$1.2 trillion. That’s the projected total in global social commerce sales in 2025, according to a study by Accenture. In 2021, global social commerce sales totaled $492 billion.
“The steady rise in time spent on social media reflects how essential these platforms are in our daily life,” Robin Murdoch, Accenture’s global software and platforms industry lead, told Forbes. “They’re reshaping how people buy and sell, which provides platforms and brands with new opportunities for user experiences and revenue streams.”
Companies like Meta, Alphabet Inc., Instagram and now Amazon are taking advantage of social commerce opportunities as a result of TikTok’s success, including short reels now available on YouTube and Instagram integrating a shop tab into its app. Combining commerce and social media experiences could prove to be fruitful for some, as an estimated 4.5 billion people are active on social media while each user spends an average of two-and-a-half hours on preferred platforms, according to Statista. Forbes reported that social commerce sales represent 10% of e-commerce sales, though it is expected to grow to 17% in the next three years, while Oliver Wright, Accenture’s global consumer goods and services lead notes the appeal for social commerce “everywhere is overwhelming.”