Social commerce is becoming increasingly important in the e-commerce sector: it is estimated that in 2023, sales via social networks will account for 18.5% of all online sales, a figure that is expected to continue to grow in the coming years.
Does anyone like this channel?
The term “social commerce” is gaining attention around the world. By 2024, global revenue generated through social media platforms is projected to reach nearly US$700 billion, up about 23% year-over-year. However, some countries are embracing this sales channel more than others. Thailand, Colombia, and China are leading the way in social shopping. By 2023, roughly 9 in 10 internet users in these countries will have made a purchase through a social network.
The future of shopping has begun
Live commerce has been growing in popularity in recent years. Its prevalence is expected to grow as businesses increasingly leverage live streaming technology for promotional and marketing purposes. Digital shoppers are benefiting from live commerce, not only for attractive discounts but also for inspiration and ideas. In 2022, Facebook was the leading social networking platform where internet users purchased products during live streaming events. As with social commerce, Asian countries have paved the way for this highly interactive shopping experience. In 2023, more than 7 in 10 consumers in China, India, Thailand and the United Arab Emirates participated in live shopping.
