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UK: S-commerce revenues to double in next 5 years
Barclays' new Social Media Commerce report forecasts that, by 2021, more than 4 in ten of the UK population will be influenced by or using social media to make a purchase.
The next generation of shoppers will be a social one, claims Barclays, as sites like Pinterest and Facebook further blur the boundaries between social and shopping.
By 2012, 41% of the population of the UK will be using s-commerce, says Barclays. That forecast rises significantly among younger users. Currently, 45% of 25 to 34 year olds already engage in s-commerce but that figure is set to rise to a whopping 73% by 2012.
In terms of revenues, they are set to more than double in the next five years from $2.2 billion to $5 billion. Retailers in the fashion, footwear, music, film and grocery industries are expected to see the most significant gains.
"Shopping has always been a social activity right back to the days when people bartered rather than paid for goods. It wasn't until the arrival of e-commerce that the social aspect of shopping was removed," said Richard Lowe, Head of Retail & Wholesale at Barclays, in a recent press release.
"For most consumers the social element is fundamental - shopping it is a leisure activity in the British psyche - so being able to reintroduce this aspect into the online purchasing process is a powerful tool for retailers".
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