Shopping on social networks such as Facebook, TikTok and WeChat is going to grow three times faster than sales from traditional channels over the next three years, according to a study released by Accenture.
Social commerce, defined as transactions that take place entirely within the context of a social-media platform, will reach US$1.2 trillion (RM5.02 trillion) by 2025, up from US$492bil (RM2.05 trillion) in 2021, the consulting company said in the report. The trend is being driven primarily by Gen Z and Millennial consumers, who are expected to account for 62% of the spending.