The social commerce market size is worth USD 2.4 Trillion in 2023, according to a new report by GlobalData Plc. Ease of access to social media, the proliferation of mobile devices, immersive shopping experience, and a large customer base are some of the factors responsible for the growth of the social commerce market. Social media websites are largely populated by millennial and Gen Z individuals, who are attracted to trendy products and personalized content that are posted by brands to promote and sell their products. Additionally, to establish a connection with the users, brands collaborate with influencers, which provides the brands with access to a large follower base of famous personalities. Such strategies adopted by brands are anticipated to draw the attention of users and boost sales on social media platforms, thereby contributing to market growth.
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Social Commerce Market FAQs
The social commerce market size globally will be valued at $ 2.4 trillion in 2023.
The global social commerce market is expected to grow at a CAGR of 24.4% over the forecast period (2023-2030).
The high penetration of mobile devices, ease of access to social media, improved network connectivity and rising disposable income are the factors contributing to the market growth.
Product Segments: Apparel, Food & Beverages, Home Products, Electronics & Accessories, Personal care, Others
Access Segments: Mobile Devices, Desktops & Laptops
Platform Segments: Live Commerce, Group Buying, Super Apps, Others
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Social Commerce Market Dynamics
The combination of content creation and data analytics in social commerce has resulted in the rise of various social commerce models, including live stream shopping, mini programs, AR shopping, digital stores, conversational commerce, and gamification. Social media companies incorporate these models on their platforms to build creative content and establish a connect with the users. Additionally, these models help reduce friction in social media shopping and enhance the shopping experience of the buyer. Furthermore, social media firms are focused on investing in technologies such as Artificial Intelligence (AI), Big Data, and Augmented Reality (AR) to improve their content and create an immersive experience for the customer. Furthermore, companies are also utilizing the user generated content, which provides the customers with an idea of the actual product, helping them make the purchase decision. As such, implementation of technology coupled with trendy and engaging content are expected to boost product sales, subsequently driving the market growth.
Although social commerce offers convenience, it also generates the risk of data and privacy concerns, which is expected to pose a challenge to market growth. With the increasing number of cyber-attacks consumers are becoming highly conscious about how the businesses use their data. As such, several governments worldwide have imposed strict data protection and usage regulations along with laws for protection against any misinformation posted on social media pages. However, social media companies are ensuring compliance towards the regulations and investing in advanced cybersecurity solutions to mitigate cyberattacks and reassure customers about their data privacy.
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Social Commerce Market Report Highlights
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Social Commerce Market Segments Scope
GlobalData Plc has segmented the social commerce market report by product, access, platform, and region:
Social Commerce Product Outlook (Revenue, USD Million, 2023-2030)
Social Commerce Access Outlook (Revenue, USD Million, 2023-2030)
Social Commerce Product Outlook (Revenue, USD Million, 2023-2030)
Social Commerce Regional Outlook (Revenue, USD Million, 2023-2030)
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