Australia Social Commerce Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q3 2024 Update

Australia Social Commerce Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q3 2024 Update

According to PayNXT360, social commerce industry in Australia is expected to grow by 12.3% on annual basis to reach US$1,836.70 million in 2024.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 9.8% during 2024-2029. The social commerce GMV in the country will increase from US$1,635.06 million in 2023 to reach US$2,926.39 million by 2029.

Social commerce in Australia is rapidly evolving, driven by changing consumer behaviours and technological advancements. Brands are embracing this new landscape by leveraging social media platforms, engaging younger audiences, and fostering community interactions. The rise of live shopping, shoppable video platforms, and strategic partnerships are shaping the future of social commerce. As the industry continues to grow, retailers must remain agile and innovative to capitalize on emerging opportunities and navigate the competitive landscape effectively.

Social commerce in Australia is rapidly evolving, transforming how consumers interact with brands and purchases.

Identify Key Trends and Developments in Social Commerce

• Embrace the Shift to Social Buying - Social commerce is increasingly recognized as a vital channel for brands to engage consumers directly. The trend reflects a shift from traditional e-commerce to a model where social networks facilitate transactions. Retailers leverage social media to create immersive shopping experiences that blend product discovery, engagement, and purchasing.

• Capitalize on the Rise of Live Shopping - Live shopping is gaining traction in Australia, driven by consumer demand for interactive and engaging shopping experiences. Brands are utilizing live streams to showcase products, allowing real-time audience interaction. This format not only enhances consumer engagement but also drives impulse purchases.

• Focus on Younger Audiences - Millennials and Gen Z are Australia's primary drivers of social commerce growth. These demographics are more inclined to engage with brands on social media and prefer shopping through these platforms. Retailers are tailoring their strategies to resonate with these younger consumers, emphasizing authenticity and community.

• Strengthen Data-Driven Personalization - Integrating data analytics in social commerce enables brands to personalize the shopping experience. By analysing consumer behaviour on social media, retailers can refine their offerings and enhance customer engagement. This data-driven approach allows for targeted marketing strategies that resonate with specific audience segments.

• Foster Community Engagement - Social commerce thrives on community interaction. Brands increasingly focus on building communities around their products, encouraging user-generated content, and fostering brand loyalty. This strategy enhances customer relationships and drives organic growth through word-of-mouth marketing.

Explore New Platforms and Partnerships

• Launch of Shoppable Video Platforms - Tolstoy has emerged as a notable player in the Australian social commerce landscape. This shoppable video platform allows brands to create engaging video content directly linking to products. Since its launch, Tolstoy has partnered with over 5,000 brands, including local businesses like Hero Packaging and Culture Kings. This platform revolutionizes how consumers interact with brands, making the shopping experience more dynamic and engaging.

• Expansion of Established Social Media Platforms - YouTube enhances its social commerce capabilities by introducing features allowing users to shop directly from video content. The platform's integration of shopping features within its Shorts format is designed to capitalize on the growing trend of video consumption among Australian consumers. This moves positions YouTube as a significant player in the social commerce space.

• TikTok's Strategic Growth - TikTok is actively expanding its presence in the Australian market, focusing on social commerce initiatives. The platform's unique algorithm and engaging content format make it an ideal environment for brands to connect with younger audiences. TikTok's strategy includes launching new features that facilitate direct purchases and enhance the shopping experience for users.

Identify Key Sectors Adopting Social Commerce

• Fashion and Beauty -The fashion and beauty sectors are at the forefront of social commerce adoption in Australia. Brands leverage platforms like Instagram and TikTok to showcase their products through influencer partnerships and visually appealing content. This sector's emphasis on aesthetics aligns well with the visual nature of social media, driving consumer engagement and sales.

• Home and Lifestyle -The food and beverage industry also embrace social commerce, using platforms to promote new products and engage consumers. Brands are utilizing social media to share recipes, cooking tips, and user-generated content, fostering a community around their products. This approach not only drives sales but also enhances brand loyalty.

• Food and Beverage -The food and beverage industry also embrace social commerce, using platforms to promote new products and engage consumers. Brands are utilizing social media to share recipes, cooking tips, and user-generated content, fostering a community around their products. This approach not only drives sales but also enhances brand loyalty.

• Health and Wellness - The health and wellness sector is leveraging social commerce to connect with consumers seeking fitness and wellness solutions. Brands use social media to share informative content, promote products, and engage with health-conscious audiences. This sector's focus on community and support aligns well with the principles of social commerce.

Highlight Key Major Acquisitions

• Acquisition of Shoppable Video Platforms - The rise of social commerce has led to increased interest in shoppable video platforms. As seen with Tolstoy's entry into the market, established brands will likely seek acquisitions to enhance their capabilities. This trend reflects a broader strategy among retailers to integrate innovative technologies that facilitate social commerce.

• Strategic Partnerships for Enhanced Reach - Retailers are forming strategic partnerships with social media platforms to enhance their social commerce capabilities. These collaborations are designed to leverage the strengths of both parties, allowing brands to reach wider audiences and streamline their operations. Such partnerships are crucial for navigating the competitive landscape of social commerce.

• Investment in Technology-Driven Solutions - Technology-driven solutions are becoming increasingly common as social commerce grows. Brands are acquiring technologies that enhance data analytics, customer engagement, and inventory management. This trend underscores the importance of leveraging technology to optimize social commerce strategies.

This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.

Scope

This report provides in-depth, data-centric analysis of social commerce in Australia. Below is a summary of key market segments:

Australia Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029

Australia Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029

• Australia Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2020-2029 Clothing & Footwear Beauty and Personal CareFood & GroceryAppliances and Electronics Home Improvement Travel Hospitality

• Australia Social Commerce Industry Market Size and Forecast by End Use Consumer Segment, 2020-2029B2BB2CC2C

• Australia Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029 Mobile Desktop

• Australia Social Commerce Industry Market Size and Forecast by Location, 2020-2029 Domestic Cross Border

• Australia Social Commerce Industry Market Size and Forecast by Location, 2020-2029Tier-1 CitiesTier-2 CitiesTier-3 Cities

• Australia Social Commerce Industry Market Size and Forecast by Payment Method, 2020-2029 Credit Card Debit Card Bank Transfer Prepaid Card Digital Card Digital CardDigital & Mobile WalletOther Mobile Wallet Other Digital PaymentCash Mobile Wallet Other Digital Payment Cash

• Australia Social Commerce Industry Market Size and Forecast by PlatformsVideo CommerceSocial Network-Led CommerceSocial ResellingGroup BuyingProduct Review Platforms

• Australia Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2023By AgeBy Income LevelBy Gender

Reasons to buy

• In-Depth Insight into Social Commerce Market Dynamics: Gain a comprehensive understanding of social commerce market opportunities and significant trends, alongside projections for the 2020 to 2029 period. This insight is crucial for businesses looking to thrive in the expanding social commerce landscape.

• Detailed Analysis of Opportunities by End-Use Sectors: Investigate the market dynamics within various end-use sectors to identify and evaluate emerging opportunities. This analysis enables businesses to tailor their strategies effectively and capitalize on growth potential in the social commerce market.

• Formulate Targeted Social Commerce Strategies: Identify key growth segments and target specific opportunities to develop an effective social commerce strategy. Evaluate market-specific trends, drivers, and risks to ensure your approach aligns with consumer behaviors and preferences, ultimately enhancing engagement and conversions.