USD 4196.98 billion growth in Social Commerce Market from 2022 to 2027; The market is fragmented due to the presence of prominent companies like Advance, Alibaba Group Holding Ltd. and Automattic Inc., and many more - Technavio
NEW YORK, Jan. 19, 2024 /PRNewswire/ -- The social commerce market is estimated to grow by USD 4196.98 billion from 2022 to 2027, growing at a CAGR of 31%. The social commerce market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer social commerce market are Advance, Alibaba Group Holding Ltd., Automattic Inc., ByteDance Ltd., Charlton Media Group, Etsy Inc., Eventbrite Inc., Fashnear Technologies Pvt. Ltd., iQIYI Inc., Meta Platforms Inc., Microsoft Corp., One97 Communications Ltd., PayPal Holdings Inc., PDD Holdings, Renren Inc., Shopify Inc., SINA Corp., Twitter Inc., Verizon Communications Inc., and Tencent Holdings Ltd.
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- Advance- The company offers social commerce through the social media platform, Reddit
- Alibaba Group Holding Ltd. - The company offers social commerce of goods such as clothes, accessories, and electronic items.
- Automattic Inc. - The company offers social commerce through the social media platform, Tumblr.
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Based on Geography, the market is classified as APAC, North America, Europe, South America, and Middle East and Africa. APAC is estimated to contribute 76% to the growth of the global market during the forecast period. In the Asia Pacific (APAC) region, the Social Commerce Market is thriving with the rise of E-commerce platforms and Social media networks. Influencers play a crucial role in driving user-generated content and Social shopping experiences. Digital marketing strategies leverage Social media advertising and customer reviews to enhance engagement. Online storefronts and Mobile commerce are increasingly integrated with Social shopping apps, creating virtual storefronts that foster Social media integration. Social media influencers are instrumental in shaping customer engagement, and businesses are actively strategizing Social commerce trends and strategies to tap into vibrant shopping communities.
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- Personalized shopping experience and diverse product portfolios on social commerce platforms is a key factor driving market growth
- Technological advances in social media are major trend in the market
- Stringent rules by the government are a significant challenge in restricting market growth.
Based on devices, the market is classified into laptops and PCs, mobiles, tablets, and others. The laptops and PCs segment is estimated to witness significant growth during the forecast period. Th segment plays a pivotal role in the Social Commerce Market. It enhances the social shopping experience by leveraging social commerce platforms and social media marketing to reach a wider audience. Customer feedback and peer recommendations are integral, in influencing purchasing decisions. Social commerce tools and solutions facilitate seamless transactions within the social commerce ecosystem. Brand collaborations and innovations drive social commerce adoption and growth, shaping the future landscape of online retail. These elements converge to create a dynamic environment where social interactions and commerce converge to shape consumer behavior and preferences.
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Social Commerce Market; Related Reports
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
7 Market Segmentation by Business Segment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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Technavio Research
Jesse Maida
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SOURCE Technavio
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