Social Commerce in Australia Set to Make Waves in 2023, Aiming for US$1.71 Billion Market Valuation with Retailers and New Players Fueling Growth

DUBLIN, Sept. 7, 2023 /PRNewswire/ -- The "Australia Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q2 2023 Update" report has been added to ResearchAndMarkets.com's offering.

The social commerce industry in Australia is set to experience substantial growth, with an anticipated annual increase of 12.2% in 2023, reaching a market value of US$1.71 billion.

The social commerce sector is projected to maintain a steady growth trajectory throughout the forecast period, recording a Compound Annual Growth Rate (CAGR) of 14.2% from 2023 to 2028. By 2028, the Gross Merchandise Value (GMV) of social commerce in Australia is expected to reach US$3.31 billion.

The growth of social commerce in Australia is attributed to the continued investment and improvement in social commerce capabilities by popular social media platforms such as Facebook, Instagram, and TikTok. This trend of social buying and shopping is expected to see significant expansion.

Retailers are increasingly partnering with influencers to drive social commerce revenue. Moreover, brands are also increasing their spending in the social commerce space for activities like brand awareness, engagement, and driving online store traffic.

Key Highlights:

1. Retailers Leveraging Social Commerce Capabilities: Retailers in Australia are actively investing in social commerce capabilities to enhance customer engagement and reach a broader audience. For instance, LSKD, an Australian sportswear brand, is planning to offer customers a social media-like experience on its website, with a focus on video content capabilities. This investment is expected to further strengthen the brand's position in the social commerce sector. In the short to medium term, more retailers are expected to increase their investment in social commerce, contributing to the overall market growth.
2. Entry of New Players: The demand for innovative and interactive shopping experiences has led to the entry of new players into the social commerce segment in Australia. For example, Tolstoy, a shoppable video platform launched in Australia, has partnered with over 5,000 brands, including hundreds of businesses in Australia. This platform aims to revolutionize the way consumers make purchases while driving incremental revenue for brands and retailers. With over 40 million consumers watching videos every month, the entry of such platforms is expected to accelerate the growth of social commerce in the domestic market.
3. Global Social Media Platforms: Leading global social media platforms like YouTube, owned by Google, are also expanding their presence in the social commerce space in Australia. YouTube plans to launch new social commerce capabilities on its platform in 2023 to capture a larger share of the global social commerce industry. Investment and innovation by these global players in the Australian market are expected to support the growth of the social commerce industry in the short to medium term.

This report provides a comprehensive data-centric analysis of the social commerce industry in Australia, offering insights into market opportunities and associated risks. With more than 50 key performance indicators (KPIs) specific to Australia, this report provides a deep understanding of social commerce market dynamics, size, forecasts, and market share statistics.

The research methodology used adheres to industry best practices and ensures unbiased analysis, utilizing a proprietary analytics platform to provide a detailed view of emerging business and investment opportunities in the market.

Scope:

This report covers various key market segments related to social commerce in Australia, including:

• Australia Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028.
• Australia Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028.
• Australia Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028 (including Clothing & Footwear, Beauty and Personal Care, Food & Grocery, Appliances and Electronics, Home Improvement, Travel, Hospitality).
• Australia Social Commerce Industry Market Size and Forecast by End-Use Segment, 2019-2028 (including B2B, B2C, C2C).
• Australia Social Commerce Industry Market Size and Forecast by End-Use Device, 2019-2028 (including Mobile, Desktop).
• Australia Social Commerce Industry Market Size and Forecast by Location, 2019-2028 (including Domestic, Cross Border).
• Australia Social Commerce Industry Market Size and Forecast by Location, 2019-2028 (including Tier-1 Cities, Tier-2 Cities, Tier-3 Cities).
• Australia Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028 (including Credit Card, Debit Card, Bank Transfer, Prepaid Card, Digital & Mobile Wallet, Other Digital Payment, Cash).
• Australia Social Commerce Industry Market Size and Forecast by Platforms (including Video Commerce, Social Network-Led Commerce, Social Reselling, Group Buying, Product Review Platforms).
• Australia Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behavior, 2022 (including By Age, By Income Level, By Gender).

Reasons to Buy:

This report provides valuable insights into the social commerce market in Australia, enabling stakeholders to:

1. Gain an in-depth understanding of social commerce market dynamics, including key trends and forecasts (2019-2028).
2. Assess emerging opportunities across various end-use sectors within the market.
3. Develop market-specific strategies by identifying growth segments and specific opportunities in the social commerce space.
4. Evaluate market-specific key trends, drivers, and risks that can impact decision-making within the industry.

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/tg176a

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