Web 3.0 is going to have to take a backseat. This is the decade of Social Commerce.
In the last 12 months, social commerce-based apps have taken a 10% market share away from traditional e-commerce platforms like Tmall in China.
Expanding at a 26% CAGR, China is on track to reach $1 trillion by 2025, representing 30% of China’s e-commerce market.
In contrast brands in developed markets, like the U.S., U.K, and Europe, are way behind developing markets in exploiting the opportunities in social commerce- just 6% of e-commerce in the US and 5% in the UK by 2025.
So what is happening in China? And will the West catch up?
In this session we will draw on our insights, from launching brands in China, to uncover what brands can do to be prepared for the Era of Social Commerce.