Australia’s social commerce industry is expected to register a 12.2 per cent growth this year reaching a market value of $2.67 billion.
Social commerce is defined as the use of social media and digital networks to facilitate transactions between customers and businesses.
According to Research and Markets, the trend of social buying and shopping is expected to record “significant expansion” in coming years with the gross merchandise value of such transactions predicted to reach $5.17 billion by 2028.
The research house attributed the growth to the continued investment and improvement in social commerce capabilities by social media platforms such as Facebook, Instagram and TikTok along with growing demand for innovative and interactive shopping experiences which has led to the entry of new players.
Likewise, retailers are expected to increase their investments in this space to enhance customer engagement and reach a wider audience.
This story first appeared on our sister publication Inside Retail
