clothing occupies the very top. About 18% of purchases will fall on clothes. Next comes electronics with 13% and household goods (about 7%). Fresh snack and grocery sales of about 13% are almost exclusive to China.
Despite such prospects, there are obvious problems. More than half of the surveyed users do not trust purchases through social networks, since transactions are not protected and there is a risk of getting on scammers.
Retailers and brands will have to do a lot of work to address customer concerns and mistrust. This puts everyone on the same starting line and allows you to increase competition, which in turn moves development. Either way, sellers will be finding ever-new options to remove customer concerns to capitalise on interest in social media shopping.
Platforms like Instagram, TikTok, Snapchat and Facebook are taking charge and rolling out shopping and brand partnership features to promote brand popularity. Not far behind is Walmart, which has also struck several partnership agreements while continuing to experiment with new opportunities for its growth.
Retailers and brands will have to do a lot of work to address customer concerns and mistrust. This puts everyone on the same starting line and allows you to increase competition, which in turn moves development. Either way, sellers will be finding ever-new options to remove customer concerns to capitalise on interest in social media shopping.
Platforms like Instagram, TikTok, Snapchat and Facebook are taking charge and rolling out shopping and brand partnership features to promote brand popularity. Not far behind is Walmart, which has also struck several partnership agreements while continuing to experiment with new opportunities for its growth.