Social Commerce Market Size Worth $8.68 Trillion By 2030: IndustryARC

Social Commerce Market size is predicted to reach $8.68 trillion by 2030, growing at a CAGR of 30.3% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Integration of AI and machine learning, Growth of social media shopping, Expansion of live streaming commerce, Increased use of social commerce in B2B, Rise of social commerce marketplaces, and Emergence of social commerce on messaging apps are poised to propel the market growth, finds IndustryARC in its recent report, titled “Social Commerce Market – By Business Model Type [Business to Consumer (B2C), Business to Business (B2B), Consumer to Business (C2B)], By Product Type [Personal and Beauty Care, Apparels, Accessories, Health Supplements, Food and Beverages], By Platform/Sales Channel (Video Commerce, Social Network-Led Commerce, Social Reselling, Group Buying, Product Review Platforms), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”

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Asia-Pacific to Register Highest Growth:In 2022, Asia-Pacific had the largest market share, accounting for over 70% of the total. The widespread usage of social media platforms like Instagram, Facebook, and Twitter, as well as the expansion of cell phones and the internet, are mostly to blame for this region’s rise. Additionally, the market expansion in the region is facilitated by the rise in smartphone and social media usage in nations like China. According to a study, there are more than 1 billion smartphone users in China. Social media use is 68% prevalent in the nation. By 2025, 835 million Chinese people are expected to have used Tiktok, up from 633 million in 2022.

Social Commerce Market 2023-2030: Scope of the Report

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Greater Opportunities for Small Businesses
Small companies now have a fair playing field to compete with bigger ones thanks to social media platforms. Social commerce helps small firms to compete with larger ones in the same market by reaching a broader audience. A social commerce store may be easily and cheaply set up.

Using social media networks, small companies may establish a social commerce presence with little investment in technology and infrastructure. Small businesses have a great opportunity to develop their brands and raise brand recognition via social media. Small companies may build brand awareness and draw in new clients by interacting with their consumers on social media.

Market Expansion May be Aided by Consumer Preferences and the Growing Power of Social Media
Consumer attitudes and preferences have changed significantly in recent years. A change in customer tastes is one of the main elements promoting the development of the social commerce industry. Since mobile technology has advanced, customers increasingly want instant customer service and are used to quick communication. Customers can express their preferences through forums, communities, user ratings, customer ratings, reviews, user recommendations and referrals.
Social commerce businesses like Facebook Commerce (f-commerce) can take advantage of these preferences and fuel the growth of the industry by utilizing social commerce statistics, social media optimization, social advertising, augmented reality, shared pick lists, peer-to-peer sales platforms, group buying, peer recommendations, influencer marketing, user-curated shopping, and participatory commerce.

Asia-Pacific is Leading the Market
With over 70% of the market, Asia-Pacific held the greatest market share in 2022. The growth of cell phones and the internet, as well as the widespread use of social media sites like Instagram, Facebook, and Twitter, are largely responsible for this region’s development.

Moreover, the market expansion in the area is aided by the growing numbers of smartphones and social media users in countries like China. In China, there are more than 1 billion smartphone users, claims research. The country has a 68% social media penetration rate. TikTok is predicted to be used by 633 million Chinese people in 2022, and 835 million by 2025.

Data Privacy Concerns Among Consumers
As a potential danger to the market, users’ concerns about how social media platforms could acquire and use their personal information are rising. Technical advancements across the board are beneficial, but incorrect use of consumer data can have detrimental personal and monetary consequences.

The fact that many social media sites are not protected against hackers has caused consumers to worry about unauthorized access to their data. Security issues are anticipated to disappear swiftly when merchants and retailers collaborate with third-party payment systems to provide customers with more secure payment options.

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Key Opportunity Analysis:

Increasing popularity of Social Commerce in New Market
The market’s expansion is anticipated to be aided by the establishment of markets in emerging nations including Indonesia, Thailand, Southeast Asia, the United States, the United Kingdom, India, and China.

Around 424 million Chinese adults aged 14 and up will make at least one social purchase, claims a survey. Due to numerous individuals buying goods on social commerce websites, the Chinese social commerce market sales reached USD 351.65 billion in 2021.

Consumer Preferences and the Rising Use of Social Media May be the Main Drivers of Industry Expansion.
In recent years, there has been a dramatic shift in consumer tastes and beliefs. One of the key factors encouraging the growth of the social commerce sector is the shift in consumer preferences. Consumers increasingly demand immediate customer service and are accustomed to speedy communication because of the growth of mobile technologies. Via user ratings, customer ratings, reviews, user recommendations & referrals, forums, and communities, consumers may communicate their preferences.

By utilizing social commerce statistics, social media optimization, social advertising, augmented reality, shared pick lists, peer-to-peer sales platforms, group buying, peer recommendations, influencer marketing, user-curated shopping, and participatory commerce, companies in the social commerce space, like Facebook Commerce (f-commerce), can capitalize on these preferences and propel the sector’s growth.

A Growing Number of Options for Small Businesses are Provided by the Use of AI and Personalization in Social Commerce.
Small companies now have the opportunity to compete with larger firms and discover new markets thanks to social media platforms that offer focused advertising and honest communication with customers.

AI and machine learning are being used to customize the social commerce experience, with recommendations and advertisements tailored to particular users based on their browsing and purchase histories.

Artificial intelligence (AI) algorithms are capable of analyzing data from social media and other sources to forecast upcoming trends and customer behavior. This can assist firms in making wise choices regarding their marketing, sales, and product development plans.

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The report also covers the following Areas:

Social Commerce Market Size and Forecast
Social Commerce Market Trends
Social Commerce Market Analysis by Product Type

Social Commerce Market 2023-2030: Key Highlights

CAGR of the market during the forecast period 2023-2030
Value Chain Analysis of key stakeholders
Detailed Analysis of market drivers and opportunities during the forecast period
Social Commerce Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor Market Analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the Social Commerce Market

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List of Key Market Players in the Social Commerce Market:

The Global Social Commerce Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

Etsy Inc.
Meta Platforms Inc.
Pintrest Inc.
Glance Digital Experience Pvt. Ltd.
Poshmark Inc.
Fashnear Technologies Pvt. Ltd.
Twitter Inc.
Tiktok Inc.
Wechat Inc.
Yunji Sharing Technology Co. Ltd.

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