Europe Social Commerce Business Intelligence Report 2024: TikTok to Increase their Investments, Klarna Seeks to Expand its Creator Shops Functionality
DUBLIN, Feb. 23, 2024 /PRNewswire/ -- The "Europe Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
Social commerce industry in Europe is expected to grow by 24.4% on annual basis to reach US$92.11 billion in 2024.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 20.1% during 2024-2029. The social commerce GMV in the region will increase from US$74.06 billion in 2023 to reach US$230.50 billion by 2029.
The social commerce market is poised to grow at a steady pace over the medium term in Europe. Instagram is a top choice among young generation social buyers, especially in markets like the United States. Going forward, the publisher expects other players such as TikTok to increase their investment in the European social commerce market, driving the competitive landscape in the sector.
Global players are also seen expanding their presence in the European market to tap into the growth industry. This trend is projected to continue further over the medium term, aiding innovation and the competitive landscape in the market. Overall, the publisher maintains a positive growth outlook for the social commerce market in Europe from the short to medium-term perspective.
Young generation consumers are leading the trend of social buying in the United Kingdom
While the United Kingdom is leading the social buying trend across the European region, there is still plenty of growth opportunity in the sector. Social commerce penetration is low in the country compared to other markets like the United States and China. Young generation consumers, Gen Z, and millennials, are projected to lead the trend of social buying over the medium term in the United Kingdom.
According to a report from eMarketer, Instagram is a top choice for social buying among young generation consumers, with 37.3% of the respondents preferring the channel for purchases. This is followed by TikTok at 36.1% and Facebook at 34.3%. This shows that while Meta is dominating the social commerce market in the United Kingdom, TikTok is gaining ground rapidly among social buyers. As the market continues to mature, the publisher expects TikTok to further increase its investment in the United Kingdom's social commerce industry over the next three to four years.
Global players are launching social commerce platforms in the European region amid sector growth
With the industry projected to grow at a steady pace over the next three to four years in Europe, global firms are expanding their geographical footprint in the region to build a strong presence.
SHOPLINE, one of the leading social commerce platforms in Asia, announced global expansion in 2023. The firm, initially, is planning to expand operations in the European markets. With a strong presence globally, SHOPLINE has partnered with more than 500,000 brands, emerging as a leader in cross-border selling, payments, and logistics.
SHOPLINE has collaborations with major platforms like Meta (Facebook and Instagram), Google, TikTok, and Amazon to offer merchants a smooth and unified experience for both shopping and advertising. With advanced influencer collaboration and dynamic customer segmentation features, SHOPLINE provides a powerful toolkit for brands. Additionally, its architecture is designed with an API-first approach, ensuring flexibility and easy integration into the SHOPLINE platform.
Going forward, the publisher expects more global social commerce platforms to expand its presence in the European markets. This will support a competitive landscape and market growth over the next three to four years.
Klarna seeks to expand its Creator Shops functionality in European markets to aid business growth
Klarna has been moving beyond its buy now pay later business model aggressively. To accelerate revenue growth, the firm has entered into various business verticals, including social buying and commerce. The firm, with its Creator Shops capabilities, has achieved strong traction in the United States. Klarna now is planning to expand the Creator Shops feature in the European markets.
Through the Creators Shops feature, the firm is providing more than 500,000 creators the opportunity to create their own online stores on Klarna.com. Creators will have tools to ensure a seamless shopping experience for users, allowing them to discover and purchase the products recommended by their favorite creators all in one place. This platform enables creators to suggest items from a wide range of retailers, share interactive videos and photos for shopping, and promote their stores on social media. This not only benefits creators but also opens up new revenue possibilities for retailers.
In the United States, the Creator Platform has grown five times year on year, highlighting the value offered by Klarna. The launch, in the United Kingdom and other markets, will also drive more creators to the platform. This will subsequently support the growth of the regional social commerce industry over the next three to four years.
This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.
Bundled Research with 1 Regional Report and 15 Country Reports
- Europe Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Austria Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Belgium Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Denmark Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Finland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- France Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Germany Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Greece Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Ireland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Italy Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Netherlands Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Poland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Russia Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Spain Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Switzerland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- United Kingdom Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
Scope for Each Report
Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2020-2029
- Clothing & Footwear
- Beauty and Personal Care
- Food & Grocery
- Appliances and Electronics
- Home Improvement
- Travel
- Hospitality
Social Commerce Industry Market Size and Forecast by End Use Consumer Segment, 2020-2029
- B2B
- B2C
- C2C
Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029
- Mobile
- Desktop
Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Domestic
- Cross Border
Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
Social Commerce Industry Market Size and Forecast by Payment Method, 2020-2029
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- Other Digital Payment
- Cash
Social Commerce Industry Market Size and Forecast by Platforms
- Video Commerce
- Social Network-Led Commerce
- Social Reselling
- Group Buying
- Product Review Platforms
Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2023
- By Age
- By Income Level
- By Gender
Companies Mentioned
- Shopify Austria
- Refurbed
- wikifolio
- kyddo
- snooopit
- Kazidomi
- My Social Book
- myShopi
- Lokkal
- Earnieland
- Unisport
- My SkatePro
- Flauntin
- Apprl
- StyleDoubler
- Swappie
- Rue du Commerce
- Smiirl
- Sephora
- mobile.de
- Zalando
- idealo
- Tomigo
- Greeks.Social
- Broombids
- Popdeem
- Irish Brands
- Bantoa
- GreenApes
- Comehome
- eBay
- Orderchamp
- Productpine
- Brainly
- Ganymede SP. Z.o.o.
- Vkontakte
- Youla
- Shoppilot
- Playtomic
- 21Buttons
- Moodyo
- YouTube
- SHEIN
- ImmoScout24
- Inyova
- LOOKK
- Depop
- AGORA
- Company Shop
For more information about this report visit https://www.researchandmarkets.com/r/ja65r8
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