“The appeal for consumers everywhere is overwhelming,” he continues. “Mobile-first cultures, like China, India and Brazil, that haven’t had the history of the journey through physical retail to e-commerce, have made the jump to social commerce much faster than in Western Europe and North America,” says Oliver Wright, Accenture’s global consumer goods and services lead. And surprisingly, retail brands in developed markets, like the U.S., U.K, and Europe, are way behind developing markets in exploiting the opportunities in social commerce. “They’re reshaping how people buy and sell, which provides platforms and brands with new opportunities for user experiences and revenue streams.”Īll told, social commerce represents 10% of e-commerce sales today, but its share is going to reach 17% in just three short years.
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“The steady rise in time spent on social media reflects how essential these platforms are in our daily life,” explains Robin Murdoch, Accenture’s global software and platforms industry lead. In 2021, global social commerce sales reached $492 billion, but it is expected to nearly triple by 2025 to reach $1.2 trillion, according to a new study by Accenture.
Social commerce is defined as when the entire shopping journey from product discovery through the check-out process is conducted on a social media platform. Social commerce is here now, but much more to come And just like any revolution, it will bring unanticipated change and leave behind collateral damage. Social commerce is the next digital shopping revolution and it will change people’s shopping behavior as profoundly as internet shopping did over the last twenty years.
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