Social Commerce

Social Commerce

Global Social Commerce Market to Reach US$8.5 Trillion by 2030

The global market for Social Commerce estimated at US$1.3 Trillion in the year 2023, is expected to reach US$8.5 Trillion by 2030, growing at a CAGR of 30.5% over the analysis period 2023-2030. B2C Business Model, one of the segments analyzed in the report, is expected to record a 31.6% CAGR and reach US$5.2 Trillion by the end of the analysis period. Growth in the B2B Business Model segment is estimated at 29.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$84.3 Billion While China is Forecast to Grow at 33.1% CAGR

The Social Commerce market in the U.S. is estimated at US$84.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.7 Trillion by the year 2030 trailing a CAGR of 33.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 22.7% and 23.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 24.9% CAGR.

Global Social Commerce Market - Key Trends and Drivers Summarized

Social commerce is a subset of e-commerce that involves selling products directly within social media platforms. It integrates the social media experience with the purchasing process, enabling seamless interaction and transaction directly on social networks such as Facebook, Instagram, Pinterest, and TikTok. This form of commerce leverages the inherent social interactions, user-generated content, and personal recommendations on these platforms to enhance the shopping experience, making it more engaging and personalized. Social commerce simplifies the buying process by allowing users to complete purchases without leaving the social media site, thereby minimizing the steps to conversion and potentially reducing cart abandonment rates.

The rise of social commerce is closely tied to the evolving digital landscape and the changing behaviors of consumers who increasingly look to social media for shopping inspiration and peer reviews. The fast changing consumer mobile usage habits continue to foster growth in the electronic commerce, mobile commerce and social commerce markets. The explosive growth of the smartphones and tablets market is both a revolutionary and disruptive force in the mobile communications sector, altering the dynamics of consumer behavior. Platforms have rapidly adapted to these trends by implementing features like shoppable posts, live selling, and integrated checkout systems. For brands, social commerce represents an opportunity to tap into a rich vein of customer engagement, turning every interaction into a potential sale and every customer into a mini-influencer. With direct access to vast amounts of user data, businesses can deliver highly targeted advertising and tailor their offerings to individual preferences, which enhances the effectiveness of their marketing efforts. Moreover, the social aspect of these platforms allows for instant feedback and customer service, creating a dynamic two-way communication channel that can foster stronger brand loyalty and customer retention.

The growth in the social commerce market is driven by several factors, including the widespread adoption of mobile devices, improvements in mobile commerce technology, and the increasing influence of social media on consumer purchasing decisions. As smartphones become ubiquitous, and mobile internet speeds increase, more consumers are using these devices to shop online. Social media platforms have capitalized on this trend by continuously enhancing their mobile interfaces and shopping features, making it easier for users to browse and buy products on the go. Additionally, the growing trust in online payments and the convenience of saved payment information simplify the transaction process, encouraging impulse buys and frequent transactions. Consumer behavior is increasingly influenced by social interactions and the seamless integration of shopping into everyday social experiences, such as browsing feeds, watching videos, or engaging with content creators.

Select Competitors (Total 123 Featured) -

• LinkedIn Corporation
• Bazaarvoice, Inc.
• Etsy, Inc.
• Groupon, Inc.
• Dash Hudson Inc.
• CommentSold, Inc.
• 3AL Universal Trade
• CoinLinked
• Komodaa
• Konvo
• Elenas
• Beautylish
• ConnectionPoint
• Dasdak Inc.
• LIKEtoKNOW.it

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