Shopping on social media such as Facebook, TikTok and WeChat is going to grow three times faster than sales from traditional channels over the next three years, according to a study released by Accenture.
Social commerce, defined as transactions that take place entirely within the context of a social-media platform, will reach $1.2 trillion by 2025, up from $492 billion in 2021, the consulting company said in the report. The trend is being driven primarily by Gen Z and millennial consumers, who are expected to account for 62 percent of the spending.
The most popular products sold via social networks include clothing, consumer electronics and home decor. Beauty and personal care is also seeing growth, with online influencers playing a significant role. (Bloomberg)
By Nam Kyung-don (email@example.com