New York, United States, July 04, 2022 (GLOBE NEWSWIRE) -- The social commerce industry has an accelerated growth rate due to the new opportunities for small and medium-sized businesses, the rapid rise of social media users, changing consumer preferences, and the impact of the COVID-19 pandemic.
Important Insights pertaining to Social Commerce Market:
- By Business Model, the Business to Consumer (B2C) segment had the most significant market share of approximately 56%.
- By Product type, the apparel segment dominated the market with a share of nearly 23%.
- By Platform / Sales Channel, the video commerce segment witnessed the highest share with around 41% of the entire market.
- By Region, Asia Pacific dominated the market with nearly 71% of the whole market.
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Essential Factors expediting the overall Market:
Rising number of Social Media Users
Social media users have exponentially risen. There were 2.3 billion active users on at least one of the social media platforms in 2016, which nearly doubled to 4.55 billion in 2022. Meta-owned Facebook dominated the market with nearly 2.5 billion active monthly users in 2022. Instagram, also owned by Meta, have 1.3 billion accounts which were a part of monthly active users. TikTok has over 1.2 billion monthly active users. Twitter has over 229 million users in 2022. Thus, with the surge in the number of users of various platforms of social media, the businesses utilizing these social media platforms as modes of marketing products and services will also increase sharply.
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New Opportunities to Small and Medium Enterprises
Different Platforms of social media like Instagram, Facebook, Twitter and WhatsApp have allowed small and medium enterprises to market their products and services at relatively low costs compared to traditional methods of marketing. Additionally, the audience reach for social media is much larger compared to more traditional analogue media platforms. According to World Bank Statistics, seven out of ten jobs are generated by SMEs, representing around 90% of global businesses. In emerging economies, SMEs contribute approximately 40% of the national GDP. Thus, the SMEs which are crucial for the functioning of economies with their numbers increasing periodically, we would witness an uptick in the usage of social media for their commercial and transactional activities.
Changing consumer preferences
Platforms of social media have changed consumer buying preferences as compared to their previous offline buying patterns. For most goods, the vast majority of consumers have preferred and shifted to online shopping from offline. According to a study, over 66% of shoppers preferred online shopping as compared to offline. In 2020, over USD 4.2 trillion worth of e-retail transactions were recorded. As per research, market segments with relatively less online sales have seen immense growth during the pandemic, such as groceries and OTC medicines, which have seen 41% and 44% market growth, respectively. Thus, with consumers strongly preferring online purchases for most of their consumer goods segments, we expect the market to grow phenomenally in the coming years.
Impact of the COVID-19 Pandemic
The pandemic had a robust impact on the way consumers spend their money as well as the manner in which enterprises promote their products and service. Social commerce was almost 13% of China's online retail revenue. A study found that nearly 50% of all internet users in the APAC region have purchased at least one product through a social media platform. In the U.S., 36% of all internet users are expected to make at least one purchase using a social media platform. 93% of marketers have opted to use influencer marketing since the pandemic began, compared to the pre-pandemic era. Thus, with the rising number of methodologies in which consumers and companies engage with platforms of social media, we would witness a staggering use of Social Commerce as a thriving medium.
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| Report Coverage | Details | |
| Forecast Period | 2020-2030 | |
| Forecast Period 2020 to 2030 CAGR | 30.8 | |
| 2030 Value Projection | USD 7.07 trillion | |
| Base Year | 2020 | |
| Market Size in 2020 | USD 0.48 trillion | |
| Historical Data for | 2015 - 2019 | |
| No. of Pages | 135 | |
| Companies | Etsy inc, Roposo, Pinduoduo Inc, Pinterest Inc, Fashnear Technologies Private Limited, Poshmark, Snap Inc, Trell Shop, Tiktok, Taobao, Xiaohongshu, Twitter Inc, Wechat, Yunji Sharing Technology Co LTD, Cafepress, Betabrand, Eventbrite, Houzz | |
| Leading Segment By Business Model | Business to Consumer (B2C) | |
| Leading Region | Asia-Pacific | |
| Segments covered | By Business Model, By Product Type, By Platform/Sales Channel, By Region | |
| Growth Drivers | ||
| New Business Opportunities for small and medium-Sized Enterprises, Change in Consumer Preferences, COVID-19 Pandemic | ||
Segmentation Analysis of Social Commerce Market by SMR:
Model of Conducting Business
- Business to Business (B2B)
- Business to Consumer (B2C)
- Consumer to Consumer
Type of Product
- Accessories
- Apparels
- Food, and beverages
- Health Supplements
- Home Products
- Personal Care
- Beauty Care
Sales Channel/ Platform
- Group Buying
- Group Buying Social Network-led Commerce
- Product Review Platforms
- Social Reselling
- Video Commerce (Live stream + Prerecorded)
Regional Analysis
The North American territory
- United States of America
- Mexico
- Canada
Europe
- France
- Germany
- Italy
- Netherlands
- Russia
- Spain
- Switzerland
- United Kingdom
- Remaining part of the continent of Europe
The Asia-Pacific territory
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Thailand
- Vietnam
- Rest of APAC region
Latin America, Middle East, and Africa (LAMEA)
- Argentina
- Brazil
- Chile
- Egypt
- Nigeria
- Qatar
- Saudi Arabia
- South Africa
- UAE
- Remaining part of LAMEA
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By business model, the Business to Consumer (B2C) marketplace has dominated with almost 56% of the total market share. Companies have increasingly used social media with related and targeted advertising and influencer marketing to market their products to consumers. 82% of B2C marketing professionals made use of social media to organically administer the content they created. As per research, the revenue for B2C commerce is poised to grow by 85% in the next three financial years. Tmall.com, a B2C company, accounts for nearly 20% of all e-retail transactions worldwide. Thus, with the rise in the implementation of B2C platforms, the Social Commerce Market will propel at an unprecedented level.
By product type, apparel accounted for the most significant market share at nearly 23% of the entire market. In 2020, in the online apparel segment, the conversion of browsing to sales stood at 77 million transactions. In the U.S., women's apparel sales were worth USD 187 billion, and men's apparel sales were worth USD 86 billion. Online sales through mobile devices accounted for 66% of sales and 76% of platform traffic in the online apparel segment. The apparel segment also had an email marketing conversion rate of nearly 30%, which is one of the highest in email marketing which was used as a marketing methods. Thus, with staggering statistics for the apparel segment and the growing need for more apparel products, Social Commerce Market would grow rapidly.
By Platform / Sales Channel, video commerce accounted for the highest social commerce market share at nearly 42%. Video commerce is when companies engage with their audience using video as a means to showcase their products. Video commerce is one of the most commonly practised product marketing methods. As per research, video posts get 48% more views than photographic posts. YouTube is a highly used platform by brands for marketing their products and services. 50% of marketers created videos to publish on YouTube to exclusively market their product. 40% of consumers admitted that they purchased a product which they saw on YouTube. With the global average time spent on YouTube being 17.5 minutes a day by a user, it remains one of the most visited platforms of social media for promoting products. TikTok is another social media platform that enables the short-video mode of viewing content. According to statistics, when consumers see that a product is being marketed on TikTok, 37% of users immediately purchase that item. 35% of TikTok users bought at least one product they viewed on TikTok. Instagram Reels, a Meta-owned product, was a similar short-video content platform, which saw an average viewing time of 55 minutes per session per viewer. Therefore, rising viewership on video platforms would see the entire market for social commerce surge.
By Region, the APAC region accounted for 70% of the entire market share. The reason for this is high internet and smartphone penetration among the common masses. With a combined total of 1.8 billion internet users, India and China dominate the global market for internet users as well as smartphone usage. Further, China, India, Indonesia, and Japan had combined smartphone users at 1.74 billion, which accounts for nearly 58% of global smartphone users. Therefore, with the region's extremely high number of users, Social Commerce Market would grow exponentially.
Key Players in Social Commerce Market
- Betabrand
- Cafepress
- Etsy, Inc.
- Eventbrite
- Fancy.com
- Meesho
- Groupon
- Houzz
- LivingSocial
- Lockerz
- Lockerz Opensky
- Meta platforms (Facebook & Instagram)
- Pinduoduo Inc.
- Pinterest, Inc.
- Polyvore
- Poshmark
- Roposo
- ShopStyle
- Snap, Inc.
- Solavei
- Soldsie
- Taobao
- TheFind
- TikTok (Douyin)
- Trell Shop
- Twitter, Inc.
- Wanelo
- WeChat (Weixin)
- Xiaohongshu
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Recent Developments in Social Commerce Market:
- On 28th June 2022, SleekFlow, an omnichannel platform for social commerce, received USD 8 million in series A funding. The funding will be used to grow in the newer regions in Southeast Asia.
- On 21st June 2022, Gobillion, a social commerce platform in India, announced its expansion into more parts of the country such as West Bengal, Sikkim, Arunachal and Tripura in the upcoming fiscal year and is focusing on marketing the group buying concept.
- On 16th June 2022, Indonesian social commerce firm, Mapan received USD 15 million in series A funding to expand their core service- 'Arisan', by further expanding their range of products and onboarding more sellers.
- On 13th June 2022, Super, an Indonesian social commerce startup, received USD 70 million in series C funding. The funding will enable them to grow their market to tier 2 and tier 3 regions of the country.
- On 5th June 2022, Shopify joined hands with Twitter to develop a new social commerce platform - Twitter Shopping. The concept is to turn Twitter conversations into commerce.
- In April 2022, GlowRoad, a social commerce platform, was acquired by Amazon in an all-cash deal. The platform focused on tier 2 and tier 3 cities where individuals were reselling products through messaging apps, such as WhatsApp.
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