The global social commerce market size was valued at USD 575.8 billion in 2021. It is projected to reach from USD XX billion in 2022 to USD 6191.13 billion by 2030, growing at a CAGR of 30.2% during the forecast period (2022–2030).
Social commerce is a subset of e-commerce that involves the use of social media platforms to buy and sell products. It leverages the power of social media to facilitate online shopping, enabling consumers to discover, purchase, and share products with their social networks. The social commerce market has witnessed significant growth in recent years, driven by the increasing adoption of social media platforms, advancements in mobile technology, and the rising influence of social media influencers.
Market Size and Growth
The global social commerce market size was valued at USD 575.8 billion in 2021. It is projected to reach from USD XX billion in 2022 to USD 6191.13 billion by 2030, growing at a CAGR of 30.2% during the forecast period (2022–2030).
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Top Industry Players
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Etsy, Inc.
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Fashnear Technologies Private Limited (Meesho)
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Meta Platforms, Inc. (Facebook)
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Pinduoduo Inc.
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Pinterest, Inc.
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Poshmark
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Roposo
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Snap, Inc.
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Taobao
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TikTok (Douyin)
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Trell Shop
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Twitter, Inc.
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WeChat (Weixin)
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Xiaohongshu
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Yunji Sharing Technology Co., Ltd
Social Commerce Market Segmental Analysis
By Business Model
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Business-to-Consumer (B2C)
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Business-to-Business (B2B)
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Consumer-to-Consumer (C2C)
By Product Type
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Personal and Beauty Care
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Apparel
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Accessories
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Home Products
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Health Supplements
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Food and Beverages
By Sales Channel
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Video Commerce (Live stream + Prerecorded)
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Social Network-led Commerce
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Social Reselling
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Group Buying
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Product Review Platforms
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Growth Factors
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Increasing Adoption of Social Media: The growing number of social media users has created a vast potential market for social commerce.
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Advancements in Mobile Technology: The widespread adoption of smartphones and mobile devices has enabled consumers to access social media platforms and make purchases on-the-go.
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Rising Influence of Social Media Influencers: Social media influencers have become key opinion leaders, driving consumer purchasing decisions and promoting products to their followers.
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Personalization and Improved Customer Experience: Social commerce platforms use AI-powered algorithms to offer personalized product recommendations, improving the customer experience and driving sales.
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Opportunities
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Expansion into Emerging Markets: Social commerce platforms can expand into emerging markets, where there is a growing middle class with increasing disposable income.
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Integration of Augmented Reality (AR) and Virtual Reality (VR): Social commerce platforms can integrate AR and VR technologies to offer immersive shopping experiences, increasing customer engagement and driving sales.
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Partnerships with Social Media Influencers: Social commerce platforms can partner with social media influencers to promote products and reach new audiences.
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Development of Social Commerce Platforms for Specific Niche Markets: Social commerce platforms can be developed for specific niche markets, such as fashion, beauty, or home decor, to cater to the specific needs of those markets.
Conclusion
The social commerce market is expected to witness significant growth in the coming years, driven by the increasing adoption of social media, advancements in mobile technology, and the rising influence of social media influencers. Social commerce platforms can leverage opportunities such as expansion into emerging markets, integration of AR and VR technologies, partnerships with social media influencers, and development of social commerce platforms for specific niche markets to drive growth and success.
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