Global Social Commerce Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Social Commerce Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Social commerce, which is often abbreviated to s-commerce, represents the integration of shopping and social media. It’s different from a traditional social media marketing strategy, where users view a brand’s content and visit their website to start shopping. With social commerce, potential customers can research brands, discover items, and purchase products—all without exiting the app.

Social commerce includes all processes in a sales transaction, from product promotion to after-sales service. Businesses use creative posts to promote their products and to provide consumers with more information about them. They offer expert advice and support to engage potential customers. They also encourage comments and discussions on forums and communities to enhance brand awareness and gain consumer insights.

Thus, this is any form of social media that contributes to the process of buying and selling products and services online.

Market Overview:

The latest research study on the global Social Commerce market finds that the global Social Commerce market reached a value of USD 83518.0 million in 2022. It’s expected that the market will achieve USD 285050.0 million by 2028, exhibiting a CAGR of 22.7% during the forecast period.

Social Commerce is the self-expansion and self-evolution of traditional e-commerce in the era of mobile socialization. It innovates the basic elements of retail and retail value links through the commercialization of social traffic and socialization of e-commerce, which is profoundly changing the structure and ecology of e-commerce. At present, the market, industry, capital, policy and other multiple joint forces promote the full-scale outbreak of Social Commerce. Considering the growth forecast of social commerce and the increasing use of social media, any enterprise involved in e-commerce is likely to benefit from it.

For many years, China has been in the world's leading position in social commerce. However, during the Covid-19 pandemic, this trend gained great momentum in the United States, when countless shoppers turned online.

In fact, 98% of Americans intend to buy something via social media this year and 68% had already made purchases through social as of February, according to a study from Sprout Social. The study also found that baby boomers and Generation X consumers tend to buy from Facebook and Pinterest, while Generation Zers lean toward TikTok, Snapchat and Instagram.

Earlier, the Chinese government also pointed out that under the condition of normal epidemic prevention and control, Social Commerce, as a typical representative of new formats and new models, will undoubtedly play an increasingly important role in order to make up for the shortcomings of new consumption and accelerate the development of new consumption under the guidance of new formats and new models. This is mainly reflected in the general environment of epidemic prevention and control in 2020. Social Commerce has the prominent characteristics of low employment cost and diverse employment situation, which has greatly increased the number of employed people and income, and made positive contributions to stabilizing employment and ensuring growth.

Changes in consumer behavior

The development of Social Commerce can't be separated from the change of consumer behavior, and the establishment of brand is highly dependent on consumer word-of-mouth and the role played by the brand in dealing with consumers. With the birth of innovative forms of content and the increase of impulsive consumption behavior, the boundary between consumers and content creators has become increasingly blurred. Social Commerce has taken advantage of this change and developed its own advantages.
Social Commerce-based users are more groups with abundant social time, which are distributed in fragments. Therefore, this marketing model also ensures the fermentation of Social Commerce in low-tier cities. In addition, in the life cycle, users are not only end consumers, but also fans, members, shopkeepers, business partners and so on. Social Commerce can realize users' vertical growth and continuously create value.
Provide excellent customer service
Through social commerce, the whole buying process-from product discovery to checkout-takes place on social media. Therefore, the platform should eliminate all unnecessary friction to provide a seamless customer journey.
It is essential to provide a user-friendly shopping experience, because 82% of customers only like the comfortable and positive experience of social shopping when choosing a shopping location. Therefore, if the platform can provide good customer service, it will have more loyal customers, and buyers will return to the store again to make future purchases.

Region Overview:

Asia Pacific dominated the Social Commerce market in 2022, with a market share of 78.45%.

Company Overview:

JD.com, Inc. is one of the major players operating in the Social Commerce market, holding a share of 20.31% in 2023.

JD.com, Inc.

JD.com, Inc., also known as Jingdong and formerly called 360buy, is a Chinese e-commerce company headquartered in Beijing.

Pinduoduo

Pinduoduo Inc. is the largest agriculture-focused technology platform in China. It has created a platform that connects farmers and distributors with consumers directly through its interactive shopping experience. In 2019, nearly 12 million farmers supplied their fruits and vegetables to Pinduoduo users.

Segmentation Overview:

As for product types, the Products segment held the largest market share in 2022.

Application Overview:

In the Social Commerce market, 71.02% of the total value was generated through the Social Networking Apps segment by application in 2022.

Key Companies in the global Social Commerce market covered in Chapter 3:

Xingin Information Technology
Sina
Tencent
Twitter
Douyin
Pinduoduo
Pinterest
Meta Platforms
Alibaba
Youtube
JD.com, Inc.
Etsy
LinkedIn

In Chapter 4 and Chapter 14.2, on the basis of types, the Social Commerce market from 2018 to 2029 is primarily split into:

Products
Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Social Commerce market from 2018 to 2029 covers:

Games Apps
Music Apps
Social Networking Apps
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)