The social commerce market size is worth USD 2.4 Trillion in 2023, according to a new report by GlobalData Plc. Ease of access to social media, the proliferation of mobile devices, immersive shopping experience, and a large customer base are some of the factors responsible for the growth of the social commerce market. Social media websites are largely populated by millennial and Gen Z individuals, who are attracted to trendy products and personalized content that are posted by brands to promote and sell their products. Additionally, to establish a connection with the users, brands collaborate with influencers, which provides the brands with access to a large follower base of famous personalities. Such strategies adopted by brands are anticipated to draw the attention of users and boost sales on social media platforms, thereby contributing to market growth.
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Social Commerce Market FAQs
- What was the global social commerce market size in 2023?
The social commerce market size globally will be valued at $ 2.4 trillion in 2023.
- What is the social commerce market growth rate?
The global social commerce market is expected to grow at a CAGR of 24.4% over the forecast period (2023-2030).
- What are the key social commerce market driver?
The high penetration of mobile devices, ease of access to social media, improved network connectivity and rising disposable income are the factors contributing to the market growth.
- What are the key social commerce market segments?
Product Segments: Apparel, Food & Beverages, Home Products, Electronics & Accessories, Personal care, Others
Access Segments: Mobile Devices, Desktops & Laptops
Platform Segments: Live Commerce, Group Buying, Super Apps, Others
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Social Commerce Market Dynamics
The combination of content creation and data analytics in social commerce has resulted in the rise of various social commerce models, including live stream shopping, mini programs, AR shopping, digital stores, conversational commerce, and gamification. Social media companies incorporate these models on their platforms to build creative content and establish a connect with the users. Additionally, these models help reduce friction in social media shopping and enhance the shopping experience of the buyer. Furthermore, social media firms are focused on investing in technologies such as Artificial Intelligence (AI), Big Data, and Augmented Reality (AR) to improve their content and create an immersive experience for the customer. Furthermore, companies are also utilizing the user generated content, which provides the customers with an idea of the actual product, helping them make the purchase decision. As such, implementation of technology coupled with trendy and engaging content are expected to boost product sales, subsequently driving the market growth.
Although social commerce offers convenience, it also generates the risk of data and privacy concerns, which is expected to pose a challenge to market growth. With the increasing number of cyber-attacks consumers are becoming highly conscious about how the businesses use their data. As such, several governments worldwide have imposed strict data protection and usage regulations along with laws for protection against any misinformation posted on social media pages. However, social media companies are ensuring compliance towards the regulations and investing in advanced cybersecurity solutions to mitigate cyberattacks and reassure customers about their data privacy.
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Social Commerce Market Report Highlights
- The global social commerce market is projected to witness a CAGR of 24.4% from 2023 to 2030, reaching a value of $11.1 trillion by 2030. Rising disposable income, technological advancements, and emerging popularity of content creation are some of the factors anticipated to drive the market growth.
- The apparel segment accounted for the highest market share in 2023 and is expected to retain its dominance over the future. The high market share is attributed to the increasing presence of fashion brands on social media platforms and high demand for trendy products.
- Mobile devices segment is expected to register a high growth over the forecast period. The high growth is attributed to the significant number of social media users accessing the platforms through mobile devices as these devices offer easy and fast accessibility to recent content on social media.
- The live streaming segment is projected to exhibit the fastest growth over the forecast period as a result of live interactive videos through which the users get insights on the products while also expressing their opinion at the same time.
- The Asia Pacific is expected to grow at a CAGR of more than 20% between 2023-2030. Increasing number of technology startups coupled with the presence of several major social media companies and large population have contributed to the market growth in this region.
- Key players in the online social market analyzed as part of this report are Google LLC (YouTube), Beijing ByteDance Technology Co Ltd, Meta Platforms Inc, PDD Holdings Inc, Pinterest Inc, Poshmark Inc, Snap Inc, Tencent Holdings Ltd, Twitter Inc, and Yunji Inc, among others.
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Social Commerce Market Segments Scope
GlobalData Plc has segmented the social commerce market report by product, access, platform, and region:
Social Commerce Product Outlook (Revenue, USD Million, 2023-2030)
- Food & Beverages
- Home Products
- Electronics & Accessories
- Personal care
Social Commerce Access Outlook (Revenue, USD Million, 2023-2030)
- Mobile Devices
- Desktops & Laptops
Social Commerce Product Outlook (Revenue, USD Million, 2023-2030)
- Live Commerce
- Group Buying
- Super Apps
Social Commerce Regional Outlook (Revenue, USD Million, 2023-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates (UAE)
- Rest of Middle East & Africa
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