Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "United Kingdom Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
According to the publisher, social commerce industry in United Kingdom is expected to grow by 31.6% on annual basis to reach US$25237.3 million in 2023.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 21.3% during 2022-2028. The social commerce GMV in the country will increase from US$25237.3 million in 2023 to reach US$80374.1 million by 2028.
In the United Kingdom, consumer appetite for social shopping and buying is still in its nascent stages. While the majority of the population shops online in the country, social commerce has not gained widespread popularity. However, the United Kingdom market certainly has strong growth potential, as the trend is steadily growing, especially among young generation consumers.
To tap into the potential growth of the social commerce segment, the publisher expects global retailers and social commerce players to increase their investment in the market from the short to medium-term perspective. Furthermore, brands are also expected to forge strategic alliances with social platforms in their efforts to diversify their sales channels and drive more revenue, especially at a time when businesses are struggling due to macroeconomic challenges.
The trend of social commerce shopping is also driving the demand for frictionless and integrated in-store experiences
The integrated shopping experience offered by social commerce players is bringing a broader shift in the United Kingdom market, as consumers are even demanding frictionless and integrated experiences while shopping in-store. Notably, the rise of social commerce has made product discovery and purchase easier, and now consumers are demanding the same capabilities for in-store shopping.
Brits are seeking solutions that allow them to locate products inside the store using their smartphone devices. Over 34% of retailers are offering such capabilities for in-store shopping in the United Kingdom. However, majority of them are not aware of such mobile-centric and in-store navigation solutions. While consumers are demanding such frictionless and integrated in-store experiences, due to the convenience they have received from social shopping, retailers can also seek to incorporate social buying into their business strategy to drive growth.
With the trend of social shopping and buying projected to increase over the next three to four years, retailers can drive more sales and revenue, thereby accelerating their growth from the short to medium-term perspective.
Global e-retailers are planning to introduce new social commerce capabilities to drive e-commerce sales
The challenging macroeconomic environment is projected to dampen the growth of the e-commerce marketplace. Firms such as Amazon have already announced their growth projection for Q4 2022. With the surging cost of living and rising inflation impacting the monthly budget for the majority of the brits, the outlook for the e-commerce marketplaces remains dull. Consequently, to lure more customers, especially young generation buyers, global e-retailers are planning to launch new features onto their platforms. For instance,- Amazon is expected to launch a TikTok-like shopping experience for its customers in the United Kingdom in 2023. The feature is aimed at young generation shoppers, who are more enticed by short-video formats. The firm has already launched the feature in the United States in December 2022 and is planning to roll out the service in other markets, including the United Kingdom, in 2023.
The publisher expects the launch of new social commerce capabilities on its platform in the United Kingdom will further drive the number of social buyers in the country, thereby supporting the growth of the overall industry over the next three to four years.
This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.
Scope
This report provides in-depth, data-centric analysis of social commerce in United Kingdom. Below is a summary of key market segments:
United Kingdom Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Kingdom Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Kingdom Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028
- Clothing & Footwear
- Beauty and Personal Care
- Food & Grocery
- Appliances and Electronics
- Home Improvement
- Travel
- Hospitality
United Kingdom Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
- B2B
- B2C
- C2C
United Kingdom Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
- Mobile
- Desktop
United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Domestic
- Cross Border
United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
United Kingdom Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- Other Digital Payment
- Cash
United Kingdom Social Commerce Industry Market Size and Forecast by Platforms
- Video Commerce
- Social Network-Led Commerce
- Social Reselling
- Group Buying
- Product Review Platforms
United Kingdom Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2022
- By Age
- By Income Level
- By Gender
Reasons to buy
- In-depth Understanding of Social Commerce Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028).
- Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate social commerce strategy; assess market specific key trends, drivers, and risks in the industry.
For more information about this report visit https://www.researchandmarkets.com/r/b8u4or
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