Global Social Commerce Market – Introduction
- Social commerce is a part of e-commerce, and refers to buying & selling activities that take place specifically on social media platforms. Social commerce includes local as well as worldwide marketplaces that comprise small & large businesses selling their products to various social media followers and individual buyers.
- Well-known social media platforms such as Facebook, Twitter, and Instagram are utilized for social communications, whereas e-tail platforms are generally utilized for shopping.
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Impact of Coronavirus (COVID-19) on the Social Commerce Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a positive impact on the social commerce market. Nowadays, people are focusing majorly on purchasing products from online shopping platforms instead of shopping malls, etc. to maintain social distancing, which is expected to influence the growth of the social commerce market.
Rapid Growth in Social Media and E-commerce Expected to Drive the Global Social Commerce Market
- Worldwide, the spread of social media along with the quick growth of e-commerce is leading to new trends of messaging, content sharing, and payments converge. In social commerce, social interactions and the transactional nature of e-commerce is significantly resulting in new shopping experiences in collaborative connected environments. Over the last couple of years, consumers are more focused on e-commerce and mainly prefer unified payment options.
- Moreover, changing consumer lifestyles and inclination toward convenience is resulting in the growth of the global social commerce market. Customers now want to remain updated about the latest trends and thus prefer the promotions offered by retailers and discounts through e-commerce channels.
- The impact of this driver is expected to be high throughout the forecast period. Social commerce is on the rise across the globe, led by growing penetration of social media along with e-commerce. This is expected to boost the global social commerce market in the next few years.
Growing Adoption of Social Media Advertising: Opportunity for the Social Commerce Market
- The rapidly growing usage of social media advertising is expected to be one of the major opportunities for the growth of the social commerce market. The e-commerce industry majorly uses social media platforms for advertising as well as to expand their customer base worldwide. E-commerce players use sponsored content and banner display advertisement to attract more customers, due to the growing popularity of social media platforms. These platforms significantly help in engaging the target audience worldwide.
- Therefore, growing adoption of social media advertising is expected to drive the growth of the social commerce market during the forecast period worldwide.
Issues Regarding Safety and Privacy Expected to Hamper the Social Commerce Market
- Social commerce is a significant online shopping channel through social media platforms such as Facebook, Twitter, and Instagram. These social media platforms however have privacy and safety concerns in terms of customer details (identity, bank details etc.)
- Therefore, issues regarding safety and privacy is expected to hamper the global social commerce market.
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North America to Account for Major Share of the Global Social Commerce Market
- In terms of region, the global social commerce market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global social commerce market during the forecast period due to increasing technological adoption of Artificial Intelligence (AI) in e-commerce, indicating potential growth of the market. Europe is expected to be the second largest market for social commerce from 2024 to 2030.
- Asia Pacific is projected to be a rapidly growing market for social commerce during the forecast period due to a rising e-commerce industry, specifically in India, Japan, and China.
Key Players Operating in the Global Social Commerce Market Include:
- Alibaba Group Holding Ltd.
- Facebook Inc.
- Etsy Inc.
- Twitter Inc.
- PayPal Holdings Inc.
- SINA Corp.
- Pinterest Inc.
Global Social Commerce Market: Research Scope
Global Social Commerce Market, by Channel
- B2B
- B2C
- C2C
Global Social Commerce Market, by Device Type
- Smartphone
- Laptop
- Tablets
Global Social Commerce Market, by End-user
- Individual
- Commercial
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