In the United States, the social commerce sale in 2021 is about $36.62 billion, pulled up when compared to the previous year 35.8%. As per the inaugural forecast, Facebook is the top-rated social commerce platform with 56.1 million buyers, followed by Instagram with 32.4 million, then Pinterest with 13.9 million. During the pandemic majority of the US social networks have expanded their services and introduced new livestreaming. In April 2021, a survey by The Harris Poll revealed that 38% of US adults have watched a livestream of someone talking about a product they likely to purchase, and 7% said they have bought the product based on the presenter’s recommendation.
Young investors across the US, the UK, and Canada are inclined to Robo-advisors, which is an algorithm-based account service that can be operated digitally. In 2021, nearly 3.5 million U.S adult investors will be using a Robo-advisor to handle their portfolio, which is 37.4% up from 23.2% usage over 2020. The users continue to reach up to 5 million by 2025. In the UK, nearly 420,000 adults were using Robo-advisor to handle their investments — up by 25.2% over last year. By 2025, the number of users would reach 700,000, the eMarketer reported. In Canada by 2021, there will be about 360,000 users, up by 10.3% over last year. By 2025 it is forecasted that number will near to 500,000.
Due to pandemic hit local business has lost their business and some shops have closed permanently. PNAS survey revealed that 43% of small businesses closed temporarily during March and April 2020. On other hand, online business has grown up in 2020. Recently Freshworks conducted a survey worldwide with 10,500 consumers to know whether the consumer-brand relationship has changed over a year or not. The study revealed that 41% of them tried to shop from local businesses during the pandemic. About 50% said small businesses are able to deliver better customer service during the pandemic. 52% started offering online ordering, and the same percentage provided delivery service, 47% have a more personal level of service overall.
The popular short video platform TikTok announced that it has introduced a new option that allows the user to create longer videos up to three minutes in length compared with the previous 60 seconds. The global community has the flexibility to film, upload, and edit videos up to three minutes in length directly within TikTok. Even users can add special effects such as soundtracks that are pulled from a music library. TikTok is considered one of the world’s most valuable unlisted companies.
After the pandemic restrictions were relaxed, Swedish fast fashion house H&M has rebound its sales in Q2 from March to May 2021. The group’s sales over the half-year were pulled up by 12% to reach $10.1 billion. Starting from six months from December the fashion group has seen a strong turnaround around $198 million over a loss of $357 million in the equivalent time frame prior year. In Q3 the company saw a 25% uplift in sales this June. Currently, the U.S. is the largest market for H&M moving ahead of Germany at it saw a growth rate of 269%.