The social commerce market was valued at USD 584.9 billion in 2021. The market is anticipated to grow by USD 2900.3 billion in 2030, recording a CAGR of 31.6%. Substantial increases in the adoption of smartphones with 4G capabilities, the extension of the 4G network rollout, and the simultaneous rise in the number of people accessing online multimedia content through mobile devices are all improving market prospects for online shopping and social commerce.
Social commerce refers to internet businesses that advertise and sell their products and services through social media sites like Facebook, Pinterest, and Instagram. Due to social media platforms’ enormous potential for digital promotion, marketing, and online sales as well as their ability to give businesses access to a sizable audience that they otherwise would not have had, the use of social media in marketing is growing.
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The Apparel Segment to Dominate the Market During the Forecast Period
The personal & beauty care, fashion, accessories, home items, health supplements, food & beverage, and other segments of the global social commerce market are segmented based on product type. Due to its enormous appeal and demand on social media platforms, the clothing and apparel industry has been accountable for the largest market share in 2020. As a result, the apparel segment dominated the global social commerce market.
During the COVID-19 pandemic, when consumers were shopping online, spending the most time online, and exploring across many social commerce platforms, fashion retailers explored new ways to develop new types of purchase experiences, engage influencers/creators, and interact in new ways. As a result, the social commerce market is likely to gain traction due to the aforementioned factors.
The Growing Usage of a Social Media Platform to Drive the Market Growth
New ways to shop have emerged associated with virtual environments supported by social commerce, which refers to the use of a social media platform to promote and/or perform online purchases. Social commerce has exploded during the past few years attributable to the convergence of capabilities for content sharing, buying, payments, and communications.
On the other hand, a high level of impulse buying, especially among millennials and the young generation, along with easy access to social media networking sites has provided a great opportunity for many companies and sellers to boost sales and gain new customers.
Additionally, social commerce has offered brands and merchants the ability to combine social media with e-commerce platforms, opening up a vast opportunity for branding. As a result, social media presence has improved, and it is now possible to build brand recognition and engage customers on a daily basis.
Key Developments:
- May 2022- To support the company’s digital transformation, Fashnear Technologies Private Limited (Meesho) established a partnership with Google Cloud. Meesho believes that this partnership will give it a significant competitive advantage as it works to develop an AI-first supplier experience, more effective user acquisition strategies, and a customized shopping experience for the nation’s upcoming 1 billion e-commerce users.
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The Asia Pacific to Dominate the Largest Global Social commerce Market Share Throughout the Projection Period
The Asia Pacific region is anticipated to dominate the market share of the global social commerce market due to several factors including increased investment in communications infrastructure, the expansion of smartphones and the internet, and the widespread use of social media sites such as Facebook, Instagram, and Twitter contributing to the region’s growth.
However, the North American region of the global social commerce market is projected to grow over the forecast period owing to the growing e-commerce and social commerce landscapes in the United States are much more fragmented, with differences in customer attitudes and behavior regarding social media usage, digital purchases, payments, and online privacy.
Key Players in the Market to Employ Both Organic and Inorganic Growth Strategies
To survive in the competitive market environment, key players in the global social commerce market employ both organic and inorganic growth strategies, such as collaborations, mergers & acquisitions, regional expansion, and product/solution launch & development.
Meta Platforms, Inc. (Facebook), Etsy, Inc., Fashnear Technologies Private Limited (Meesho), Pinterest, Inc., Pinduoduo Inc., Reddit Inc, Poshmark, Inc., Roposo, Snap, Inc., Taobao, TikTok (Douyin), Trell Shop, Twitter, Inc., WeChat (Weixin), Xiaohongshu, Yunji Sharing Technology Co., Ltd., and others are some of the leading organizations in the social commerce market dominating the global market with their presence.
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