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The global social commerce market exhibited double-digit growth during 2015-2020. Social commerce comprises ratings, online communities, social advertising, post shares, and online stores to facilitate direct interaction between buyers and sellers. It provides a personalized shopping experience to consumers and supports the online purchase of products and services. As it offers consistent audience growth, high search engine ranking, and authentic engagement and traffic, organizations worldwide are shifting their businesses to e-commerce platforms. It also helps companies in building trust and loyalty with customers and expanding their overall sales.
The increasing number of smartphone users and the rising penetration of the internet are escalating the utilization of social media platforms. This, in confluence with the convenience associated with online shopping websites, represents one of the leading factors influencing the social commerce market positively. Social commerce helps people connect with a business through two-way communication, which further promotes the purchase of products and services. Additionally, the mass outbreak of coronavirus disease (COVID-19) and lockdown restrictions imposed in various countries are encouraging consumers to shop via e-commerce channels, which is strengthening the growth of the social commerce market. Apart from this, several retailers are leveraging technologies, such as artificial intelligence (AI), big data, and blockchain, to improve customer loyalty and retention. Furthermore, the growing adoption of digital services in business processes and changing market trends are promoting the application of social commerce for business-to-business (B2B) purchase and sales of products and services across the globe. Looking forward, IMARC Group expects the global social commerce market to grow at a CAGR of around 25% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global social commerce market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, business model, device type and product type.
Breakup by Business Model:
Breakup by Device Type:
Breakup by Product Type:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles 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.
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