Social Commerce Market Set to Soar Past USD 5180.99 Billion by 2030
The global Social Commerce market size is expected to reach USD 5180.99 billion by 2030 and exhibit a CAGR of 32.34% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing adoption of e-commerce and digital platforms, changing consumer lifestyles and preferences, convenience and time-saving benefits, availability of various products, and improved logistics and delivery infrastructure is fueling the market’s growth.
Westford, USA, Jan. 18, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Social Commerce market, increased adoption of mobile shopping and apps, growth of omnichannel retailing, the rise of subscription-based models and meal kits, focus on personalized shopping experiences, expansion of Social Commerce delivery services, integration of AI and machine learning in inventory management and recommendation systems, emphasis on sustainable packaging and eco-friendly practices, the emergence of virtual grocery stores and dark stores, growing popularity of click-and-collect services, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Social Commerce Market”
- Pages – 157
- Tables – 67
- Figures – 77
Social commerce is the buying and selling of products and services directly through social media platforms. It involves the entire shopping experience, from product discovery and research to checkout, taking place right on social media. Social commerce is still a relatively new concept, but it is growing rapidly as more and more consumers are shopping on social media.
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Prominent Players in Social Commerce Market
- Meta (Facebook, Instagram)
- Google (YouTube)
- Tencent (WeChat)
Packaged Foods Demand to Grow Substantially in the Forecast Period
Packaged foods dominated the global online market as they are widely used for their long shelf life and convenience. With busy lifestyles and the need for easily accessible food options, packaged foods have a significant market share in the Social Commerce segment.
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Individual Consumer is the Leading Application Segment
In terms of application, the individual consumer is the leading segment due to the increasing demand for convenience. In addition, Social Commerce platforms typically offer a vast selection of products, including fresh produce, packaged foods, household essentials, and specialty items. This extensive product variety appeals to consumers with diverse preferences and specific dietary requirements. The availability of a wide range of options encourages consumers to make online purchases.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. Consumers in North America have embraced online shopping across various sectors, including groceries. There is a high level of digital literacy and comfort with online transactions among North American consumers. This consumer readiness and willingness to adopt Social Commerce shopping have contributed to the region’s dominance.
A recent report thoroughly analyzes the major players operating within the Social Commerce market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Social Commerce.
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Key Developments in Social Commerce Market
- In February 2023, Poshmark, a social commerce platform for buying and selling new and used clothing, acquired Depop, a similar platform for Gen Z users. The merger created a combined company with over 100 million active users and a market capitalization of over $10 billion.
Key Questions Answered in Social Commerce Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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