Growth is predicted to be driven primarily by Gen Z and Millennial social media users.
A new study by Accenture (NYSE:ACN) found that the $492 billion global social commerce industry is expected to grow three times as fast as traditional e-commerce to $1.2 trillion by 2025. Growth is predicted to be driven primarily by Gen Z and Millennial social media users, accounting for 62% of global social commerce spend by 2025.
According to Accenture's report, "Why Shopping's Set for a Social Revolution," social commerce means a person's entire shopping experience — from product discovery to the check-out process — takes place on a social media platform. Just under two thirds (64%) of social media users surveyed said they made a social commerce purchase in the last year, which Accenture estimates to reflect nearly 2 billion social buyers globally.
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