Over the past year, ecommerce spending has skyrocketed from a record high of $4.89 trillion set in 2021, to a predicted $5.42 trillion in 2022. Social commerce is a subset of ecommerce, and harnesses the purchasing power of young customers on innovative new retail platforms. In 2021, social commerce sales increased by over 35 percent, totaling a spend of over $36 billion, still only 10 percent of what the Chinese market will spend.
With this in mind, how do online sellers capitalize on social commerce trends, and what preparation must be made to ensure success in 2022? Kenny Tsang, industry expert and Managing Director of PingPong Payments, discusses social commerce in a session with Independent Retailer.
