Shopping on social media to hit US$1.2tn by 2025BloombergShopping on social networks such as Facebook, TikTok and WeChat would grow three times faster than sales from traditional channels over the next three years, a study released by Accenture found. Social commerce, defined as transactions that take place entirely within the context of a social media platform, are to reach US$1.2 trillion by 2025, up from US$492 billion last year, the consulting firm said in the report. Accenture also found that about 3.5 billion people used social media last year, spending on average two-and-a-half hours engaged with it per day. The market for social commerce is far less saturated in the US and the UK than in China, where 80 percent of users make purchases on social media, Accenture said. The study is based on an online study of 10,053 social media users in China, India, Brazil, the US and the UK conducted from Aug. 12 to Sept. 3.

Source: Taipei Times January 04, 2022 23:28 UTC