Social Commerce Market - Forecast(2024 - 2030)

Report Code: ITR 0417 Report Format: PDF + Excel

Social Commerce Market Overview:

Social Commerce Market size is estimated to reach $8 billion by 2031, growing at a CAGR of 30.3% during the forecast period 2024-2031. The rise of social influencers, the growing use of mobile devices, the increasing demand for convenience and personalization are propelling the Social Commerce Market growth.
Additionally, the growing popularity of micro-influencers is creating substantial growth opportunities for the Social Commerce Market. These factors positively influence the Social Commerce industry outlook during the forecast period.

Market Snapshot:

Social Commerce Market - Report Coverage:

The “Social Commerce Market Report - Forecast (2023-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Social Commerce Market.
 
Attribute Segment


 

By Product Type   

  • Electronics & Accessories

  •  Apparels

  •  Personal & Beauty Care

  •  Home Products

  •  Food & Beverage

  •  Health Supplements

  •  Others
 

By Business Model  

  • Business to Business (B2B)

  •  Business to Consumer (B2C)

  •  Consumer to Consumer (C2C)

 

 

By Platform  

  • Social Network

  •  Video Commerce

  •  Social Network-Led Commerce

  • Product Review Platform

  • Group

  •  Others

By Access

  • Laptops & Desktops

  •  Mobile Devices 




 

By Geography

  • North America (U.S., Canada and Mexico)

  •  Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),

  •  Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

  •  South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

  •  Rest of the World (Middle East and Africa).
 
 

COVID-19 / Ukraine Crisis - Impact Analysis: 

  • The COVID-19 pandemic reshaped consumer behavior, driving a surge in online interactions. Lockdowns and restrictions prompted businesses to embrace social commerce, offering digital shopping experiences on social platforms. E-commerce boomed as physical shopping waned. Brands leveraged live streaming and virtual engagement to adapt. Consequently, the social commerce market experienced rapid growth during the pandemic, cementing its role as a pivotal sales channel.
● The Ukraine crisis introduced geopolitical uncertainties that rippled into the social commerce market. Trade tensions and economic disruptions created ripples in cross-border transactions. Consumer sentiment was influenced by geopolitical unrest, possibly leading to shifts in spending habits. Brands faced challenges maintaining stable supply chains, affecting product availability. Investments in social commerce expansion were cautious due to the volatile geopolitical environment, prompting businesses to reassess strategies amidst the crisis.
 

Key Takeaways:

● Fastest Growth North America Region
Geographically, in the global Social Commerce Market share, North America is analyzed to grow with the highest CAGR of 31.2% during the forecast period 2024-2031 attributed to the rapid adoption of integrated shopping features on popular social media platforms. With platforms like Instagram, Facebook, and Pinterest introducing seamless shopping experiences, consumers have embraced the convenience of discovering and purchasing products within their social feeds. This shift has catalyzed a surge in e-commerce interactions and transactions, as businesses tap into the vast user base and engage users with visually appealing and shoppable content, driving the region's remarkable social commerce expansion.
  
● Personal & Beauty Care Register the Fastest Growth
In the Social Commerce Market analysis, the Personal & Beauty Care segment is estimated to grow with the highest CAGR of 33.8% during the forecast period owing to the visual nature of the industry. Consumers seek authentic reviews and personalized recommendations for skincare, makeup- and grooming items. Social commerce platforms offer a space for influencers to showcase products and provide real-time demonstrations. This visual engagement, combined with the convenience of direct purchasing, has driven rapid adoption in the personal and beauty care sector, establishing it as a standout performer in the social commerce landscape. 
 
● Business to Consumer (B2C) is Leading the Market
According to the Social Commerce Market forecast, the Business to Consumer (B2C) held the largest market share of 54.7% in 2023 owing to its direct and streamlined approach. B2C social commerce allows brands to interact directly with consumers, providing personalized shopping experiences. Social media platforms offer an avenue for showcasing products, engaging with customers, and facilitating instant purchases. The ease of communication, coupled with targeted marketing strategies, has propelled B2C social commerce to the forefront, enabling brands to forge strong connections and drive sales directly through social interactions.
 
● The Increasing Popularity of Social Media
The pervasive influence of social media has transformed how consumers engage with brands and products. With billions of active users across various platforms, social media has become a natural space for businesses to showcase products, engage with audiences, and drive sales. The interactive and visually engaging nature of social media fosters product discovery and encourages sharing, amplifying the potential for viral marketing and boosting social commerce growth.
 
● The Surge in Adoption of Mobile Devices  
The ubiquity of mobile devices has reshaped consumer behavior, enabling on-the-go browsing and shopping. Mobile's convenience aligns perfectly with social commerce, allowing users to seamlessly transition from discovering products to making purchases within their favorite social media apps. This mobile-driven behavior enhances user engagement, as consumers can interact with brands and products anytime, anywhere, accelerating the expansion of the social commerce market.
 
● Lack of Trust and Authenticity Hamper the Market Growth
Lack of trust and authenticity poses a significant hurdle to the social commerce market. When users encounter fake reviews, counterfeit products, and unreliable information, their confidence in the legitimacy of products and sellers is shaken. This skepticism leads to hesitation in making purchases, hampering user engagement and overall market growth. Establishing transparent verification mechanisms, fostering genuine user interactions, and ensuring accurate product information are crucial steps to overcome this challenge and build a trustworthy social commerce ecosystem.
 

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Social Commerce Market. The top 10 companies in this industry are listed below:
1. Meta Platform, Inc. 
2. Pintrest Inc.
3. Snap Inc.
4. Poshmark, Inc.
5. Twitter Inc.
6. Etsy, Inc.
7. Roposo Ltd.
8. ByteDance Ltd.
9. TikTok Inc.
10. Yunji Inc.
 
Scope of the Report:
 
Report Metric Details

Base Year Considered

2023

Forecast Period

2024–2031

CAGR

30.3%

Market Size in 2031

$8 billion

Segments Covered

Product Type, Business Model, Platform, Access and Region


 

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).



 

Key Market Players

  • Meta Platform, Inc.

  •  Pintrest Inc.

  •  Snap Inc.

  •  Poshmark, Inc.

  • Twitter Inc.

  •  Etsy, Inc.

  •  Roposo Ltd.

  • ByteDance Ltd.

  • TikTok Inc.

  •  Yunji Inc.
 
1. Social Commerce Market - Overview
    1.1. Definitions and Scope
2. Social Commerce Market - Executive Summary
3. Social Commerce Market - Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Social Commerce Market - Start-up Companies Scenario 
    4.1. Key Start-up Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Social Commerce Market – Market Entry Scenario Premium 
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Social Commerce Market - Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Powers of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Social Commerce Market – Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Market Life Cycle
8. Social Commerce Market – by Product Type (Market Size – $Million/$Billion) 
    8.1. Electronics & Accessories
    8.2. Apparels
    8.3. Personal & Beauty Care
    8.4. Home Products
    8.5. Food & Beverage
    8.6. Health Supplements
    8.7. Others
9. Social Commerce Market – by Business Model (Market Size – $Million/$Billion)
    9.1. Business to Business (B2B)
    9.2. Business to Consumer (B2C)
    9.3. Consumer to Consumer (C2C)
10. Social Commerce Market – by Platform (Market Size – $Million/$Billion)
    10.1. Social Network
    10.2. Video Commerce
    10.3. Social  Network-Led Commerce
    10.4. Product Review Platform
    10.5. Group 
    10.6. Others 
11. Social Commerce Market – by Access (Market Size – $Million/$Billion)
    11.1. Laptops & Desktops 
    11.2  Mobile Devices 
12. Social Commerce Market- by Geography (Market Size – $Million/$Billion)
    12.1. North America
        12.1.1. U.S.
        12.1.2. Canada
        12.1.3. Mexico
    12.2. Europe
        12.2.1. UK
        12.2.2. Germany
        12.2.3. France
        12.2.4. Italy
        12.2.5. Spain
        12.2.6. Russia
        12.2.7. Rest of Europe
    12.3. Asia-Pacific
        12.3.1. China
        12.3.2. India
        12.3.3. Japan
        12.3.4. South Korea
        12.3.5. Australia 
        12.3.6. New Zealand
        12.3.7. Rest of Asia-Pacific
    12.4. South America
        12.4.1. Brazil
        12.4.2. Argentina
        12.4.3. Chile
        12.4.4. Colombia
        12.4.5. Rest of South America
    12.5. Rest of the World
        12.5.1. Middle East
        12.5.2. Africa
13. Social Commerce Market – Entropy
14. Social Commerce Market – Industry/Segment Competition Landscape 
    14.1.Market Share Analysis
        14.1.1. Market Share by Region – Key Companies
        14.1.2. Market Share by Country – Key Companies
    14.2. Competition Matrix
    14.3. Best Practices for Companies
15. Social Commerce Market – Key Company List by Country Premium
16. Social Commerce Market - Company Analysis
    16.1. Meta Platform, Inc. 
    16.2. Pintrest Inc.
    16.3. Snap Inc.
    16.4. Poshmark, Inc.
    16.5.  Twitter Inc.
 
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The Social Commerce Market is projected to grow at 30.3% CAGR during the forecast period 2024-2031.

The Global Social Commerce Market size is estimated to be $1 billion in 2023 and is projected to reach $8 billion by 2031.

The leading players in the Social Commerce Market are Meta Platform, Inc., Pintrest Inc., Snap Inc., Poshmark, Inc., Twitter Inc. and others.

Integration of AI and machine learning, Growth of social media shopping, Expansion of live streaming commerce, Increased use of social commerce in B2B, Rise of social commerce marketplaces, and Emergence of social commerce on messaging apps are some major trends that will shape the market in the future.

The influence of social media on consumer behavior, the Rise of influencer market the ng, the Growth of e-commerce, the Rise in mobile internet use, the Rise of influencer marketing, and Improvements in social commerce technology are some driving factors and opportunities for the social commerce market.