From Facebook to Twitter, Big Tech sees social commerce driving sales growth


FILE PHOTO: FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. REUTERS/Dado Ruvic/Illustration

(Reuters) - Led by Facebook, social media platforms from Alphabet's YouTube to Snap Inc and Twitter are investing heavily in shopping features to drive revenue growth, a major theme that emerged during second-quarter results over the past week.

The companies are vying for a piece of the so-called social commerce industry, which relies on users' ability to discover and buy products through social media apps and is expected to balloon to $50 billion from $36 billion in annual sales by 2023 in the United States according to research firm eMarketer.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

One tech tip: How to get started with Bluesky
FCC proposes fining Chinese video doorbell manufacturer after security concerns raised
Snap seeks to dismiss New Mexico lawsuit over child safety
Crypto industry jockeys for seats at Trump's promised council
Reddit back up after latest outage impacts thousands of users
Massachusetts student's punishment for AI use can stand, US judge rules
Exclusive-Amazon likely to face investigation under EU tech rules next year, sources say
US natgas producers chase AI-driven surge in power demand to weather low prices
Snowflake shares surge on rosy forecast, AI deal with Anthropic
Digital banks lead profitability gains among Brazilian lenders, says central bank

Others Also Read