New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Social Commerce Global Market Report 2023" - https://www.reportlinker.com/p06243822/?utm_source=GNW
, Fabulous, Renren Inc., Tencent Holdings Ltd., Weibo Corporation, and Yahoo!.
The global social commerce market grew from $534.03 billion in 2022 to $565.83 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The social commerce market is expected to grow to $689.56 billion in 2027 at a CAGR of 5.1%.
The social commerce market includes revenues earned by entities by offering services like promoting and selling products or services within the framework of a social media platform.Social commerce is the incorporation of e-commerce and social media which is used for buying or selling goods or services directly within a social media platform such as Facebook and Instagram.
It also includes local and global marketplaces, including small businesses that sell products to various social media followers and individual buyers.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Social commerce is the direct purchase and sale of products or services using a social media platform.
North America was the largest region in the social commerce market in 2022.Europe was the second-largest region in the social commerce market.
The regions covered in the social commerce report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products in social commerce are personal and beauty care, apparel, accessories, home products, health supplements, food and beverages, and others. The customers can purchase the beauty and personal care products or services directly through social commerce app. social commerce websites are accessible through different device types such as laptops and PCs, mobiles, others and applied to different business models such as B2C, B2B, and C2C. Social commerce is used by both individuals and commercials.
The increase in social media usage is expected to propel the growth of the social commerce market in the forecast period.People are increasingly using social media platforms including Youtube, Facebook, and Instagram for multiple purposes.
There is an increase in the usage of social media during COVID-19 times as people are not allowed to go out and even shopping and other marketing is done through social media. For instance, according to the Social Network Usage & Growth Statistics report in 2021, the number of people using social media worldwide has increased from 3.48 billion in 2019 to 3.96 billion in 2020. An increase in social media usage increased the demand for the market. Therefore, the increase in social media usage drives the growth of the social commerce market.
Big data technology is a key trend gaining popularity in the social commerce market.Big data is used as a software tool for processing, analyzing, and extracting large data.
Big data technology in social commerce helps e-commerce companies in improving decision-making and enhancing their performance in operational processes.Big data resources are becoming more accessible to people and this also helps to detect fraudulent behavior in businesses.
For example, in 2020, Amazon, a social commerce company based in the United States is using big data technology to transform operational processes and to monitor shipping details and personal information of the customers.
In July 2021, Klarna, a Sweden-based financial company acquired APPRL for a deal amount of $1 billion.With this acquisition, Klarna expects to expand its portfolio in the social commerce market and to create a unique shopping experience for the customers.
APPRL is a Sweden-based social commerce company.
The countries covered in the social commerce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The social commerce market research report is one of a series of new reports that provides social commerce market statistics, including social commerce industry global market size, regional shares, competitors with a social commerce market share, detailed social commerce market segments, market trends and opportunities, and any further data you may need to thrive in the social commerce industry. This social commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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