Shopping via social media platforms such as Facebook, TikTok, and WeChat will become more popular and will grow three times faster than shopping in regular stores in the coming years.
That is the expectation of organizational consultancy Accenture. Young people, in particular, will be responsible for the growth.
The value of so-called social commerce, whose transactions take place entirely via social media, will rise to 1.2 trillion dollars in 2025, Accenture calculated. In 2021, 492 billion dollars was spent on social media.
Clothing, electronics, and home furnishing products are the most popular to buy through the platforms. Care products will also become more popular, with online influencers playing an important role. According to Accenture, the growth also means good news for SMEs. More than half of users surveyed said they prefer smaller companies over bigger brands.
Last year, about 3.5 billion people used social media, Accenture said. On average, people spend two and a half hours a day on social media. In China, people buy most stuff through social media. However, most growth is seen in emerging markets such as India and Brazil.
Accenture looked at more than 10,000 social media users in China, Brazil, the United States and the United Kingdom.