PwC Strategy& director Sam Farnfield set the scene, telling delegates one in every £5 spent online is now spent via social shopping and commerce – products and services sold through social media channels – and that by 2033, social commerce "will be 10 times the size of Amazon today".
Farnfield said that while social commerce presented "a really huge opportunity", retailers and brands more generally have been "pretty slow" to respond to the opportunity.
"When we looked at the top 25 retailers by revenue in the UK, only three had a dedicated TikTok shop," he said. "In fact, some of the most successful brands on TikTok may not have one."
