The social commerce sector is expected to continue its rapid growth in 2023, as more and more consumers turn to social media platforms to make their purchasing decisions. According to a recent report by eMarketer, the global social commerce market is expected to reach $30.5 billion by 2023, representing a significant increase from $23.7 billion in 2018.
Increase in the use of social media as a shopping destination
One key factor driving the growth of social commerce is the increasing use of social media as a shopping destination. More and more consumers are using platforms like Facebook, Instagram, and Pinterest to discover and purchase products, and businesses are taking notice. In fact, a survey by Harris Poll for Sprout Social found that 70% of small businesses now have a presence on at least one social media platform, with many using these platforms to directly sell their products to consumers.
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