The personalized customer journeys enabled by social interactions is attracting businesses of all sizes to invest in social commerce platforms, thus, creating rapid growth in its demand across all the emerging markets. The changing demographics of present age consumers, powered by technology, is transforming their consumption habits. To cater these changes, businesses are increasing their online presence which enables them to serve even the remotely located customers. These online commerce channels are witnessing an evolution, through adoption of new technologies, to enhance customer participation and achieve greater economic value. Social commerce is one such form of advanced technique in online retail which is garnering high popularity owing to its personalized shopping experience for customers. It is a combination of e-commerce and social media platforms, wherein the customers can browse, compare, purchase, share reviews and interact with others on a single platform. Consumers benefit from the legit product reviews from other users and can directly interact with them without switching between e-commerce and social media platforms. These platforms also provide better bargaining power to consumers in low- and middle-income regions through group buying options. For instance, social commerce platforms such as Groupon, Inc., Pingduoduo, Tencent, Groupify and many others offer attractive discounts to consumers who make purchases in groups, thus, increasing the sales of the company. Thus, the personalized shopping experience, which enables high conversion rate of social media users to customers, is driving the demand in global social commerce platform market.
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In terms of revenue, global Social Commerce Platform Industry was valued at US$ 1787.54 Mn in 2018 and is anticipated to grow at a CAGR of +13.4% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
The detailed research study provides qualitative and quantitative analysis of social commerce platform market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global Social Commerce Platform Industry was valued at US$ 1787.54 Mn in 2018 and is anticipated to grow at a CAGR of +13.4% over the forecast period (2021 – 2030).
- The rise in number of social media users, amidst the growing internet and smartphone penetration, has transformed the conventional shopping habits of individuals and businesses to digital. This inclination towards social media platforms for purchasing and selling products, owing to the growing consumer base, is driving the global social commerce platform market.
- The recent outbreak of COVID-19 pandemic has further inflated the number of social media shoppers amidst the lockdowns imposed by governments to curb the spread of pandemic.
- Social media platforms dominated the global social commerce platform market in 2018 owing to the growing investment and entry of new market players.
- As the consumers worldwide are demanding convenient shopping experience with easy access from mobile devices, app based platforms are anticipated to witness high demand in future years.
- North America held the highest market share in global Social Commerce Platform Industry in 2018. Asia Pacific is expected to register the highest growth rate over the forecast period owing to the rapid adoption of social commerce in the region.
- Some of the players operating in the Social Commerce Platform Industry are Alibaba.com, Etsy, Inc., Facebook Marketplace, Groupon, Inc., IQIYI, LivingSocial, LLC, Meesho Inc., Mojujie, Paytm, Pinterest, Qwiqq, ShopSocially, Tencent Inc. (WeChat), Threads Styling Ltd., Tumblr, Inc., Verizon (Yahoo!), WEIBO and Xiaohongshu amongst others.
Global Social Commerce Platform Market:
By Type
- Social Media Platforms
- Product Review Platforms
- Social Reselling Platforms
- Group Buying Platforms
- Social Communication/Large Group Platforms
- Others
By Business Model
- B2C
- C2C
By Platform Type
- App Based
- Web Based
By Product Category
- Apparel
- Personal & Beauty Care
- Home Products
- Consumer Electronics
- Food & Beverage
- Health Supplements
- Sports and Fitness
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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