United Kingdom Social Commerce Market Intelligence Report 2023: An $80+ Billion Market by 2028 - Social Commerce Shopping is Driving the Demand for Frictionless and Integrated In-Store Experiences

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Mar 13, 2023, 13:45 ET

DUBLIN, March 13, 2023 /PRNewswire/ -- The "United Kingdom 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 2023 Update" report has been added to ResearchAndMarkets.com's offering.

Social commerce industry in United Kingdom is expected to grow by 31.6% on annual basis to reach US$25237.3 million in 2023.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 21.3% during 2022-2028. The social commerce GMV in the country will increase from US$25237.3 million in 2023 to reach US$80374.1 million by 2028.

In the United Kingdom, consumer appetite for social shopping and buying is still in its nascent stages. While the majority of the population shops online in the country, social commerce has not gained widespread popularity. However, the United Kingdom market certainly has strong growth potential, as the trend is steadily growing, especially among young generation consumers.

To tap into the potential growth of the social commerce segment, the publisher expects global retailers and social commerce players to increase their investment in the market from the short to medium-term perspective. Furthermore, brands are also expected to forge strategic alliances with social platforms in their efforts to diversify their sales channels and drive more revenue, especially at a time when businesses are struggling due to macroeconomic challenges.

The trend of social commerce shopping is also driving the demand for frictionless and integrated in-store experiences

The integrated shopping experience offered by social commerce players is bringing a broader shift in the United Kingdom market, as consumers are even demanding frictionless and integrated experiences while shopping in-store. Notably, the rise of social commerce has made product discovery and purchase easier, and now consumers are demanding the same capabilities for in-store shopping.

Brits are seeking solutions that allow them to locate products inside the store using their smartphone devices. Over 34% of retailers are offering such capabilities for in-store shopping in the United Kingdom. However, majority of them are not aware of such mobile-centric and in-store navigation solutions. While consumers are demanding such frictionless and integrated in-store experiences, due to the convenience they have received from social shopping, retailers can also seek to incorporate social buying into their business strategy to drive growth.

With the trend of social shopping and buying projected to increase over the next three to four years, retailers can drive more sales and revenue, thereby accelerating their growth from the short to medium-term perspective.

Global e-retailers are planning to introduce new social commerce capabilities to drive e-commerce sales

The challenging macroeconomic environment is projected to dampen the growth of the e-commerce marketplace. Firms such as Amazon have already announced their growth projection for Q4 2022.

With the surging cost of living and rising inflation impacting the monthly budget for the majority of the brits, the outlook for the e-commerce marketplaces remains dull. Consequently, to lure more customers, especially young generation buyers, global e-retailers are planning to launch new features onto their platforms.

For instance, Amazon is expected to launch a TikTok-like shopping experience for its customers in the United Kingdom in 2023. The feature is aimed at young generation shoppers, who are more enticed by short-video formats. The firm has already launched the feature in the United States in December 2022 and is planning to roll out the service in other markets, including the United Kingdom, in 2023.

The publisher expects the launch of new social commerce capabilities on its platform in the United Kingdom will further drive the number of social buyers in the country, thereby supporting the growth of the overall industry over the next three to four years.

Scope

United Kingdom Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

United Kingdom Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

United Kingdom Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028

Clothing & Footwear
Beauty and Personal Care
Food & Grocery
Appliances and Electronics
Home Improvement
Travel
Hospitality

United Kingdom Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028

United Kingdom Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028

Mobile
Desktop

United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028

Domestic
Cross Border

United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028

Tier-1 Cities
Tier-2 Cities
Tier-3 Cities

United Kingdom Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028

Credit Card
Debit Card
Bank Transfer
Prepaid Card
Digital & Mobile Wallet
Other Digital Payment
Cash

United Kingdom Social Commerce Industry Market Size and Forecast by Platforms

Video Commerce
Social Network-Led Commerce
Social Reselling
Group Buying
Product Review Platforms

United Kingdom Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2022

By Age
By Income Level
By Gender

For more information about this report visit https://www.researchandmarkets.com/r/eee7c7

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