The global social commerce market is expected to reach US$ 945.92 billion by 2023. The adoption of social commerce is predicted to exceed US$ 13,040.3 billion by 2033. According to Future Market Insights, the demand for social commerce would expand at a 30% CAGR between 2023 and 2033.
The social commerce industry is experiencing rapid growth, as customers are shifting their online shopping behavior towards this innovative platform. The convenience, influence and opportunities it provides make social commerce a highly attractive option for customers, leading to a bright future for the market.
The adoption of social commerce is being driven by the impact of social media on purchasing decisions. Consumers are increasingly influenced by products that have been recommended or seen by someone they trust, and with the growing number of interested buyers on platforms like Pinterest, Snapchat, Facebook, and Instagram, the market is expected to continue to grow.
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Additionally, social commerce provides a unique branding opportunity for merchants and brands, as they can combine social media and e-commerce to enhance their presence and engage with customers through daily content.
Social commerce is not just for large corporations, as it also provides significant opportunities for small businesses and individuals. Consumers are more likely to purchase from small businesses through social commerce compared to traditional e-commerce sites. With the increasing amount of time people spend on social media platforms, small businesses can reach a wider audience and increase their sales.
The social commerce market is also being driven by changes in consumer preferences and attitudes. With advancements in mobile technology and the desire for instant customer service, consumers are looking for new ways to engage with brands using technology. Younger generations, such as millennials and Gen Z, are dominating the social commerce industry, with over 60% of purchases made through social media platforms.
While the future of the social commerce industry looks bright, there are also challenges affecting its growth. Concerns about the collection and potential misuse of personal information by social media platforms are a growing concern among users, and this trend has the potential to hinder the market growth.
To mitigate these risks, retailers and vendors are partnering with third-party payment platforms to offer a safer and more secure payment environment to consumers, and these long-term concerns are expected to be addressed shortly.
Key Takeaways from the Social Commerce Market:
- According to FMI, the social commerce industry in the United States is likely to account for approximately 40% of the global market.
- The German social commerce industry is expected to account for around 20% of the global market.
- The Asia Pacific social commerce industry is expected to account for around 30% of the global market.
- According to FMI, the South Korean social commerce industry is likely to account for approximately 15% of the global market.
- With a market share of 56% in 2022, the business-to-consumer (B2C) segment dominated the social commerce industry.
- During the forecast period, the customer-to-customer (C2C) segment is expected to grow at a 28% CAGR.
- The apparel industry dominated the social commerce industry in 2022, accounting for approximately 23.4% of total revenue during the forecast period.
- The personal and beauty care segment is expected to grow significantly during the forecast period, with a CAGR of 36.2%.
Who is Winning?
The social commerce market is highly competitive and has a significant number of players. Some of the leading players include Etsy, Inc., Meta Platforms, Inc. (Facebook), Pinterest, Inc., Taobao, TikTok (Douyin), and WeChat (Weixin). These players are focusing on product innovation and improving the customer experience to maintain their leading position in the market.
In recent years, several new entrants have joined the market, including Fashnear Technologies Private Limited (Meesho), Pinduoduo Inc., Roposo, Snap, Inc., Trell Shop, Twitter, Inc., Xiaohongshu, and Yunji Sharing Technology Co., Ltd. These players are leveraging their unique strengths, such as advanced technologies, innovative products, and improved customer experience to increase their market share.
To remain competitive, the leading players are continuously investing in research and development to develop new products and technologies. They are also expanding their product offerings and entering new markets to increase their market share and customer base.
The market is highly fragmented and highly competitive, and the players are focusing on improving their distribution networks and partnerships with retailers to reach new customers. The social commerce market is expected to grow significantly in the coming years, and the competition is expected to become even more intense as new players enter the market.
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Social Commerce Market Segmentation:
By Business Model:
- Business to Consumer (B2C)
- Business to Business (B2B)
- Consumer to Consumer (C2C)
By Product Type:
- Personal & Beauty Care
- Apparels
- Accessories
- Home Products
- Health Supplements
- Food & Beverage
- Others
By Platform/Sales Channel:
- Video Commerce (Live stream + Prerecorded)
- Social Network-led Commerce
- Social Reselling
- Group Buying
- Product Review Platforms
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Rest of World
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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