Press release
Social Commerce Market Size, Trends And Forecast To 2033
Social Commerce Market
The Business Research Company offers in-depth market insights through Social Commerce Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The social commerce market size has grown rapidly in recent years. It will grow from $672.11 billion in 2023 to $773.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to rise of social media platforms, influencer marketing boom, user-generated content, integration of shopping features, trust in peer recommendations, convenience and accessibility.
The social commerce market size is expected to see rapid growth in the next few years. It will grow to $1291.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to live shopping experiences, expansion of social payment options, emergence of social commerce platforms, niche community engagement, sustainability and ethical commerce. Major trends in the forecast period include live commerce and video shopping, augmented reality (AR) for virtual try-ons, shoppable content and social ads, integration of chatbots and AI, marketing and affiliate programs.
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Market Segmentation:
The social commerce market covered in this report is segmented -
1) By Product Type: Personal And Beauty Care, Apparel, Accessories, Home Products, Health Supplements, Food And Beverage, Other Products
2) By Device Type: Laptops And PCs, Mobiles, Other Devices
3) By Business Model: B2C, B2B, C2C
4) By End User: Individual, Commercial
Major Driver - Rising Social Media Usage Fuels Growth In The Social Commerce Market
The increase in social media usage is expected to propel the growth of the social commerce market in the forecast period. People are increasingly using social media platforms including YouTube, Facebook, and Instagram for multiple purposes. There is an increase in the usage of social media during COVID-19 times as people are not allowed to go out and even shopping and other marketing is done through social media. For instance, according to the Social Network Usage & Growth Statistics report in 2021, the number of people using social media worldwide has increased from 3.48 billion in 2019 to 3.96 billion in 2020. An increase in social media usage increased the demand for the market. Therefore, the increase in social media usage drives the growth of the social commerce market.
Competitive Landscape:
Major companies operating in the social commerce market report are Amazon.com Inc., Microsoft Corporation, Alibaba Group Holding Limited, Facebook Inc., Tencent Holdings Limited, ByteDance Ltd., Instagram LLC, YouTube LLC, PayPal Payments Private Limited, Salesforce.com Inc., Xiaohongshu Inc., Pinduoduo Inc., Adobe Inc., LinkedIn Corporation, eBay Inc., TikTok Inc., Shopify Inc., Twitter Inc., Snapchat Inc., Pinterest Inc., Etsy Inc., Sina Corporation, Weibo Corporation, Wix.com Ltd., Squarespace Inc., BigCommerce Holdings Inc., Poshmark Inc., Automattic Inc., Renren Inc., Fabulous Inc., Big Cartel LLC, Volusion LLC, Ecwid Inc., PrestaShop SA, OpenCart Limited, Miva Inc., Zen Cart
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Top Trend - Innovative Technologies Redefining Social Commerce
Major companies operating in the social commerce market are focusing on developing new technologies such as live commerce and social shopping to strengthen their market position. Live commerce and social shopping enhance the overall social commerce experience by making it more interactive, dynamic, and user-centric. For instance, in November 2021, Myntra, an India-based fashion e-commerce company, Launches 'M-Live' for real-time video enabled, interactive shopping experience, Myntra's M-Live revolutionizes shopping with live video streaming and commerce, allowing real-time engagement on the app. Influencers and experts host sessions for curated product insights, styling tips, and instant shopping. M-Live offers an expert-assisted online experience, providing interactive product details and immediate advice. With concurrent users, it fosters community-driven shopping, enhancing confidence through shared knowledge and social validation.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Social Commerce Market Characteristics
3. Social Commerce Market Trends And Strategies
4. Social Commerce Market - Macro Economic Scenario
5. Social Commerce Market Size And Growth
…..
27. Social Commerce Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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