Social media plays an important role in our life and now, it
is not just used to chat with others. A key marketing channel, it has
transformed the face of online shopping.
Users are able to leverage these platforms to browse, shop and complete
payments in a seamless way.
The phenomenon is becoming increasingly popular and is
called social commerce. A research
has revealed that this market has a remarkable growth trajectory. Analysts are
predicting that it could be worth $600bn in the next seven years. Existing
trends related to shoppers’ behaviour have been accelerated thanks to Covid-19.
More people are now buying online. Despite this, social commerce is now taking
birth in the UK and the US. In fact, according to studies, only 6% of UK
consumers have purchased directly on a social platform.
This trend is more advanced in countries such as China.
There, Tencent’s WeChat delivered $115bn in social commerce sales in
2019 alone and Pinduoduo, a group-buying app that allows friends to purchase
together on social media has become the country’s most valuable online
retailer.
As such, other countries are finding inspiration from China
and are trying to replicate some of these functionalities. It provides a model
on how social
commerce will evolve in the future.
China is more advanced when it comes to social
commerce © Royalty-free image
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