Social commerce to hit 1.2 trillion in 2023
Social commerce is bringing an opportunity for businesses to reach more consumers, thanks to the constantly evolving nature of social media. According to Accenture, in 2021, global social commerce sales totalled $492bn, expected to nearly triple by 2023 to $1.2tn.
Combining social media experience and online shopping, consumers can now shop without leaving the social media platform. In 2022, social commerce has developed further onto multiple platforms, such as Instagram and Pinterest, allowing the shopping experience to be fulfilled directly from social media feeds.
As social media platforms grow in popularity, businesses need to understand the role that social commerce will play in their strategies. According to insider intelligence eMarketer, more than 300 million new users went online between 2019 and 2020. Time spent on social media has gone up, with the typical user spending 2.5 hours daily on their favourite social media site.
Businesses need to integrate social commerce into their strategy so that they can provide seamless shopping experiences for their customers without requiring them to leave the platform they're already using.