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

Social Commerce Market Drivers

Social Media Influence to Bolster Market Growth

• 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.

• Due to their ability to create individualised client journeys through social interactions, social commerce platforms are drawing companies of all sizes. Before consumers began making purchases on e-commerce websites like Amazon.com and Walmart.com, social media was used as a platform for window-shopping. Social media platforms, on the other hand, give businesses the chance to create client communities, connections, and partnerships. Visual-first platforms like Instagram and Pinterest have been essential in bringing about this transformation by offering seamless integration of e-commerce products. The time saved by consumers owing to the quick delivery of comparative information is a significant benefit of social commerce over traditional e-commerce.

Social Commerce Market Restraints

Privacy CConcerns to Hinder Market Growth

• Hackers target social media sites after realising that social commerce platforms handle a lot of sensitive information, from financial data to personal information, in terms of volume. Any data leak now has the potential to harm a company's reputation as well as cause emotional and monetary damages for a person. There is also a high likelihood of data misuse. Businesses engaged in social commerce place an emphasis on maintaining proper data security measures in addition to storing backups of crucial data. Data security and privacy legislation have been created by numerous governmental organisations around the world.