Global 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

Global 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, global social commerce industry is expected to grow by 14.8% on annual basis to reach US$737.2 billion in 2023.

The global social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 12.5% during 2024-2029. The global social commerce GMV will increase from US$642.09 billion in 2023 to reach US$1,326.35 billion by 2029.

Social commerce is transforming the global retail landscape, offering businesses new avenues to engage with consumers and drive sales. The integration of social media and e-commerce, the rise of live shopping events, the focus on younger audiences, personalization through data analytics, and the increasing importance of user-generated content are shaping the future of commerce worldwide. As the market evolves, brands must remain agile and innovative to capitalize on emerging opportunities and navigate the competitive landscape effectively.

The global social commerce landscape is transforming, blending social media interactions with online shopping experiences.

Identifying Key Trends and Developments

Integration of Social-Media and E-commerce

• Seamless Shopping Experience: Social media platforms are enhancing their shopping features, allowing users to discover and purchase products directly within the app. This integration fosters a more engaging shopping experience and encourages consumer participation in social commerce.

• Shift in Consumer Behaviour: The pandemic has accelerated the shift towards online shopping, with many consumers now relying on social media for product discovery and purchase. This change has established social commerce as a primary channel for retail engagement globally.

Rise of Live Shopping Events

• Interactive Engagement: Live shopping is gaining traction worldwide, with brands hosting interactive events on platforms like Instagram and TikTok. These live streams enable brands to showcase products in real-time, engage with viewers, and drive immediate sales.

• Influencer Partnerships: Brands leverage influencers to host live shopping events, capitalizing on their ability to engage audiences and drive sales through personal endorsements.

Focus on Younger Audiences

• Millennials and Gen Z Influence: Younger consumers, particularly Millennials and Gen Z, are leading the adoption of social commerce. Their familiarity with social media and preference for interactive content make them key brand targets.

• Authenticity and Community Engagement: To resonate with younger audiences, brands are focusing on authenticity and community engagement, utilizing user-generated content and interactive marketing strategies to build trust and loyalty.

Personalization Through Data Analytics

• Tailored Experiences: Brands increasingly use data analytics to understand consumer preferences and behaviours. This enables them to offer personalized product recommendations and targeted marketing strategies.

• Enhanced Customer Interaction: By leveraging insights from consumer data, brands can create more relevant and engaging shopping experiences, ultimately improving conversion rates and customer satisfaction.

Increasing Importance of User-Generated Content

• Building Trust: User-generated content (UGC) is vital in social commerce. Brands encourage customers to share their purchases' reviews, photos, and videos, which serve as authentic endorsements and build trust among potential buyers.

• Community Building: UGC fosters a sense of community around brands, allowing consumers to connect and share their experiences, further enhancing brand loyalty.

Explore New Platforms and Partnerships

TikTok's Expansion into Social Commerce

• Global Reach: TikTok is rapidly becoming a major player in the global social commerce landscape. The platform has introduced features that enable users to shop directly from videos, enhancing the shopping experience.

• Partnership with Shopify: TikTok's partnership allows merchants to create shoppable posts, streamlining the purchasing process for users and expanding their reach worldwide.

Instagram's Enhanced Shopping Features

• Direct Sales Integration: 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.

• Visual Content Focus: The platform's emphasis on visual content aligns perfectly with consumer preferences, making it a powerful channel for social commerce.

Facebook's Marketplace Integration

• Local Business Engagement: Facebook's Marketplace is evolving to support social commerce initiatives globally. The platform integrates shopping features that allow users to discover and purchase products from local businesses and brands.

• Community Building: This integration enhances user experience and fosters community engagement, enabling small businesses to reach a broader audience.

WhatsApp Business Integration

• Global Adoption: WhatsApp is becoming increasingly popular as a social commerce platform. Integrating payment functions and product discovery features allows businesses to facilitate purchases directly within the app.

• Direct Communication: The growing use of WhatsApp for business communications underscores the potential for further alliances in the social commerce space.

Identify Key Sectors Adopting Social Commerce

Fashion and Beauty

• Leading Adoption: The fashion and beauty sectors are globally at the forefront of social commerce adoption. Brands leverage platforms like Instagram and TikTok to showcase products through influencer partnerships and visually appealing content.

• Engagement through Aesthetics: The emphasis on aesthetics and personal expression resonates strongly with consumers in these categories, driving engagement and sales.

Food and Beverage

• Community Engagement: 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.

• Direct Sales Opportunities: Many food brands utilize social media platforms to facilitate direct sales, allowing consumers to order products seamlessly while engaging with content.

Home Goods and Décor

• Showcasing Products: The home goods sector increasingly utilizes social commerce to reach consumers interested in home improvement and decor. Brands showcase products through engaging content on social media, tapping into the growing interest in home aesthetics.

• Lifestyle Focus: By leveraging social media to share design tips and product showcases, brands can create a visually inspiring shopping experience that resonates with consumers.

Health and Wellness

• Connecting with Consumers: 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.

• Building Community: Brands foster communities around health and wellness topics, encouraging consumers to share their journeys and experiences, which enhances brand loyalty and engagement.

Highlight Key Major Acquisitions

Naver's Acquisition of Poshmark

• Strategic Expansion: In 2022, Naver, the South Korean internet conglomerate, acquired Poshmark, a leading social commerce platform, for $1.2 billion. This acquisition highlights global players' growing interest in social commerce and the potential for cross-border partnerships and expansion.

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

According to PayNXT360, global social commerce industry is expected to grow by 14.8% on annual basis to reach US$737.2 billion in 2023.

The global social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 12.5% during 2024-2029. The global social commerce GMV will increase from US$642.09 billion in 2023 to reach US$1,326.35 billion by 2029.

Social commerce is transforming the global retail landscape, offering businesses new avenues to engage with consumers and drive sales. The integration of social media and e-commerce, the rise of live shopping events, the focus on younger audiences, personalization through data analytics, and the increasing importance of user-generated content are shaping the future of commerce worldwide. As the market evolves, brands must remain agile and innovative to capitalize on emerging opportunities and navigate the competitive landscape effectively.

The global social commerce landscape is transforming, blending social media interactions with online shopping experiences.

Identifying Key Trends and Developments

Integration of Social-Media and E-commerce

• Seamless Shopping Experience: Social media platforms are enhancing their shopping features, allowing users to discover and purchase products directly within the app. This integration fosters a more engaging shopping experience and encourages consumer participation in social commerce.

• Shift in Consumer Behaviour: The pandemic has accelerated the shift towards online shopping, with many consumers now relying on social media for product discovery and purchase. This change has established social commerce as a primary channel for retail engagement globally.

Rise of Live Shopping Events

• Interactive Engagement: Live shopping is gaining traction worldwide, with brands hosting interactive events on platforms like Instagram and TikTok. These live streams enable brands to showcase products in real-time, engage with viewers, and drive immediate sales.

• Influencer Partnerships: Brands leverage influencers to host live shopping events, capitalizing on their ability to engage audiences and drive sales through personal endorsements.

Focus on Younger Audiences

• Millennials and Gen Z Influence: Younger consumers, particularly Millennials and Gen Z, are leading the adoption of social commerce. Their familiarity with social media and preference for interactive content make them key brand targets.

• Authenticity and Community Engagement: To resonate with younger audiences, brands are focusing on authenticity and community engagement, utilizing user-generated content and interactive marketing strategies to build trust and loyalty.

Personalization Through Data Analytics

• Tailored Experiences: Brands increasingly use data analytics to understand consumer preferences and behaviours. This enables them to offer personalized product recommendations and targeted marketing strategies.

• Enhanced Customer Interaction: By leveraging insights from consumer data, brands can create more relevant and engaging shopping experiences, ultimately improving conversion rates and customer satisfaction.

Increasing Importance of User-Generated Content

• Building Trust: User-generated content (UGC) is vital in social commerce. Brands encourage customers to share their purchases' reviews, photos, and videos, which serve as authentic endorsements and build trust among potential buyers.

• Community Building: UGC fosters a sense of community around brands, allowing consumers to connect and share their experiences, further enhancing brand loyalty.

Explore New Platforms and Partnerships

TikTok's Expansion into Social Commerce

• Global Reach: TikTok is rapidly becoming a major player in the global social commerce landscape. The platform has introduced features that enable users to shop directly from videos, enhancing the shopping experience.

• Partnership with Shopify: TikTok's partnership allows merchants to create shoppable posts, streamlining the purchasing process for users and expanding their reach worldwide.

Instagram's Enhanced Shopping Features

• Direct Sales Integration: 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.

• Visual Content Focus: The platform's emphasis on visual content aligns perfectly with consumer preferences, making it a powerful channel for social commerce.

Facebook's Marketplace Integration

• Local Business Engagement: Facebook's Marketplace is evolving to support social commerce initiatives globally. The platform integrates shopping features that allow users to discover and purchase products from local businesses and brands.

• Community Building: This integration enhances user experience and fosters community engagement, enabling small businesses to reach a broader audience.

WhatsApp Business Integration

• Global Adoption: WhatsApp is becoming increasingly popular as a social commerce platform. Integrating payment functions and product discovery features allows businesses to facilitate purchases directly within the app.

• Direct Communication: The growing use of WhatsApp for business communications underscores the potential for further alliances in the social commerce space.

Identify Key Sectors Adopting Social Commerce

Fashion and Beauty

• Leading Adoption: The fashion and beauty sectors are globally at the forefront of social commerce adoption. Brands leverage platforms like Instagram and TikTok to showcase products through influencer partnerships and visually appealing content.

• Engagement through Aesthetics: The emphasis on aesthetics and personal expression resonates strongly with consumers in these categories, driving engagement and sales.

Food and Beverage

• Community Engagement: 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.

• Direct Sales Opportunities: Many food brands utilize social media platforms to facilitate direct sales, allowing consumers to order products seamlessly while engaging with content.

Home Goods and Décor

• Showcasing Products: The home goods sector increasingly utilizes social commerce to reach consumers interested in home improvement and decor. Brands showcase products through engaging content on social media, tapping into the growing interest in home aesthetics.

• Lifestyle Focus: By leveraging social media to share design tips and product showcases, brands can create a visually inspiring shopping experience that resonates with consumers.

Health and Wellness

• Connecting with Consumers: 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.

• Building Community: Brands foster communities around health and wellness topics, encouraging consumers to share their journeys and experiences, which enhances brand loyalty and engagement.

Highlight Key Major Acquisitions

Naver's Acquisition of Poshmark

• Strategic Expansion: In 2022, Naver, the South Korean internet conglomerate, acquired Poshmark, a leading social commerce platform, for $1.2 billion. This acquisition highlights global players' growing interest in social commerce and the potential for cross-border partnerships and expansion.

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

According to PayNXT360, global social commerce industry is expected to grow by 14.8% on annual basis to reach US$737.2 billion in 2023.

The global social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 12.5% during 2024-2029. The global social commerce GMV will increase from US$642.09 billion in 2023 to reach US$1,326.35 billion by 2029.

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

According to PayNXT360, global social commerce industry is expected to grow by 14.8% on annual basis to reach US$737.2 billion in 2023.

The global social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 12.5% during 2024-2029. The global social commerce GMV will increase from US$642.09 billion in 2023 to reach US$1,326.35 billion by 2029.

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 title from PayNXT360 is a bundled offering, combining 20 reports (880 tables and 1140 charts).

Country reports in this bundled offering provide in-depth analysis of Social Commerce industry. Below is a summary of key market segments offered at country level:

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

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

• 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

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

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

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

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

• 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

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

• 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: Thorough Understanding of Social Commerce Opportunities: 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: Explore Dynamics Across 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: Craft Tailored 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.This title from PayNXT360 is a bundled offering, combining 20 reports (880 tables and 1140 charts).

Country reports in this bundled offering provide in-depth analysis of Social Commerce industry. Below is a summary of key market segments offered at country level:

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

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

• 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

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

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

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

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

• 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

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

• 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: Thorough Understanding of Social Commerce Opportunities: 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: Explore Dynamics Across 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: Craft Tailored 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.This title from PayNXT360 is a bundled offering, combining 20 reports (880 tables and 1140 charts).

Country reports in this bundled offering provide in-depth analysis of Social Commerce industry. Below is a summary of key market segments offered at country level:

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

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

• 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

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

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

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

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

• 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

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

• 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.This title from PayNXT360 is a bundled offering, combining 20 reports (880 tables and 1140 charts).

Country reports in this bundled offering provide in-depth analysis of Social Commerce industry. Below is a summary of key market segments offered at country level:

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

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

• 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

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

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

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

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

• 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

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

• 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.