Global Social Commerce Market to Reach $9864.6 billion, by 2032 at 29.0% CAGR: Allied Market Research

The global social commerce market is driven by factors such as the increasing penetration of smartphones along with the rise in the introduction of social commerce platforms, and e-commerce platforms.

PORTLAND, Ore., June 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Social Commerce Market by Business model (Business To Consumer (B2C), Business To Business (B2B), and Consumer To Consumer (C2C)), Product Type (Personal And Beauty Care, Apparel, Food & Beverages, Home Products, Health Supplement, Consumer Electronics, and Others), and Sales Channel (Video Commerce {Live Stream + Prerecorded}, Social Network-Led Commerce, Social Reselling, Group Buying, and Product Review Platform), Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global social commerce market size was valued at $784 billion in 2022, and is projected to reach $9864.6 billion by 2032, growing at a CAGR of 29% from 2023 to 2032.

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Prime determinants of growth

The global social commerce market is driven by factors such as the increasing expansion of the e-commerce channels along with the rising penetration of smartphones among global consumers. However, the increasing threat of fraudulent and data privacy breach restricts market growth. Moreover, the introduction of augmented reality by the social commerce companies to provide a hands-on shopping experience offers new opportunities in the coming years.

Report coverage & details:

Covid-19 Scenario

• The increase in pandemic cases had benefited the social commerce business as the consumers in every industry altered their purchase patterns from conventional to digital.
• Severe lockdowns, order delays, exaggerated costs, misleading practices, cyber security issues, and product safety concerns first harmed e-commerce sites for clothes, food, and beauty care. Later, social commerce organizations used enhanced logistics and technology to assure timely delivery, reduced product damage, and increased cyber security.

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The business to consumer (B2C) segment to maintain its leadership status throughout the forecast period

Based on business model, the business to consumer (B2C) segment dominated the market in 2022 accounting for more than two-thirds of the market share and is expected to dominate the market during the forecast period. B2C social commerce sites provide a number of resources and tools to assist businesses in advertising and marketing their products to customers. The B2C business model provides services such as listings for goods, evaluations, opinions, social media sharing options, and payment processing systems. However, the business to business (B2B) segment is projected to manifest the highest CAGR of 30.1% from 2023 to 2032. B2B social commerce enables firms to harness the power of social networks along with additional online platforms to broaden their reach, create customer connections, and generate sales.

The apparel segment to maintain its leadership status throughout the forecast period

Based on product type, the apparel segment dominated the market in 2022 accounting for  nearly one-third of the market share and is expected to dominate the market during the forecast period. Apparel firms are performing live-stream for product presentations by forming agreements with prominent social influencers to provide an experience that includes rapid buying of a showcased product and audience interaction via chat or response buttons. However, the health supplement segment is projected to manifest the highest CAGR of 32.0% from 2023 to 2032. Demand for health supplements is growing rapidly due to the increasing awareness regarding the health and wellness benefits due to the consumption of nutraceutical supplements.

The video commerce (live stream + prerecorded) segment to maintain its lead position during the forecast period

On the basis of the sales channel, the video commerce (live stream + prerecorded) segment dominated the market in 2022 accounting for more than two-fifths of the market share and is expected to maintain its dominance during the forecast period. Video commerce integrates rapid product purchases with audience interaction via a chat functionality or reaction icons, this helps to increase consumer engagement and sales. However, the social reselling segment is projected to manifest the highest CAGR of 31.5% from 2023 to 2032. Savories are consumers' favorite choice of food for on-the-go munching. Further, consumers have been increasingly prepared to pay more for premium, artisanal, and high-quality snacks which are expected to boost growth in the coming years.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more thantwo- thirds of the global social commerce market revenue and is likely to dominate the market during the forecast period. The Asia-Pacific social commerce market is propelled by changing lifestyles caused by globalization, the rise in the working-age population, and increased penetration of cafes and restaurants. The same region is expected to portray the highest CAGR of 29.5% from 2023 to 2032.

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Leading Market Players: -

• Verint Systems Inc.
• Snap, Inc.
• Trell Experience Pvt Ltd.
• Etsy, Inc.
• Poshmark, Inc.
• Inmobi Pte Ltd.
• Yunji Inc
• Meta Platforms, Inc.
• Twitter, Inc.
• Alibaba Group Holding Limited
• Pinduoduo Inc.
• ByteDance
• Amazon.com, Inc.
• Pinterest, Inc.

The report provides a detailed analysis of these key players in the global social commerce market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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