Worldwide social commerce revenue is set to reach $913 billion this year and will grow by 31.6% per year, to reach $6.2 trillion by 2030, according to a report by Straits Research, and verified by Statista.
The report concludes that a combination of celebrity (and other) influencers, video-rich content and multiple opportunities to buy, is encouraging impulse purchasing on social media platforms.
The addition of frictionless checkouts (where users can check out products from multiple sellers without having to leave the platform) is helping to drive explosive growth.
The growth in the sector represents an opportunity and a threat for brands and retailers: an opportunity because the huge reach of the social media platforms makes it possible to dramatically scale the sales of best-selling products; a threat because, to take advantage of social commerce, brands are having to manage inventory, synchronise orders and arrange shipping across multiple third-party platforms.
Social commerce revenue worldwide, 2022-2030
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