The global social commerce market size is anticipated to reach USD 6.2 trillion by 2030, growing at a CAGR of 30.8% from 2022 to 2030, according to a new study by Grand View Research Inc. Growing ease of online buying is considered to be a significant factor driving the social commerce demand. Combining entertainment with immediate purchasing, social commerce is providing brands, retailers, and digital platforms a new medium with enormous scope for creating value.
The growing use of the internet for advertising practices has revolutionized companies’ business models and generated alternate revenue streams. The easy availability of high-speed and affordable internet services for customers offers marketers a new channel to reach out to target audiences, which has led to the rise of influencer marketing practices. Leveraging these promotion practices, brands can create more personalized advertising campaigns, thereby enhancing customer experience and business relations.
A survey conducted by Influencer Marketing Hub suggested that over 40% of the respondents purchased at least once a month because of influencer content and/or social media brands' posts. This underlines the strong demand for influencer marketing, as influencers can support brands accomplish distinct marketing objectives such as engagement, sales, high-quality content, and brand awareness. With the upsurge of Instagram shopping and influencer marketing, brands are seen leveraging these individuals to create awareness and validation for their products and services.
Further, the growing prominence of the live stream shopping trend is expected to gain ground during the forecast period. Before the pandemic, shoppable video was well-known in China, however, COVID-19 brought with it a live commerce experience that has created a resurgence of this method of shopping. Live shopping experience most closely resembles in-person shopping. Through this, buyers can watch people try products in real-time, allowing the brand to get feedback instantly. The pandemic accelerated the adoption of live stream shopping, giving ample opportunity for it to reach the untapped markets.
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B2C segment dominated the market in 2021 and is expected to continue dominancy with a shift in consumer mindset and rising digitization contribute
The personal & beauty care segment is expected to grow at a high pace during 2021 due to offerings such as cashback, discounts, same-day or next-day deliveries, EMI options by social commerce platforms
Asia Pacific is anticipated to grow at a healthy CAGR of 29.0% over the forecast period. This growth is attributable to the proliferation of the internet and smartphones in the region
The COVID-19 pandemic is likely to have long-lasting effects on the social commerce market. The crisis has compelled users to spend more time on social media platforms. This allowed the retailers to increase their investments more in advertisements which in turn enabled them to extend their outreach towards new customers, firms, and types of products
Grand View Research has segmented the social commerce market on the basis of business model, product type, platform/sales channel, and region:
Social Commerce Business Model Outlook (Revenue, USD Billion, 2018 - 2030)
Business to Consumer (B2C)
Business to Business (B2B)
Consumer to Consumer (C2C)
Social Commerce Product Type Outlook (Revenue, USD Billion, 2018 - 2030)
Personal & Beauty Care
Food & Beverage
Social Commerce Platform/Sales Channel Outlook (Revenue, USD Billion, 2018 - 2030)
Video Commerce (Live stream + Prerecorded)
Social Network-led Commerce
Product Review Platforms
Social Commerce Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa (MEA)
List of Key Players in Social Commerce Market
Fashnear Technologies Private Limited (Meesho)
Meta Platforms, Inc. (Facebook)
Yunji Sharing Technology Co., Ltd.
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