Global Social Commerce Market

Social Commerce Market Size, Share, Growth Analysis, By Type(Personal & Beauty Care, Apparel, Accessories, Home Products), By Business Model(Business to Consumer (B2C), Business to Business (B2B), Consumer to Consumer (C2C)), By Platform/Sales Channel(Video Commerce (Live stream + Prerecorded), Social Network-led Commerce, Social Reselling, Group Buying), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2132 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 67 | Figures: 77

Social Commerce Market Regional Insights

Asia-Pacific had a sizable market share and is anticipated to expand at a CAGR of 30.7% over the projection period. The rise of this region is mostly attributable to increasing investments in telecommunications infrastructure, the spread of the internet and smartphones, and the extensive usage of social media platforms like Facebook, Instagram, and Twitter. Additionally, the growth of social media and smartphone use in nations like China is substantially in favor of regional market expansion.

The forecast term is expected to see tremendous growth in North America, which has overtaken Europe as the second-largest market. The e-commerce and social commerce landscapes in the United States are substantially more fragmented than those in developing nations, with varied customer attitudes and behaviors towards using social media, digital buying, making payments, and maintaining online privacy. GWI estimates that 51% of consumers in the US and the UK will use YouTube to identify products and do more research before making a purchase.

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FAQs

Global Social Commerce Market size was valued at USD 0.72 trillion in 2022 and is poised to grow from USD 0.95 trillion in 2023 to USD 8.97 trillion by 2031, at a CAGR of 32.34% during the forecast period (2024-2031).

Social Commerce Market Top Player’s Company Profiles 'Amazon.com, Inc. (United States)', 'Alibaba Group Holding Limited (China)', 'eBay Inc. (United States)', 'Facebook, Inc. (United States)', 'Flipkart Internet Private Limited (India)', 'Google LLC (United States)', 'Instagram, LLC (United States)', 'JD.com, Inc. (China)', 'Kakao Corp. (South Korea)', 'LinkedIn Corporation (United States)', 'Meituan Dianping (China)', 'Pinterest, Inc. (United States)', 'Rakuten, Inc. (Japan)', 'Shopify Inc. (Canada)', 'Snap Inc. (United States)', 'SSENSE (Canada)', 'Tencent Holdings Limited (China)', 'TikTok Inc. (China)', 'Twitter, Inc. (United States)', 'WeChat (China)', 'Xiaohongshu (China)', 'YouTube LLC (United States)'

Social commerce is being used by numerous enterprises to connect with current and potential clients. People's increased use of social media platforms—the typical individual spends more than two hours each day on them, according to studies—is one of several factors influencing this trend. The fact that these platforms allow users to make purchases in a more participatory way than traditional e-commerce platforms also make them useful marketing tools and a part of the reason why social media platforms are seeing a continuous rise in online buying. Social media networks have attracted a lot of attention in the previous 10 years and have seen a rapid growth in user numbers.

For the purpose of enhancing their service offerings, social commerce organisations are rapidly implementing AI and big data technology. Big data, a sizable collection of offline and online data, has developed into a useful tool for analysing historical trends and getting insightful knowledge into customer behaviour, resulting in higher levels of customer satisfaction. Big data integration with social commerce can give companies access to information that they can use to increase sales, attract new clients, and improve operational efficiency.

Asia-Pacific had a sizable market share and is anticipated to expand at a CAGR of 30.7% over the projection period. The rise of this region is mostly attributable to increasing investments in telecommunications infrastructure, the spread of the internet and smartphones, and the extensive usage of social media platforms like Facebook, Instagram, and Twitter. Additionally, the growth of social media and smartphone use in nations like China is substantially in favor of regional market expansion.

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Global Social Commerce Market

Report ID: SQMIG45E2132

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