The UK social commerce sector is expected to more than double in the next four years according to a new TikTok report, as marketers are doubling their investment in the site.
The social media site’s ‘Power of Social Commerce’ report created with Retail Economics and launched today (27 June), predicts that the sector will rise from £7.4 billion to almost £16 billion by 2028 (meaning that social commerce would be 10% of the online social commerce market, up from 6% today).
It comes as over half of marketers (56%) say that they will increase their investment in the site over the next year, with the site benefiting from its engagement-centred algorithm and a range of effects such as in-feed ads and hashtag challenges and trends.
According to TikTok’s report, more than half (56%) of UK users have made a purchase directly through social media, either clicking a link to shoppable content or checking out directly within the app, according to the report.
This is particularly driven by those under 45 (73%), with one in four (24%) millennials saying they make a purchase on the site at least once a month.
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Overall, social, media and entertainment platforms are overtaking traditional search engines for product inspiration, with 82% of users now engaging in activities like watching live shopping events, browsing products and following brands while on the site.
Moreover, over half (54%) of online shoppers find browsing for products on social and entertainment platforms more satisfying than shopping on retail websites or in physical stores.
“TikTok is at the heart of a new type of shopping culture, blending community, commerce and entertainment to make it easier for people to discover, research, and buy new and trending products,” said TikTok group vertical director Paul Mearse.
“We’ve helped to make social commerce more participatory and interactive than ever,” he continued.
“From brands and creators launching hugely entertaining TikTok LIVE shopping events, through to shoppers sharing their unfiltered and authentic reviews about the latest products they’ve bought on our growing marketplace, TikTok Shop,” he added.
Featured image: Dove’s award-winning ‘Turn Your Back’ campaign
