Global sales through social media platforms were estimated at over 89 billion U.S. dollars in 2020. Online purchases through this channel will become even more popular in the future. Forecasts suggest that the value of social commerce sales would reach around 605 billion U.S. dollars by 2027.
Who has grown a liking for this channel?
Across the globe, the term social commerce is gaining resonance. However, some countries have embraced this sales channel with greater force than others. In addition to having the most social media users worldwide, China leads the way in terms of social shopping. Nearly one out of every two internet users in the Asian country was estimated to purchase from social networks in 2021. The United States follows, with 36 percent of internet users expected to be social buyers. In most countries, social commerce has proven especially attractive to those who experienced the rise of social networks first-hand, namely buyers aged 18 to 34.
The future of shopping is live
While online marketplaces and shopping sites are conceived solely as shopping spaces, social networks provide an opportunity for brands to forge a community. As internet personalities engaging with their online communities, influencers are leading the way in this regard. As a result, e-commerce companies are increasingly collaborating with them to market their brands. In 2020, during the lockdown over the coronavirus pandemic, influencers found in livestreaming a way to engage with their followers in real time. According to a survey conducted that same year, up to 45 percent of internet users in India frequently watched influencers' livestreams, and 83 percent were likely to buy from those they followed.
Value of social commerce sales worldwide from 2020 to 2027
(in billion U.S. dollars)
** This Statista forecast is based on the 2020 values and a compound annual growth rate from 2020 to 2027 of 31.4 percent, which were provided by the source. An exponential development of the market was assumed.
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Statista. (July 26, 2021). Value of social commerce sales worldwide from 2020 to 2027 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 20, 2021, from https://www.statista.com/statistics/1251145/social-commerce-sales-worldwide/
Statista. "Value of social commerce sales worldwide from 2020 to 2027 (in billion U.S. dollars)." Chart. July 26, 2021. Statista. Accessed October 20, 2021. https://www.statista.com/statistics/1251145/social-commerce-sales-worldwide/
Statista. (2021). Value of social commerce sales worldwide from 2020 to 2027 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 20, 2021. https://www.statista.com/statistics/1251145/social-commerce-sales-worldwide/
Statista. "Value of Social Commerce Sales Worldwide from 2020 to 2027 (in Billion U.S. Dollars)." Statista, Statista Inc., 26 Jul 2021, https://www.statista.com/statistics/1251145/social-commerce-sales-worldwide/
Statista, Value of social commerce sales worldwide from 2020 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1251145/social-commerce-sales-worldwide/ (last visited October 20, 2021)