We forecast US retail social commerce sales will grow nearly 30% this year to hit $68.92 billion. Here’s a look at how three of the big social commerce players are priming their platforms for growth.
In 2023, the platform is investing even further into its social commerce capabilities:
Why it matters: This year, 33.3 million US consumers will make a purchase on the platform, increasing 40.6% YoY. TikTok already has a lock on product discovery and inspiration. If it can find ways to make the purchase process easier, it’s a no-brainer for shoppers.
Unlike TikTok, Meta is leaning on advertising to drive social commerce.
Why it matters: Facebook has by far the most social buyers: we forecast 65.7 million people will make a purchase on the platform this year. However, the platform’s growth is slowing, with the number of social buyers increasing only 3.5% YoY after an 11.9% growth last year. Instagram is growing social buyers a bit faster at 4.9%, reaching 43.0 million this year.
Why it matters: A quarter of US consumers start their search on YouTube when shopping online, more than on Instagram or TikTok, per Jungle Scout. YouTube can use its strong creator relationships to entice consumers who come to the platform for shopping inspiration to actually make a purchase.
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First Published on May 5, 2023
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