Social Commerce to Grow 3 Times as Fast as E-Commerce

$1.2T

New Accenture report revealed that as per the earlier anticipations global social commerce industry is hiked more than three times as fast as traditional e-commerce. In 2021, it is $492 billion and this would increase to $1.2 trillion by 2025. In 2021, it is estimated that about 64% of social media users have made a purchase on social media. By 2025, millennials account for 33% and GenZ account for 62%.

$768

Research from the Consumer Technology Association (CTA) and YouGov stated that User-created content (UCC) accounts for 39% of media hours and traditional studio media holds 61% of hours. While teens spent 56% of their time on UCC content and users aged 55 plus spend 22% on UCC. In the U.S nearly 20 million people aged above 13 and older earn through their online content. On average full-time creators earn $768 per month.

$2.1B

In the U.S, for the ad revenue from the year 2020 October to November 2021, Hulu ranked the top position in the ad-supported video-on-demand (AVOD) platforms with $2.1 billion, the second place held by Paramount+ with $822 million ad revenue and then followed by Peacock with $279, Tubi with $250.  

32%

As per GroupM's second annual assessment, about 77% of the consumers are worried that how their personal information is used by the companies and this percentage has increased five points over the last year. 73% would like to watch commercials if that helps to lower their streaming service bill and the percentage is down who said the same last year. On the other hand, 32% of them own augmented or virtual reality devices (AR/VR) up from 28%.

2.2%

In the U.S, ecommerce conversions rates are high on mobile phones when compared to desktops. In 2021, Q3 the conversion rate has raised to 2.2% when compared to the prior year, whereas the desktop rate has dropped to 3.7%. This clearly states that US retail ecommerce conversion rate in mobiles would further increase to 3.3% by 2022.