Accenture analyzes purchases made on social networks, which now amount to $ 492 billion and will reach $ 1.2 trillion by 2025. The growth, almost three times higher, will come from Millenials (born between 1980 and 2000) and from Generation Z (those born after 2000), which at that time will represent 62% of the expenses made on portals and social apps.
The Accenture report is based on responses from over 10,000 Chinese, Indian, Brazilian, American and British online shoppers. Under 60% of the panel declared themselves inclined to consume products of small or medium-sized brands through social networks rather than through dedicated sales portals.
Lack of confidence
And this above all due to a lack of trust, which represents the first obstacle to the development of sales on social networks, as it had happened in the past for e-commerce. In fact, more than half of the consumers interviewed said they were worried about the safety or the possible refund of their purchase. Fear confirmed by those who actually buy on social networks and indicate the return, refund and exchange policies as the elements that need improvement
The time spent on social media
“The pandemic has shown how much people use social media as a gateway to everything they do online, from news to entertainment to communication – explains Robin Murdoch, Accenture’s Global Head of Software and Platforms – Time spent more and moreon social media reflects the importance in our daily lives of these platforms that are reshaping the way people buy and sell, and offer new opportunities, user experiences and new streams of income”.
The most desired products
In 2025 the most desired products, purchased and consumed through social networks in 2025 will come from the fashion sector (for 18% of the market), electronics (13%), household appliances (7%), beauty products and cosmetics.Developing countries are more open to purchasing through social networks than others. Chinese, Indian and Brazilian consumers expect social media to offer them ideas and evaluations of potential purchases, while Americans and British expect attractive prices and discounts. Finally, a generation gap emerges: young consumers rely on their peers and influencers, while older ones prefer devices that make purchases safer and improve relationships with brands.