Social Commerce Market Trends 2024-2033: Size, Growth & Forecast Analysis

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.

Market Overview -
Social commerce is the direct purchase and sale of products or services using a social media platform.

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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

Amazon And Meta Platforms Forge A Game-Changing Partnership
Major companies operating in the social commerce industry are adopting a strategic partnership approach to provide a more integrated and streamlined shopping experience for users. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in November 2023, Amazon.com, Inc., a US-based e-commerce company, partnered with Meta Platforms, Inc., a US-based technology company. This partnership is considered a pivotal moment in social commerce, as it bridges the gap between e-commerce and social media, providing users with a more integrated and efficient shopping experience. Additionally, it positions Amazon as a prominent player in the social commerce landscape, competing with other platforms like TikTok and Snapchat.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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