Consumer electronics in top 3 categories expected to benefit from social commerce by 2025
Updated: Feb 14
According to a recent report by Accenture Research, the $492 billion global social commerce industry is anticipated to outpace traditional ecommerce to $1.2 trillion by 2025. The report found that by 2025 the highest number of social commerce purchases globally are expected in clothing (18% of all social commerce by 2025), consumer electronics (13%) and home décor (7%).
“The pandemic showed how much people use social platforms as the entry point for everything they do online — news, entertainment and communication.” said Robin Murdoch, global Software & Platforms industry lead at Accenture. “The steady rise in time spent on social media reflects how essential these platforms are in our daily life. They’re reshaping how people buy and sell, which provides platforms and brands with new opportunities for user experiences and revenue streams.”
Currys and Mediamarkt have both made strides in developing their omnichannel strategies to improve consumer engagement and convenience. UK based retailer Currys recently reported that their click and collect service was up 170%, supplemented by improved consumer engagement both instore and online. Staff now carry tablets with access to their full product line up, helping customers to find the right device and access more product related resources.
‘Shop Live’, Curry’s 24/7 video shopping service gives online customers access to live experts to answer questions about products as well as the checkout process. Last November, Currys started a trial with Uber on a store to door delivery scheme to customers in the London area. The initiative aims to deliver small technology products to shoppers in 30 minutes.
Meanwhile, Karsten Wildberge, CEO, Ceconomy (parent company for MediaMarkt & Media Saturn), credited the company’s omnichannel strategy for successfully weathering a challenging 2020-2021 period. Last year, the business launched online marketplaces in Germany and Spain with Austria and the Netherlands expected to follow in 2022. The company also launched a second Lighthouse experience store in Rotterdam, marking a departure from the traditional big box store.
The ‘Tech Village Rotterdam’ store concept prioritises versatility and variety with features such as store in store spaces (31 in total), a barista bar and a 24/7 click and collect service.