Social commerce is rising rapidly worldwide. But to what extent can the US market mirror that of China, the world leader in social commerce?

Retail social commerce is already a multibillion dollar industry in the US, having earned $26.97 billion in sales in 2020. That figure will more than double by 2023, when we predict retail social commerce earnings will hit $56.17 billion.

Aussies love their social commerce! Or so it would seem, based on eMarketer’s inaugural forecast for social buying in Australia.

We expect US social commerce sales to rise by 35.8% in 2021 to $36.62 billion. That’s only a slight deceleration in growth from 2020, when sales surged by 38.9% thanks to the pandemic-driven boom in ecommerce, increased social media consumption, and brands continuing to leverage these platforms to sell directly to consumers.

China continues to lead the world in all things ecommerce, including innovation. Social commerce livestreaming is just one of many new stories for 2021 and beyond.

More than 1,400 people registered to learn about social commerce, purpose-driven brands, and grocery ecommerce. The audience had lots of questions for our analysts. Here are three we think brands and retailers should know.

China’s $315 billion social commerce lead

Social commerce sales in the US are picking up, but the size of the market pales in comparison to that of China, according to eMarketer’s latest forecast on social commerce.

Livestreaming is poised to be a major driver of growth for social commerce as the capabilities expand and improve. For marketers that are ready to dip their toes in the livestreaming waters, here’s how to incorporate the practice into social commerce strategies today:

Social commerce accelerated in the US in 2020 amid the pandemic-driven ecommerce boom as key platforms advanced their shopping and checkout capabilities.

Pinterest gets a Shopping List: The new feature strengthens Pinterest's lower-funnel capabilities, a key ingredient for its social commerce ambitions.

From the growth of TikTok and of social commerce to the challenges of brand safety and the cookieless future, 2021 will be another year of big stories for social media.