In fact, in 2020, social media commerce was valued at $89.4 billion and it is projected to grow to $604.5 billion by 2027, with an annual progress fee of 31.4%. Indonesia’s government has banned e-commerce sales from social media platforms like TikTok and Instagram, in order to protect small businesses, such as clothing wholesalers. Running a retail company within the current climate requires agility and progressive solutions.

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Sales on e-commerce websites reached 13 billion USD final yr, up 16 percent against 2020, making Vietnam one of many prime three Southeast Asian international locations with the best growth in online retail sales. Retailers have said before that the pandemic may make the switch to online purchasing permanent. According to Waitrose, online shopping was turning into more widespread earlier than the crisis started, however the pandemic had accelerated the trend. The biggest shift in the direction of online supermarket purchasing was in the over-55 age group, the place common online shopping nearly trebled.