The global social commerce industry is expected to grow three times as fast as traditional e-commerce, from $492 billion in 2021 to $1.2 trillion by 2025, a new Accenture report revealed.
The growth will be driven by Gen Z and millennial consumers who will account for 62% of global social commerce spend by 2025. Nearly two-thirds (64%) of social media users — an estimated 2 billion social buyers — said they made a purchase on social media in the past year.
The predicted growth of social commerce from 10% of all e-commerce to 17% by 2025 comes as platforms, brands and retailers continue to make significant investments and partnerships in the space.
Source: Retail Dive
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