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

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).

E-commerce is becoming more and more important in retail and is changing the social commerce business. Since the turn of the century, online shopping has increased significantly as internet access has spread throughout the globe and smartphones have become a vital part of the lives of billions of people. Social commerce has created a brand-new market for retail, giving customers access to a far wider selection and assisting in satiating the growing desire for convenience. The popularity of online buying and the convenience it offers are driving the growth of social commerce. Customers can now easily order things from the comfort of their homes. Discounts, cashback, same-day or next-day deliveries, click-and-collect services, ESR choices, and other services are provided by the vendors on social commerce networks, making online buying more practical and lucrative than offline shopping. Businesses invest in technology like augmented reality, chatbots, machine learning, and artificial intelligence to further improve the consumer experience. More than 35% growth in social commerce sales was anticipated in the United States of America, reaching USD 36.62 billion. Over the forecast period, it is anticipated that the growing convenience of online purchasing will significantly propel market expansion. Commerce on social networks Market giants like Facebook, Twitter, and Pinterest are examples of social commerce platforms. By bridging the gap between customers and local retailers, this can assist local retailers grow their customer base.

US Social Commerce Market is poised to grow at a sustainable CAGR for the next forecast year.