Shopping on social media platforms like Instagram and TikTok is predicted to increase exponentially over the next few years. A new report by Accenture shows how the power of social commerce will be transformative for the retail industry.

The current value of the global social commerce industry is $492 billion (€434.2 billion)in 2021, however growth is expected to surge in the coming years, driven by Gen Z and Millennial social media users, who will account for 62% of global social commerce spend by 2025 and social commerce will reach $1.2 trillion.

The report highlights how social commerce offers something radically different from traditional e-commerce and it’s a game-changer for small, independent retail businesses – easily connecting to new customers and markets. Whilst social commerce enables consumers to connect with all types of retailers and discover small, independent businesses through their device at home, at work or wherever they have internet connection, it also means that ‘shopping’ slips into everyday activities.

There is much evidence to bring forward that people are influenced to purchase by social media posts. A recent survey conducted by OnePoll and commissioned by Point, found that “social media is very influential on spending, with preferences towards TikTok and Instagram".