Social Commerce Market Growth & Trends
The global social commerce market size is expected to reach USD 3,369.8 billion by 2028, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 28.4% from 2021 to 2028. Social commerce is the incorporation of social media and e-commerce, which is used for selling and promoting products and services. The market is primarily driven by the growing number of social media users, along with rising built-in e-commerce projects. For instance, in March 2019, Instagram launched a checkout feature, which allows users to complete the purchase process without having to leave the app.
The rising adoption of social media platforms or shopping and information exchange is expected to fuel market growth. Moreover, the COVID-19 outbreak has led to an increase in social media usage worldwide, creating opportunities for the social commerce industry. As users have been spending more time on social media, they have discovered new social media platforms. For example, TikTok has witnessed an addition of over 12 million U.S.-based visitors in March 2020 alone, crossing the 2 billion mark in April.
The market is characterized by a high degree of competition due to the presence of numerous companies operating at a global level. Several social media companies have started offering a platform for retailers to buy or sell products. For instance, Facebook launched Marketplace in 2016 as a platform for people to do business in their local communities. People around the world can discover things they love on Facebook Marketplace and launch a business to earn a living.
Browse full report with Table of Content @: Social Commerce Market Report
Social Commerce Market Report Highlights
The personal and beauty care segment is anticipated to register a CAGR exceeding 30% over the forecast period owing to the increasing demand in the Asia Pacific
The B2C segment held the largest market share of 49.53% in 2020, attributed to the increasing usage of social media platforms for buying and selling products
Asia Pacific captured a sizeable market share of 68.47% in 2020, due to the increasing number of social media users in countries such as India and China
For Requesting a Sample Copy of This Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/social-commerce-market/request/rs1
Social Commerce Market Segmentation
Grand View Research has segmented the global social commerce market based on the business model, product type, and region:
Social Commerce Business Model Outlook (Revenue, USD Billion, 2017 – 2028)
Business to Consumer (B2C)
Business to Business (B2B)
Consumer to Consumer (C2C)
Social Commerce Product Type Outlook (Revenue, USD Billion, 2017 – 2028)
Personal & Beauty Care
Food & Beverage
Social Commerce Regional Outlook (Revenue, USD Billion, 2017 – 2028)
Middle East & Africa
List of Key Players of Social Commerce Market
PayPal Payments Private Limited
Pinterest; Poshmark, Inc.
Inquire more or share questions if any before the purchase on this report @ https://www.grandviewresearch.com/inquiry/451181/ibb
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
Country: United States