64% of social media users bought a product on social in 2021, as per Accenture.
As brands and retailers prioritise merging social interactions and ecommerce, the global social commerce market is expected to grow from $492 billion to $1.2 trillion by 2025. Millennials will account for 33% of the social commerce market, while Gen Z's social commerce spending is predicted to grow rapidly.
Gen Z and millennials will contribute 62% of the global social commerce spending by 2025. Clothing (18%), consumer electronics (13%), and home decor (7%) are projected to be the most bought items globally.
In addition, as brands and retailers invest in social commerce, it could grow from 10% of all ecommerce to 17% by 2025. However, 50% of users believe social commerce purchases will not be protected or refunded, indicating a lack of trust.
[2 minute read]