New York, According to a new market research report published by Global Insight Services “Social Commerce Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Social commerce is the combination of social media and e-commerce. It refers to the use of social media platforms to connect with potential and current customers and promote and sell products or services.
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Key Trends
There are a few key trends in social commerce technology:
1. Social media integration: Social media platforms like Facebook, Twitter, and Instagram are being integrated into e-commerce platforms to provide a more social and engaging experience for shoppers. This can be seen in features like social login, social sharing, and social recommendations.
2. Personalization: Ecommerce platforms are using data from social media platforms to personalize the shopping experience for each individual user. This includes things like showing products that have been recommended by friends, or tailored product recommendations based on past purchase history.
3. Mobile: Social commerce is being increasingly driven by mobile users, as it provides a more convenient way to shop on the go. This is reflected in the trend of platforms offering mobile-optimized experiences, such as mobile apps and responsive design.
4. Social payment: Platforms are beginning to offer social payment options, such as the ability to pay with friends or through social media platforms. This makes the process of paying for goods and services more social and convenient and helps to build trust between buyers and sellers.
Key Drivers
There are a number of key drivers of social commerce market growth.
Firstly, the increasing popularity of social media platforms is driving more users to engage in social commerce activities.
Secondly, the increasing number of mobile users is also fueling growth in the social commerce market, as users are able to access social media platforms and make purchases on the go.
Thirdly, the growing trend for personalized and customized products is driving consumers to seek out social commerce platforms where they can find unique items that suit their individual preferences.
Finally, the increasing awareness of the benefits of social commerce, such as the ability to get discounts and deals, is also driving growth in the market.
Market Segments
The Social Commerce Market is segmented by business model, product type, platform/sales channel and region. By business model, the market is divided into B2C, B2B and C2C. Based on product type, it is segmented into personal & beauty care, apparels and others. On the basis of platform/sales channel, it is bifurcated into video commerce, social network-led commerce, and others. Region-wise the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Social Commerce Market includes players such as Etsy, Inc., Fashnear Technologies Private Limited (Meesho), Meta Platforms, Inc. (Facebook), Pinduoduo Inc., Pinterest, Inc., Poshmark, Roposo, Snap, Inc., Taobao and TikTok.
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Reasons to buy Social Commerce Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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