Social commerce – when the entire shopping journey from product discovery through the check-out process is conducted on a social media platform – is expected to reach $1.2 trillion (US) by 2025, according to a new study by Accenture.
The report states that nearly all of the 4.8 billion internet users worldwide are also on social media, some 4.5 billion people. That means 57% of all the people in the world are using social media.
“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. “They’re reshaping how people buy and sell, which provides platforms and brands with new opportunities for user experiences and revenue streams.”
In a 2022 survey of more than 1,502 Australian shoppers, the research report highlights the potential of live shopping: almost a third (30 per cent) of all Australian shoppers have already interacted with live shopping, while 34 per cent of the country respondents said they had not interacted yet with this type of shopping experience but would be interested.
“Brands and retailers willing to experiment with emerging technologies and shopping experiences are poised to encourage more and better product reviews that drive higher sales,” said Kate Musgrove, managing director of Bazaarvoice at Asia Pacific.