Canada 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

Canada 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 Canada is expected to grow by 13.5% on annual basis to reach US$6,479.43 million in 2024.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 10.9% during 2024-2029. The social commerce GMV in the country will increase from US$5,707.86 million in 2023 to reach US$10,884.15 million by 2029.

Social commerce in Canada is rapidly evolving, driven by changing consumer behaviours and technological advancements. Brands increasingly leverage social media platforms to engage with consumers, create immersive shopping experiences, and drive sales. The rise of live shopping, enhanced personalization through data analytics, and the importance of user-generated content are shaping the future of social commerce in Canada. As the market grows, retailers must remain agile and innovative to capitalize on emerging opportunities and navigate the competitive landscape effectively.
Social commerce is rapidly evolving in Canada, combining the power of social media with e-commerce to create new shopping experiences.

Identify Key Trends and Developments in Social Commerce

• Shift Towards Social Media as a Shopping Channel - In Canada, social media is increasingly recognized as a vital shopping channel. Platforms like Instagram, Facebook, and TikTok are enhancing their e-commerce capabilities, allowing users to discover and purchase products directly within the app. This shift is driven by the growing number of social media users and their increasing comfort with online shopping.

• Rise of Live Shopping Events - Live shopping is gaining popularity in Canada, mirroring trends seen in other regions. Brands host live events on platforms like Instagram and TikTok, showcasing products and interacting with viewers in real time. This format boosts engagement and creates a sense of urgency, encouraging immediate purchases during the event.

• Focus on Younger Demographics - Millennials and Gen Z are leading the charge in social commerce adoption in Canada. These demographics are more likely to engage with brands on social media and make purchases directly through these platforms. Brands adapt their marketing strategies to resonate with younger consumers, emphasizing authenticity and community engagement.

• Personalization Through Data Analytics - Data-driven personalization is becoming essential in social commerce. Brands leverage analytics to understand consumer behaviour and preferences, enabling tailored recommendations and targeted marketing strategies. This approach enhances customer engagement and improves conversion rates, making the shopping experience more relevant to individual users.

• Increasing Importance of User-Generated Content - User-generated content (UGC) is critical to successful social commerce strategies. Brands encourage customers to share their experiences and product reviews on social media, providing authentic content that serves as social proof. Featuring UGC in marketing campaigns builds trust and credibility, driving consumer interest and sales.

• Amazon's Investment in Social Commerce Features - Amazon has been actively investing in enhancing its social commerce features across its platforms. By improving shopping functionalities on social media, Amazon aims to solidify its position as a leader in social commerce and provide brands with the tools needed to engage consumers effectively.

Explore New Platforms and Partnerships

• TikTok's Expansion into Social Commerce - TikTok is rapidly becoming a significant player in the Canadian social commerce landscape. The platform has introduced features that allow users to shop directly from videos, enhancing the shopping experience. TikTok's partnership with Shopify enables merchants to create shoppable posts, streamlining the purchasing process for users and expanding their reach.

• Instagram's Enhanced Shopping Features - Instagram continues to enhance its shopping capabilities with features like Instagram Checkout and shoppable posts. These tools enable brands to sell products directly through their profiles, reducing the need for users to navigate away from the app. The platform's focus on visual content aligns well with consumer preferences, making it a powerful channel for social commerce.

• Facebook's Marketplace Integration - Facebook's Marketplace is evolving to support social commerce initiatives in Canada. The platform integrates shopping features that allow users to discover and purchase products from local businesses and brands. This integration enhances user experience and fosters community engagement, enabling small businesses to reach a broader audience.

• WhatsApp Business Integration - WhatsApp is gaining traction as a social commerce platform in Canada. Integrating payment functions and product discovery features allows businesses to facilitate purchases directly within the app. This development creates a seamless shopping experience for users and highlights the potential for further alliances in the social commerce space.

Identify Key Sectors Adopting Social Commerce

• Fashion and Beauty - The fashion and beauty sectors are at Canada's forefront of social commerce adoption. Brands leverage platforms like Instagram and TikTok to showcase products through influencer partnerships and visually appealing content. The emphasis on aesthetics and personal expression resonates strongly with consumers in these categories, driving engagement and sales.

• Food and Beverage - The food and beverage industry embrace social commerce by promoting products and engaging with consumers through social media. Brands share recipes, cooking tips, and user-generated content to foster a community around their products, driving engagement and sales. This approach enhances brand loyalty and encourages repeat purchases.

• Home Goods and Décor - The home goods sector increasingly utilizes social commerce to reach consumers interested in home improvement and decor. Brands are showcasing products through engaging content on social media, tapping into the growing interest in home aesthetics, especially in the wake of the pandemic. This sector's focus on lifestyle resonates well with social commerce principles.

• 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 alignment with consumer interests positions health and wellness brands favourably in social commerce.

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 Canada. Below is a summary of key market segments:

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

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

• Canada 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

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

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

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

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

• Canada 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

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

• Canada 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.