Retail is booming like never before on social media

A forecast by Deloitte predicts that the number of people who shop on social media platforms will grow to 5 billion in 2023. Influencers don’t just inspire the members of generation Z, but also encourage them to buy, while hyper-targeted advertisements lure shoppers with personalised offers. Research in 2021 found that approximately one third of US consumers already purchased something directly on social media. Deloitte Global estimates that the value of retail sales on social media will exceed one trillion dollars in 2023. //