Shopping on social networks such as Facebook, TikTok and WeChat is going to grow three times faster than sales from traditional channels over the next three years, according to a study released by consultancy Accenture.
The value of social commerce, defined as transactions that take place entirely within the context of a social-media platform, will reach $1.2 trillion by 2025, up from $492 billion in 2021, the consulting company said in the report. The trend is being driven primarily by Generation Z and Millennial consumers, who are expected to account for 62% of the spending.
The most popular products sold via social networks include clothing, consumer electronics and home decor. Beauty and personal care is also seeing growth, with online influencers playing a significant role.