Shopping on social networks promises to be a particularly booming market in the near future. Over the next three years, the size of the social commerce market is expected to grow 2.5 times to reach $1.2 trillion globally. This is an increasingly widespread trend and widely supported by Generation Z.
Buying behaviors have changed. With the covid-19 pandemic, online shopping has exploded. On social networks, direct purchases has become the trend of the moment. This growth is confirmed by the Accenture study” Why shopping is poised for a social revolution According to the report, so-called social commerce is expected to be worth $1.2 trillion by 2025, while the current global market generates $492 billion. According to Accenture, social media shopping will grow “three times faster than traditional e-commerce.” “In other words, it’s a market with a high potential for influencers on networks like ICT Tac or Instagram.
Millennials, big spenders on social networks
At the forefront, Generations Z and Y could be at the origin of 62% of the expenses made via social networks. Millennials are expected to account for the majority of social commerce spending, at $401 billion, compared to $359 billion for Gen Z. 2025. As for Gen X, they will hold 28% of the market, with shopping dollars on social networks.
Some 64% of social media users say they have made a purchase on a platform in the past year, which already has nearly two billion online shoppers worldwide, Accenture notes. “The pandemic has shown how people are using social platforms as an entry point for everything they do online – news, entertainment and communication,” said Robin Murdoch, global head of software industry and platforms at Accenture. “The steady increase in time spent on social media reflects how essential these platforms are in our daily lives. They are reshaping the way people buy and sell, giving platforms and brands new opportunities for experiences user and sources of income”, he continues in the report .
What items will be purchased the most on social media in 2025?
Among online shoppers, 63% say they are more likely to buy from the same merchant, highlighting the importance of loyalty even on social media. According to the study, consumers are most concerned about not being properly reimbursed and not being sufficiently protected. This was a negative point also mentioned at the beginning of e-commerce, underlines Accenture. Oliver Wright, the firm’s global head of consumer goods and services, said: “Trust is an issue that will take time to overcome, but sellers who focus on these areas will be in a better position to grow their market share. “.
Accenture’s report also determines which purchases are likely to be most popular on social media by 2025. Fashion will be the main driver of growth, with 18% of all social commerce by 2025. electronics at 13% and the house. decoration at 7%. Accenture also points out that the sale of fresh food products and snacks could well reach 13%, almost exclusively for the Chinese market, and that the beauty sector should rapidly gain ground in the coming years.
*An online survey of 10,053 social media users in China, India, Brazil, USA and UK. The online study was conducted from August 12 to September 3, 2021, with in-depth interviews with buyers and sellers in the same five markets between May 26 and June 2, 2021.