According to the latest report by IMARC Group, titled "Social Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global social commerce market is expected to grow at a CAGR of 28.17% during 2022-2027. Social commerce generally utilizes numerous networking websites to promote and sell products and services. It is adopted by several businesses that also aid in measuring the degree to which customers interact with the company's marketing strategies through likes, retweets and shares. It involves the incorporation of the entire shopping practice into interactive features that are available on various social media platforms. Besides this, it offers expert support and advice to engage potential customers and encourage discussions and comments on communities and forums to gain consumer insights and enhance brand awareness. Additionally, it assists smaller brands in competing in crowded marketplaces efficiently. Consequently, it supports merchants to strengthen their position in a broader marketplace and provides the power of consuming, bartering and sharing to consumers.
Global Social Commerce Market Trends:
The global market is primarily driven by the penetration of high-speed internet connectivity. Coupled with the escalating adoption of smartphones among the masses due to rapid urbanization, this is providing a boost to the demand for social commerce platforms across the globe. This is further supported by the easy accessibility to numerous online platforms for entertainment and education purposes, which is catalyzing the market. Along with this, continuous improvements in the e-commerce sectors and the growing preference for online shopping are impacting the market favorably. Moreover, the evolving digital world as a result of the coronavirus disease (COVID-19) pandemic that accelerated sales across various online retail platforms is creating a positive market outlook. Furthermore, continual technological advancements and the integration of artificial intelligence (AI), the internet of things (IoT) and cloud computing with social commerce are acting as other growth-inducing factors. Additionally, the rising investments in aggressive marketing strategies and celebrity endorsements are providing an impetus to the demand for social commerce on the global level. Other factors, including rapid urbanization, the emerging information technology (IT) sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market.
- On the basis of the business model, the market has been segmented into business to consumer (B2C), business to business (B2B) and consumer to consumer (C2C).
- Based on the device type, the market has been segregated into laptops and PCs, mobiles and others.
- On the basis of the product type, the market has been categorized into personal and beauty care, apparels, accessories, home products, health supplements, food and beverages and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include eBay, Etsy Inc., Facebook, Meesho Inc., PayPal Payments Private Limited, Pinterest Inc., Poshmark Inc., Reddit Inc., Taobao (Alibaba Group Holding Limited), Twitter Inc. and Verizon Communications Inc.
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