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Global Social Commerce Market Intelligence Databook 2023: A $1,353,208.7 Million Market by 2028 - 50+ KPIs on End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics
Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Global 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.
Global social commerce industry is expected to grow by 17.3% on annual basis to reach US$661033.6 million in 2023.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 12.7% during 2022-2028. The global social commerce GMV will increase from US$661033.6 million in 2023 to reach US$1,353,208.7 million by 2028.
With the shift in consumer shopping behavior and changing marketing strategies, social media channels have emerged as a leading growth driver for retailers globally. Social shopping, while extremely popular in China, the trend is also gaining steady momentum in many other nations around the world. More brands are working with platforms such as TikTok to build new customer relationships and drive incremental revenue through fun and engaging content.
Amid the rapid growth achieved by TikTok in the space, more players in the online commerce space are increasing their investment to launch social shopping features onto their platforms. This coupled with the emergence of innovative startups is driving the competitive landscape of the global social commerce market. The growing market size has also resulted in increased investment from private equity and venture capital firms in the sector, and the publisher expects the trend to further continue over the next three to four years.
Chinese social commerce firms are seeking to expand their operations globally to accelerate growth
Social shopping is a mainstream phenomenon in China. Consumers across demographics are buying products through live stream events and social platforms. The trend is also gaining momentum in other nations, and as a result, to capitalize on the growing trend and accelerate their growth, China-based firms are expanding their geographical footprint.
SuperOrdinary, the Chinese social commerce firm, facilitates deals between brands and influencers, helping both to find consumers. Four years after its launch in China, the firm is now taking the business model to the global market, with an initial focus on the United States creators. The firm owns an array of sites and platform that allows creators to earn when they share products on their platforms and profiles.
Kuaishou, another Chinese social commerce firm, is seeking to expand its global footprint as it competes for market share with TikTok, one of the leading players in the global social commerce segment. The firm is targeting expansion in the Brazilian market and has adopted a localization strategy to better its retention rate and drive increased traffic to the short video-sharing mobile application.
While both SuperOrdinary and Kuaishou are seeking to expand their international footprint, TikTok is also making an increasing investment in the global market to further strengthen its position as the market leader.
Social commerce firms are raising funding rounds globally to scale and grow their business
Amid the growing market size and demand for the innovative social commerce shopping experience, many startups have emerged in the global market. These startups are now raising funding rounds to further accelerate their growth as well as scale their business.
In October 2022, Elenas, one of the leading Latin American social commerce startups, announced that the firm had raised US$20 million in its Series B funding round, bringing the total fund raised to US$28 million, as of October 2022. The firm allows women in the region to sell products from the digital catalog to consumers through social channels. Between Series A and Series B rounds, the firm recorded revenue growth of 5x and is looking to further scale its business by increasing its seller network in Mexico and Colombia.
In December 2022, Kapu, the Kenya-based social commerce startup, announced that the firm had raised US$8 million in a Seed funding round. The firm is planning to use the capital to scale its business and operations across Kenya, before launching in other regional markets. Like Elenas, Kapu is also planning to increase its seller network, thereby further expanding its reach among the consumers. From the short to medium-term perspective, the firm is also expected to offer support for WhatsApp orders, which will simplify the shopping process for both sellers and buyers.
As more innovation takes place in the growing social commerce segment, the publisher expects an increasing amount of venture capital and private equity funds to flow into the global market over the next three to four years.
E-commerce retailers are making further inroads into the social commerce sector amid growing competition
With social platforms becoming a preferred shopping channel for some consumers, e-commerce marketplaces are losing market share to social commerce platforms, such as TikTok and Facebook. Consequently, e-commerce retailers are investing in the space to build their presence in the social commerce sector.- Amazon and Walmart, two of the leading retailers in the United States, are increasingly investing in the space. While Amazon has launched a TikTok-inspired shopping feature, Walmart has launched a platform for creators to sell products, in a major push in the social commerce sector in the United States.
With big giants investing in the space, the publisher expects the competition to further intensify over the next three to four years, which also supports the growth of the global social commerce industry.
Scope
Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
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
Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
B2B
B2C
C2C
Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
Mobile
Desktop
Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Domestic
Cross Border
Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Tier-1 Cities
Tier-2 Cities
Tier-3 Cities
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
Social Commerce Industry Market Size and Forecast by Platforms
Video Commerce
Social Network-Led Commerce
Social Reselling
Group Buying
Product Review Platforms
Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2022
By Age
By Income Level
By Gender
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