SAN FRANCISCO, Jan. 13, 2021 /PRNewswire/ -- The global social commerce market size is expected to reach USD 3,369.8 billion by 2028, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 28.4% from 2021 to 2028. Social commerce is the incorporation of social media and e-commerce, which is used for selling and promoting products and services. The market is primarily driven by the growing number of social media users, along with rising built-in e-commerce projects. For instance, in March 2019, Instagram launched a checkout feature, which allows users to complete the purchase process without having to leave the app.
Key suggestions from the report:
The personal and beauty care segment is anticipated to register a CAGR exceeding 30% over the forecast period owing to the increasing demand in the Asia Pacific
The B2C segment held the largest market share of 49.53% in 2020, attributed to the increasing usage of social media platforms for buying and selling products
Asia Pacific captured a sizeable market share of 68.47% in 2020, due to the increasing number of social media users in countries such as India and China
The rising adoption of social media platforms or shopping and information exchange is expected to fuel market growth. Moreover, the COVID-19 outbreak has led to an increase in social media usage worldwide, creating opportunities for the social commerce industry. As users have been spending more time on social media, they have discovered new social media platforms. For example, TikTok has witnessed an addition of over 12 million U.S.-based visitors in March 2020 alone, crossing the 2 billion mark in April.
The market is characterized by a high degree of competition due to the presence of numerous companies operating at a global level. Several social media companies have started offering a platform for retailers to buy or sell products. For instance, Facebook launched Marketplace in 2016 as a platform for people to do business in their local communities. People around the world can discover things they love on Facebook Marketplace and launch a business to earn a living.
Grand View Research has segmented the global social commerce market on the basis of business model, product type, and region:
Social Commerce Business Model Outlook (Revenue, USD Million, 2017 - 2028)
Social Commerce Product Type Outlook (Revenue, USD Million, 2017 - 2028)
Personal & Beauty Care
Food & Beverage
Social Commerce Regional Outlook (Revenue, USD Million, 2017 - 2028)
E-commerce Fulfillment Services Market – Global e-commerce fulfillment services market size was valued at USD 69.68 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2020 to 2027.
Japan Cross-border E-commerce Market – Japan cross-border e-commerce market size was valued at USD 2.59 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2020 to 2030.
E-commerce Market – Global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.