Social commerce is a combination of social media and e-commerce. It refers to using social media platforms to connect with potential and current customers, promote and sell products or services.
Key Trends
There are several major trends in social commerce technology.
1. Social media integration: Social media platforms such as Facebook, Twitter, and Instagram are integrating into e-commerce platforms to provide shoppers with a more social and engaging experience. This can be seen in features such as social login, social sharing and social referrals.
2. Personalization: E-commerce platforms use data from social media platforms to personalize the shopping experience of individual users. This includes displaying products recommended by friends or personalized product recommendations based on past purchases.
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3. Mobile: Social commerce is 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 Payments: Platforms have begun offering social payment options, such as the ability to pay friends through social media platforms. This makes the payment process for goods and services more social and convenient and helps build trust between buyers and sellers.
Key Drivers
There are several main drivers of social commerce market growth.
First, with the increasing popularity of social media platforms, more users are engaging in social commerce activities.
Second, the increase in mobile users is fueling the growth of the social commerce market as users can access social media platforms and make purchases while 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.
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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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