The pandemic-driven ecommerce boom has helped accelerate the growth of social commerce in the US. The market is poised for continued gains as key social commerce platforms advance their shopping and checkout capabilities.
How big is the social commerce market, and how fast is it growing?
We forecast that US retail social commerce sales will rise by 34.8% to $36.09 billion this year, representing 4.3% of all retail ecommerce sales. We also revised our 2020 social commerce forecast upward, from 19.8% growth to 37.9% growth.
Which social media platforms are most effective at driving social commerce?
Instagram and Pinterest provide the most relevant social commerce experiences for brands today, but Facebook, Snapchat, and TikTok are all expanding their offerings.
Which brands and product categories should invest in social commerce?
Apparel/accessories remains the largest category for social commerce, but consumer electronics, cosmetics, home decor, and consumer goods are also key players. Brands featuring new and differentiated products and/or aspirational imagery are best suited for the social commerce environment.
What social commerce strategies should brands consider?
Brands looking to drive social commerce sales need to consider content/creative, media strategy, audience amplification, and conversion. They should also have a measurement strategy to demonstrate whether their efforts are working.
WHAT’S IN THIS REPORT? This report includes our updated US social commerce forecast, analysis of the latest social commerce capabilities, and marketing strategies for brands.
KEY STAT: The number of US social commerce buyers accelerated 25.2% to 80.1 million in 2020 and will grow another 12.9% to 90.4 million in 2021.
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