The forecast: Retail social commerce is already a multibillion dollar industry in the US, having earned $26.97 billion in sales in 2020. That figure will more than double by 2023, when we predict retail social commerce earnings will hit $56.17 billion.

A deeper dive:

• Social commerce is most popular among adult members of Gen Z: More than half of US social media users ages 18 to 24 have made purchases via a social channel.
• While social buying is a growing trend in the US, it's more popular in China and Russia, where 51.5% and 49.5% of social network users have purchased via a social channel.
• In the US, millennials are the most likely to use social media networks as important information sources for shopping decisions.

Looking ahead: We project social commerce will be a $79.64 billion industry in the US by 2025. While that's a lofty figure, marketers have a long way to go if they plan on catching up with China's success.