NEW
YORK, Aug. 15, 2024 /PRNewswire/ -- The global
social commerce market size is estimated to grow by
USD 8.88 trillion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 41.53% during the forecast period.
Personalized shopping experience and diverse product portfolios on
social commerce platforms is driving market growth, with
a trend towards technological advances in social media.
However, efforts required for customer engagement and
retention poses a challenge. Key market players include
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., Tencent Holdings Ltd., Twitter Inc., and Verizon
Communications Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Device (Laptops and
PCs, Mobiles, Tablets, and Others), Business Segment (Business to
consumer, Business to business, and Consumer to consumer), and
Geography (APAC, North America, Europe, South America, and Middle
East and Africa)
|
Region
Covered
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
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., Tencent Holdings Ltd., Twitter
Inc., and Verizon Communications Inc.
|
Key Market Trends Fueling Growth
Social media platforms have evolved from simple interaction
tools to dynamic marketplaces, with innovations like chatbots
driving the global social commerce market. Snapchat, for instance,
is a user-friendly social media platform that facilitates shopping
and information sharing. Chatbots, which use artificial
intelligence for conversational interactions, engage audiences in
self-initiated tasks, making marketing more effective and
efficient. These technological advancements will continue to shape
the social commerce landscape during the forecast period.
Social Commerce is a trending business strategy that combines
social media and e-commerce. It's all about making the shopping
process more engaging and convenient for customers. One key trend
is the importance of secure payment methods and user data
protection. Changing consumer preferences prioritize user
experience, and user-generated content and product recommendations
are becoming essential. Social influence also plays a significant
role, with brands and sellers leveraging social media platforms for
brand awareness and customer engagement. Multichannel retailing is
another trend, with businesses using the latest technology like
artificial intelligence and augmented reality to enhance product
discovery and checkout. Consumer behavior and preferences continue
to shape this market, with millennials leading the way in content
shopping, sharing, and messaging features. Small businesses are
also jumping on board to increase conversion rates and reach new
customers in virtual environments.
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Market Challenges
- In the social commerce market, customer engagement is a
significant challenge for vendors. Unlike traditional retail stores
where sales associates assist customers in making purchases and
influence buying decisions, social commerce platforms give
consumers full control over their purchases. If a vendor's webpage
or mobile application fails to captivate and engage customers, they
may explore other shopping sites or visit physical stores, limiting
growth opportunities for the vendor during the forecast period.
Therefore, creating an appealing and interactive online shopping
experience is crucial for retaining customers and driving sales in
the social commerce industry.
- Social Commerce Market: A New Frontier for Businesses The
Social Commerce market is revolutionizing the way businesses
connect with customers. In this virtual environment, shopping is no
longer a solitary activity. Instead, it's a social experience.
Customers discover products through content shopping on social
media platforms. Interested buyers engage with brands and sellers,
share their finds, and make purchases directly. Messaging features
facilitate immediate communication, providing excellent customer
service. Millennials and younger generations are driving this
trend. Brands and small businesses, as well as individuals, are
leveraging social media to increase brand awareness. Consumer
preference for personalized shopping experiences is met through
mobile technology and modern technologies like Video Commerce and
livestream shopping. However, challenges persist. Security
concerns, regulatory compliance, privacy issues, and cyberattacks
are major concerns. Brands must collect data responsibly and ensure
information exchange is secure. Marketing tools like influencer
collaborations, shoppable posts, and personalized customer
interactions are essential to stand out in this competitive
landscape. In the Social Commerce market, the internet-savvy
population is the new consumer base. Large players and smaller
niche providers must adapt to this modern shopping experience to
stay relevant.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This social commerce market report extensively covers market
segmentation by
- Device
- 1.1 Laptops and PCs
- 1.2 Mobiles
- 1.3 Tablets
- 1.4 Others
- Business Segment
- 2.1 Business to consumer
- 2.2 Business to business
- 2.3 Consumer to consumer
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Laptops and PCs- The social commerce market is
a significant business sector where companies sell products
directly to consumers through social media platforms. Brands engage
with customers by sharing product information, promotions, and
user-generated content. This approach offers convenience,
personalization, and real-time interaction, leading to increased
sales and customer loyalty. Social media's vast user base allows
businesses to reach a broader audience and target specific
demographics effectively. By leveraging social media's unique
features, companies can build strong online communities and foster
long-term relationships with their customers.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global e-commerce market continues its robust growth, driven
by technological advancements and increasing consumer preference
for online shopping. Southeast
Asia's e-commerce logistics market is also on an upward
trajectory, fueled by rising internet penetration and digital
payments. These trends underscore the growing significance of
digital retail and logistics across key regions.
Research Analysis
The Social Commerce Market is revolutionizing the shopping
experience by merging virtual environments with the customers'
favorite social media platforms. In this innovative shopping
process, product discovery happens through content shopping and
interested buyers can engage directly with brands and sellers.
Social media platforms have transformed into marketplaces, allowing
users to make purchases without leaving the app. Messaging features
facilitate seamless communication between buyers and sellers.
Millennials, small businesses, individuals, and even large players
are leveraging modern technologies to reach an internet-savvy
population. Brands and sellers increase brand awareness through
influencer collaborations and shoppable posts. Consumer purchase
behavior is influenced by personalized shopping recommendations and
changing preferences. Electronics, home decor, and various niche
products can be discovered and purchased in these virtual
marketplaces. However, privacy concerns and regulatory compliance
are crucial considerations for both buyers and sellers. Secure
payment methods and user data protection are essential to ensure a
safe shopping experience. User-generated content and product
recommendations contribute to the overall user experience. The
market caters to both large players and smaller niche providers,
offering a diverse range of products and services. As the market
continues to evolve, it's essential to adapt to the latest consumer
preferences and technologies to stay competitive.
Market Research Overview
The Social Commerce Market is revolutionizing the shopping
experience by merging virtual environments and social media
platforms. Customers can discover products through content shopping
and sharing, leading to interested buyers engaging with brands and
sellers. The shopping process is streamlined with checkout
features, messaging, and secure payments. Millennials and younger
generations are driving this trend, seeking immediate communication
and personalized customer experiences. Modern technologies like
Video Commerce, livestream shopping, and shoppable posts are
transforming consumer purchase behavior in sectors like personal
and beauty, electronics, home decor, and more. Brands and small
businesses benefit from increased brand awareness and consumer
preference. However, concerns around cyberattacks, data collection,
privacy, and regulatory compliance persist. Businesses must adopt
secure payment methods, user data protection, and changing consumer
preferences to ensure a positive buyer experience. Marketing tools
like personalized shopping, social influence, and user-generated
content are essential for engagement and conversion rates. The
future of retail lies in multichannel retailing, leveraging the
latest technology, artificial intelligence, and augmented reality
to enhance consumer experiences.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Device
-
- Laptops And PCs
- Mobiles
- Tablets
- Others
- Business Segment
-
- Business To Consumer
- Business To Business
- Consumer To Consumer
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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