Social Commerce - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)
The Social Commerce Market size is estimated at USD 1.18 trillion in 2024, and is expected to reach USD 4.14 trillion by 2029, growing at a CAGR of 28.53% during the forecast period (2024-2029).
Social commerce aims to expedite purchasing by removing needless extra stages and enabling clients to shop and check out immediately via social media networks. The market is anticipated to grow due to the widespread adoption of easy product discovery, checkout, and shopping processes. During the forecast period, a rise in potential customers from various social media platforms, including Facebook, Instagram, Snapchat, and Pinterest, is anticipated to propel market growth.
Social commerce made the integration of content sharing, payment processing, messaging, and buying possible. High levels of impulse buying, particularly among Gen Z and millennials, combined with easy access to social media networking sites have generated enormous potential for many businesses and sellers to boost sales, which will draw in new clients. Additionally, social commerce allows brands and merchants to combine social media with e-commerce platforms, creating a big branding opportunity. This has improved brand exposure on social media and made it possible for consumers to remember the brand through consistently interesting material. Due to the new opportunities it has created for individuals and small enterprises, social commerce has grown to be a driver for democratization. Consumers are more inclined to purchase from small businesses than from e-commerce websites when using social commerce.
Social Commerce Market Trends
Growing demand for business-to-consumer (B2C) social commerce is driving the market growth
The business-to-consumer (B2C) segment dominates the social commerce market because of its sizeable customer base, chances for consumer involvement, social media recommendations, powerful purchasing habits, smooth mobile experience, and capacity for building direct client relationships.
Lately, there has been a growing demand for social networking platforms for direct e-commerce transactions with customers. Social networking sites have become practical tools for businesses to promote their brands and make money. Consumers' increased use of social media platforms has enabled companies to reach a large audience. Social media sites like Facebook, Instagram, Pinterest, TikTok, and others have millions, if not billions, of active users, making them attractive B2C markets. Customers want immediate assistance, and with mobile technology developing rapidly, they are searching for new ways to interact with brands through digital platforms. With more than 60% of purchases completed through social media platforms, younger generations, such as millennials and Gen Z, are prevailing in social commerce.
Owing to its large population, digital payments, and influential social media platforms Asia-Pacific leads the market
The expansion of Asia-Pacific has been fueled by increased disposable income, a huge youth population, and improved network connectivity. The expansion of social media platforms beyond Facebook, TikTok, WeChat, and Youtube, as well as the widespread use of mobile devices, have all helped to fuel the rise of the social commerce industry in this area.
Due to a sizable population that uses social media platforms to make purchases, China has the largest social commerce market in the world. Through their social media platforms, major technology companies like Tencent Holdings Ltd and PDD Holdings Inc. have captivated a sizable portion of the population in China and Southeast Asia. Overall, with many consumers and businesses adopting social media for commerce, the region is expecting growth in the forecast period.
Social Commerce Industry Overview
Companies in the highly competitive and fragmented social commerce market are concentrating on strengthening their relationships with retail stores and distribution networks to expand their consumer base. Leading companies constantly invest in R&D to create new products and technology to stay competitive. Some top players in the market include Instagram, Facebook, YouTube, TikTok, and Pinterest.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Social commerce aims to expedite purchasing by removing needless extra stages and enabling clients to shop and check out immediately via social media networks. The market is anticipated to grow due to the widespread adoption of easy product discovery, checkout, and shopping processes. During the forecast period, a rise in potential customers from various social media platforms, including Facebook, Instagram, Snapchat, and Pinterest, is anticipated to propel market growth.
Social commerce made the integration of content sharing, payment processing, messaging, and buying possible. High levels of impulse buying, particularly among Gen Z and millennials, combined with easy access to social media networking sites have generated enormous potential for many businesses and sellers to boost sales, which will draw in new clients. Additionally, social commerce allows brands and merchants to combine social media with e-commerce platforms, creating a big branding opportunity. This has improved brand exposure on social media and made it possible for consumers to remember the brand through consistently interesting material. Due to the new opportunities it has created for individuals and small enterprises, social commerce has grown to be a driver for democratization. Consumers are more inclined to purchase from small businesses than from e-commerce websites when using social commerce.
Social Commerce Market Trends
Growing demand for business-to-consumer (B2C) social commerce is driving the market growth
The business-to-consumer (B2C) segment dominates the social commerce market because of its sizeable customer base, chances for consumer involvement, social media recommendations, powerful purchasing habits, smooth mobile experience, and capacity for building direct client relationships.
Lately, there has been a growing demand for social networking platforms for direct e-commerce transactions with customers. Social networking sites have become practical tools for businesses to promote their brands and make money. Consumers' increased use of social media platforms has enabled companies to reach a large audience. Social media sites like Facebook, Instagram, Pinterest, TikTok, and others have millions, if not billions, of active users, making them attractive B2C markets. Customers want immediate assistance, and with mobile technology developing rapidly, they are searching for new ways to interact with brands through digital platforms. With more than 60% of purchases completed through social media platforms, younger generations, such as millennials and Gen Z, are prevailing in social commerce.
Owing to its large population, digital payments, and influential social media platforms Asia-Pacific leads the market
The expansion of Asia-Pacific has been fueled by increased disposable income, a huge youth population, and improved network connectivity. The expansion of social media platforms beyond Facebook, TikTok, WeChat, and Youtube, as well as the widespread use of mobile devices, have all helped to fuel the rise of the social commerce industry in this area.
Due to a sizable population that uses social media platforms to make purchases, China has the largest social commerce market in the world. Through their social media platforms, major technology companies like Tencent Holdings Ltd and PDD Holdings Inc. have captivated a sizable portion of the population in China and Southeast Asia. Overall, with many consumers and businesses adopting social media for commerce, the region is expecting growth in the forecast period.
Social Commerce Industry Overview
Companies in the highly competitive and fragmented social commerce market are concentrating on strengthening their relationships with retail stores and distribution networks to expand their consumer base. Leading companies constantly invest in R&D to create new products and technology to stay competitive. Some top players in the market include Instagram, Facebook, YouTube, TikTok, and Pinterest.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Number of Social Media Platforms
4.2.2 Shift in Consumer Preferences Toward Online Purchase
4.3 Market Restraints
4.3.1 Privacy Concerns Over Gathering and Using Personal Data
4.3.2 Intense Competition in the Social Commerce Space
4.4 Market Opportunities
4.4.1 Emergence of Big Data Analytics and AI in Social Commerce
4.4.2 Collaboration with Influencers to Reach Niche Markets
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Technological Advancements in the Industry
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Business Model
5.1.1 Business to Consumer (B2C)
5.1.2 Business to Business (B2B)
5.1.3 Consumer to Consumer (C2C)
5.2 By Product Type
5.2.1 Personal and Beauty Care
5.2.2 Apparel
5.2.3 Accessories
5.2.4 Home Products
5.2.5 Health Supplements
5.2.6 Food and Beverages
5.2.7 Other Product Types
5.3 By Sales Channel
5.3.1 Video Commerce
5.3.2 Social Network-Led Commerce
5.3.3 Social Reselling
5.3.4 Group Buying
5.3.5 Product Review Platforms
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Italy
5.4.2.6 Spain
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East &Africa
5.4.5.1 United Arab Emirates
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Instagram
6.2.2 Facebook
6.2.3 YouTube
6.2.4 TikTok
6.2.5 Pinterest
6.2.6 Amazon
6.2.7 Verint
6.2.8 Fashnear Technologies Private Limited (Meesho)
6.2.9 Roposo
6.2.10 Twitter*
7 FUTURE MARKET TRENDS
8 DISCLAIMER AND ABOUT US
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Number of Social Media Platforms
4.2.2 Shift in Consumer Preferences Toward Online Purchase
4.3 Market Restraints
4.3.1 Privacy Concerns Over Gathering and Using Personal Data
4.3.2 Intense Competition in the Social Commerce Space
4.4 Market Opportunities
4.4.1 Emergence of Big Data Analytics and AI in Social Commerce
4.4.2 Collaboration with Influencers to Reach Niche Markets
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Technological Advancements in the Industry
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Business Model
5.1.1 Business to Consumer (B2C)
5.1.2 Business to Business (B2B)
5.1.3 Consumer to Consumer (C2C)
5.2 By Product Type
5.2.1 Personal and Beauty Care
5.2.2 Apparel
5.2.3 Accessories
5.2.4 Home Products
5.2.5 Health Supplements
5.2.6 Food and Beverages
5.2.7 Other Product Types
5.3 By Sales Channel
5.3.1 Video Commerce
5.3.2 Social Network-Led Commerce
5.3.3 Social Reselling
5.3.4 Group Buying
5.3.5 Product Review Platforms
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Italy
5.4.2.6 Spain
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East &Africa
5.4.5.1 United Arab Emirates
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Instagram
6.2.2 Facebook
6.2.3 YouTube
6.2.4 TikTok
6.2.5 Pinterest
6.2.6 Amazon
6.2.7 Verint
6.2.8 Fashnear Technologies Private Limited (Meesho)
6.2.9 Roposo
6.2.10 Twitter*
7 FUTURE MARKET TRENDS
8 DISCLAIMER AND ABOUT US
