Global Social Commerce Market to Reach US$ 3,652 Billion by 2028, Fueled by Rapid Urbanization

October 03, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Social Commerce Market Report by Business Model (Business to Consumer (B2C), Business to Business (B2B), Consumer to Consumer (C2C)), Device Type (Laptops and PCs, Mobiles, and Others), Product Type (Personal and Beauty Care, Apparels, Accessories, Home Products, Health Supplements, Food and Beverages, and Others), and Region 2023-2028,” the global social commerce market size reached US$ 778 Billion in 2022. Social commerce is the fusion of social media and e-commerce, where online shopping activities are directly influenced or facilitated by social media platforms. Rather than directing shoppers to a website, social commerce allows them to make purchases within the social media environment itself. Features like "Shop Now" buttons, integrated checkout systems, and product recommendations shared within social networks help streamline the buying process. This strategy benefits both businesses and consumers. For businesses, it offers an additional sales channel and a way to leverage social influence for product promotion. For consumers, it provides convenience and enables more informed purchasing decisions through user reviews and recommendations. At present, social commerce is gaining immense traction as a significant aspect of the modern retail landscape across the globe.

Global Social Commerce Market Trends:

The seamless integration of purchasing options within social media platforms makes shopping more convenient, allowing users to buy products without leaving the app, which represents the primary factor driving market growth. This ease of transaction encourages impulse buying and boosts sales conversions. Apart from this, the rising role of user-generated content, including product reviews and recommendations, has catalyzed market growth. Such content enhances trust among potential buyers and influences their purchasing decisions in real time. Additionally, an increasing number of people are buying products endorsed by peers or individuals they follow, making social proof a powerful motivator, thus fueling market growth. Furthermore, sophisticated algorithms ensure that product promotions reach the most relevant audience, amplifying the efficacy of advertising campaigns. In line with this, the broad reach of social media platforms and advanced targeting capabilities that make it easier for businesses to connect with specific consumer demographics are contributing to market growth. Looking forward, the market value is projected to reach US$ 3,652 Billion by 2028, expanding at a CAGR of 27.9% during 2023-2028.

Market Summary:

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). Presently, business to consumer (B2C) accounts for the majority of the market share.
The market has been segregated based on the device type into laptops and PCs, mobiles and others. Amongst these, mobiles represent the largest segment.
Based on the product type, the market has been categorized into personal and beauty care, apparel, accessories, home products, health supplements, food and beverages, and others. Currently, apparel exhibit a clear dominance in the market.
Region-wise, 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. At present, Asia Pacific holds the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Business Model, Device Type, Product Type, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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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