The latest report by IMARC Group, titled “Social Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global social commerce market exhibited double-digit growth during 2015-2020. Social commerce refers to the use of social networking websites to sell and promote a wide range of products and services. It provides consumers the experience of shopping through the use of social media platforms. Social commerce is a part of e-commerce that includes local and international marketplaces comprising small and large businesses, which help in reaching a larger customer base and targeting new customers through posts related to products. In recent years, social commerce has gained traction with the rapid digitization across various industries and the increasing number of smartphone users worldwide.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Social Commerce Market Trends:
The market is primarily driven by the growing adoption of social media platforms, such as Facebook, Twitter, and Instagram, to sell goods and services using social communications. New shopping experiences created due to social interactions and the transactional nature of e-commerce are also providing a positive impact on the market growth. Social commerce facilitates a collaborative and connected environment for buyers across the globe, which helps companies build trust and loyalty with customers and expand their overall sales. Furthermore, the increasing preference for unified payment options and the inclination toward convenience is also fueling the market growth. Besides this, lockdowns imposed by governments of various countries due to the rising cases of coronavirus disease (COVID-19) have increased the sales of various products via online shopping platforms. Moreover, the integration of technologies such as artificial intelligence (AI), big data, and blockchain is aimed at improving the customer buying experience. On account of these factors, the market is expected to exhibit a CAGR of 25% during the forecast period (2021-2026).
- Based on the business model, the market has been segmented into business to consumer (B2C), business to business (B2B), and consumer to consumer (C2C).
- On the basis of the device type, the market has been classified into laptops and PCs, mobiles, and others.
- The market has been categorized based on the product type into personal and beauty care, apparel, accessories, home products, health supplements, foods and beverages, and others.
- 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 Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being eBay Inc., Etsy Inc., Facebook Inc., Meesho Inc., PayPal Payments Private Limited, Pinterest Inc., Poshmark Inc., Reddit Inc., Taobao.com (Alibaba Group Holding Limited), Twitter Inc., and Verizon Communications Inc.
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