The surge in social media engagement, high-speed internet, smartphones, and online shopping popularity are driving factors for market growth.
IMARC Group’s latest research report, titled “Social Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global social commerce market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global social commerce market size reached US$ 778 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,652 Billion by 2028, exhibiting a growth rate (CAGR) of 27.9% during 2023-2028.
Social commerce represents a platform that comprises of ratings, post shares, online communities, etc., for facilitating direct interaction between sellers and buyers. It offers a personalized shopping experience to consumers and assists in the online purchase of products and services, such as personal and beauty care items, health supplements, apparel, accessories, etc. Furthermore, social commerce provides consistent audience growth, authentic engagement and traffic, high search engine ranking, brand loyalty, etc. Consequently, it is extensively utilized by various organizations for building trust with customers and expanding their overall sales.
Global Social Commerce Market Trends:
The growing penetration of internet connectivity and the increasing number of smartphone or tablet users are some of the key factors driving the social commerce market across the globe. In addition to this, the emergence of online shopping websites is further propelling the market growth. Moreover, the widespread adoption of digital services in business processes is augmenting the demand for social commerce that helps individuals to connect via two-way communication, which, in turn, is positively influencing the global market.
Additionally, the rising utilization of social media apps, such as Instagram, Facebook, YouTube, etc., owing to the sudden outbreak of the COVID-19 pandemic, is also acting as another significant growth-inducing factor. Besides this, numerous advanced technologies, including artificial intelligence (AI), big data, blockchain, etc., that aid in improving the customer buying experience are projected to fuel the social commerce market over the forecasted period.
Key Players Included in Global Social Commerce Market Research Report:
• Etsy Inc.
• Meesho Inc.
• PayPal Payments Private Limited
• Pinterest Inc.
• Poshmark Inc.
• Reddit Inc.
• Taobao (Alibaba Group Holding Limited)
• Twitter Inc.
• Verizon Communications Inc
Social Commerce Market Growth Factors:
Since social commerce platform sellers offer discounts, cashback, faster deliveries, click-and-collect services, ESR options, and other services that make online shopping more convenient and profitable than offline shopping, this is augmenting the market on the global level. Apart from this, several major companies are heavily investing in technologies such as, chatbots, machine learning, and augmented reality, to improve the customer experience, which is providing an impetus to the demand. Moreover, the convergence of content sharing, shopping, payment, and messaging features is impacting the market favorably. Other factors, such as the growth of the e-commerce sector, the increasing importance of cross-border commercial business, changing consumer lifestyles, and the growing prominence of the live-stream shopping trend, are also influencing the market.
Key Market Segmentation:
Breakup by Business Model:
• Business to Consumer (B2C)
• Business to Business (B2B)
• Consumer to Consumer (C2C)
Breakup by Device Type:
• Laptops and PCs
Breakup by Product Type:
• Personal and Beauty Care
• Home Products
• Health Supplements
• Food and Beverages
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.