[eMarketer] TikTok will drive social commerce growth in 2023

Social commerce sales grew 34.4% this year to $53.10 billion, according to eMarketer forecast, as more people shop on social media and existing buyers spend more.

Social commerce sales will grow by over 20% over the next three years to reach $107.17 billion by 2025.

Social platforms have been busily adding to their social commerce features over the past year as they look for revenue streams to make up for losses stemming from Apple’s privacy changes. But a downturn in ad spending has forced several companies—most notably Meta—to downsize their commerce ambitions.

While Facebook and Instagram attracted the majority of social commerce buyers this year—63.5 million and 41 million respectively—Meta’s ecommerce initiatives largely failed to bear fruit.

The number of US TikTok buyers grew by 72.3% this year to 23.7 million, surpassing Pinterest for the first time, as the company transforms from a discovery vehicle to a shopping platform.

With Meta shifting its focus to commerce-related advertising over direct sales, the door is wide open for TikTok to become a dominant player, although it will have fewer social buyers than Facebook and Instagram until at least 2025.

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