Social Commerce Market: Global Industry Analysis and Forecast (2022-2029)

Global Social Commerce Market size was valued at US$ 325.28 Bn. in 2021 and the total revenue is expected to grow at CAGR 28.93% through 2021 to 2029, the Social Commerce Market is reaching nearly US$ 2483.71 Bn.

Social commerce is the next digital commerce revolution, and it will alter people's purchasing habits in the same way that internet shopping has over the previous two decades. And, as with every revolution, it will bring unexpected change and collateral consequences. When the complete purchasing trip, from product discovery to the check-out process, takes place on a social media platform, this is referred to as social commerce.

Social commerce accounts for 10% of e-commerce revenues now, but it will account for 17% in only three years. Surprisingly, retail brands in established markets such as the United States, United Kingdom, and Europe lag well behind emerging economies in capitalizing on social commerce prospects. Mobile-first societies, such as China, India, and Brazil, which haven't had the experience of transitioning from physical retail to e-commerce, have jumped to social commerce far more rapidly than Western Europe and North America. The Social Commerce Market report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.



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Global Social Commerce Market Dynamics:
Increasing usage of internet services and smartphone adoption enhancing the accessibility of various online platforms for Social Commerce is one of the key factors, is driving the growth of the Social Commerce Market across the globe. According to Telecom Regulatory Authority, As of January 2021, there are 4.66 billion active internet users across the globe, which are 59.6 % of the global population. The investor sees Social Commerce as a worthwhile market, which is expected to accelerate the business's growth.

Increasing social media users, retailers across the globe are using social media platforms such as Facebook, Instagram, and Twitter for their selling and buying products. According to reports, in 2020, over 3.67 billion people were using social media across the globe. In addition, on an average internet users spend 144 minutes per day on social media. As of today, there are over 0.340 billion social media users in India making, it is the largest user base in the world. India has more Instagram users than the US and Brazil, with 0.180 billion users in 2020. Social media recommendations motivate 28% of millennials to buy various products. For instance, over 40% of internet users aged between 18 to 34 years bought a product online after clicking on it on a social media platform, as of October 2019.

These factors provide a lucrative opportunity for Social Commerce market growth across the globe. Social Commerce platforms are cost-effective as compared to the brick-and-mortar business model and it helps effectively to reach the target audience with limited investments. In addition, Social Commerce gives an insight to the businesses on consumer opinions and reviews to products, which are marketed. For instance, over 40% of internet users aged between 18 to 34 years bought an item online after clicking on it on a social media platform, as of October 2019.

The World's Most Used Social Platforms:
Global Social Commerce Market Segment Analysis:
Based on the Business Model, the Social Commerce Market is segmented into Business to Consumer (B2C), Business to Business (B2B), and Consumer to Consumer (C2C).

The Business to Consumer (B2C) segment held the largest market share accounted for 53.6% in 2020. The B2C model eliminates the third-party client and makes business administration easier. Consumers can view, choose, and order a product while comparing the same-basis evaluations by other users on Social Commerce sites. The business-to-consumer model does not involve an intermediary, customers can obtain products at a low cost. These are some factors, driving the Social Commerce growth for this segment.

The business to Business (B2B) segment held a market share of 29% in 2020. Companies use this type of Social Commerce website as a platform to offer products or services to another company.

Based on the Product Type, the Social Commerce Market is segmented into Personal and Beauty Care, Apparel, Accessories, Home Products, Health Supplements, Food and Beverage, and Others. The Apparel segment held the largest market share accounted for 24.3% in 2020. On Social media platforms, apparel is one of the most trending products, with a large number of vendors selling apparel across the globe. The personal and beauty care segment is expected to witness a significant CAGR of 13.56% during the forecast period. Increasing consumers' preference or buying these products online is fueling the product demand for this segment.
Global Social Commerce Market Regional Insights:
Asia Pacific region held the largest market share accounting for 56.4% in 2020. Asia Pacific region is continuously dominating the market, thanks to, increased investment in telecommunications infrastructure, increased demand for smartphones, and the higher presence of social media sites such as Facebook, Twitter, and Instagram. The increasing penetration of smartphone and social media users in countries like China and India is the prime factor driving the regional online commerce market growth. China leading the Asia Pacific market, by Social Commerce market reached a market size of USD 200 billion in 2020.

North America region is expected to witness significant growth during the forecast period. North America has the highest Internet penetration rate in the world, fueling the market growth. The U.S. Social Commerce sale is expected to grow more than 35% to reach US$ 37.2 billion in 2021. In the U.S., Facebook is the top Social Commerce platform, boosting 0.561 billion buyers.

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PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Trampoline Market dynamic, structure by analyzing the market segments and projecting the Trampoline Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Social Commerce Market make the report investor’s guide.
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Global Social Commerce Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 325.28 Bn.


Forecast Period 2021 to 2029 CAGR:
28.93%
Market Size in 2029:
US $ 2483.71 Bn.


 Segments Covered:
by Business Model
• Business to Consumer (B2C)
• Business to Business (B2B)
• Consumer to Consumer (C2C)


by Product type
• Personal and Beauty Care
• Apparel
• Accessories
• Home Products
• Health Supplements
• Food and Beverage
• Others



Global Social Commerce Market by Region
• North America
• Europe
• Asia Pacific
• South America
• The Middle East and Africa
Global Social Commerce Market Key Players
• Facebook
• Etsy, Inc.
• Fab
• PayPal Payments
• Pinterest
• Poshmark, Inc.
• Reddit Inc.
• SINA Corp.
• Taobao
• Twitter, Inc.
• Alibaba (China) Co., Ltd.
• iQIYI
• LinkedIn Corporation
• Renren, Inc.
• Tencent - Qzone
• Tencent Holdings Ltd.
• Tumblr, Inc.
• Weibo Corporation
• Yahoo!, Inc.
Frequently Asked Questions:
1] What segments are covered in the Social Commerce Market report?
Ans. The segments covered in the Social Commerce Market report are based on Business Model and Product type.

2] Which region is expected to hold the highest share in the Social Commerce Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Social Commerce Market.

3] What is the market size of the Social Commerce Market by 2027?
Ans. The market size of the Social Commerce Market by 2029 is US $ 2483.71 Bn.

4] What is the forecast period for the Social Commerce Market?
Ans. The Forecast period for the Social Commerce Market is 2022-2029.

5] What was the market size of the Social Commerce Market in 2020?
Ans. The market size of the Social Commerce Market in 2021 was US $ 325.28 Bn.