Social media has become a key location for retail inspiration and purchases during the Covid-19 pandemic, a time when shops have often closed, a new study suggests. And the fastest growth of all, it finds, has been on TikTok (+553%)
Despite having a bleak outlook in 2020, with Donald Trump effectively banning it, social media site TikTok ended the year on a high note and has embarked on an upward trajectory in 2021 as it become more popular than Instagram and Facebook
For the first time anywhere, a majority of retail sales for an entire country will transact online. That’s according to a forecast from eMarketer that suggests that 52.1% of China’s retail will come from ecommerce in 2021, up from 44.8% last year.
More than half of global consumers say that social media influences purchases, with 65% finding the availability of previous customer photos on social media and websites essential in their purchase decision
The growth in online shopping has led to the acceleration of alternative shopping habits like social commerce. Growing at a 31.4% compound annual growth rate (CAGR) between 2020 and 2027, the global social commerce market is estimated to grow to $604.5 billion by 2027.