Major players in the social commerce market are Facebook, Pinterest, Etsy Inc. , Poshmark Inc. , Paypal Payments Private Limited, iQIYI, Sina Corporation, Microsoft Corporation, Twitter Inc. , Alibaba China Co Ltd, Fabulous, Renren Inc.
New York, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Social Commerce Global Market Report 2021: COVID-19 Implications And Growth" - https://www.reportlinker.com/p06188080/?utm_source=GNW
, Tencent Holdings Ltd., Weibo Corporation, and Yahoo!.
The global social commerce market is expected to grow from $449.36 billion in 2020 to $501.04 billion in 2021 at a compound annual growth rate (CAGR) of 11.5%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $792.69 billion in 2025 at a CAGR of 12.2%.
The social commerce market consists of sales of social commerce services by entities (organizations, sole traders, and partnerships) that are used for promoting and selling products or services. Social commerce is the incorporation of e-commerce and social media which is used for buying or selling goods or services directly within a social media platform such as Facebook and Instagram.
The main types of products in social commerce are personal and beauty care, apparel, accessories, home products, health supplements, food and beverages, and others. The customers can purchase the beauty and personal care products or services directly through social commerce app. social commerce websites are accessible through different device types such as laptops and PCs, mobiles, others and applied to different business models such as B2C, B2B, and C2C. Social commerce is used by both individuals and commercials.
North America was the largest region in the social commerce market in 2020.Europe was the second-largest region in the social commerce market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Big data technology is a key trend gaining popularity in the social commerce market.Big data is used as a software tool for processing, analyzing, and extracting large data.
Big data technology in social commerce helps e-commerce companies in improving decision-making and enhancing their performance in operational processes.Big data resources are becoming more accessible to people and this also helps to detect fraudulent behavior in businesses.
For example, in 2020, Amazon, a social commerce company based in the United States is using big data technology to transform operational processes and to monitor shipping details and personal information of the customers.
In July 2021, Klarna, a Sweden-based financial company acquired APPRL for a deal amount of $1 billion.With this acquisition, Klarna expects to expand its portfolio in the social commerce market and to create a unique shopping experience for the customers.
APPRL is a Sweden-based social commerce company.
The increase in social media usage is expected to propel the growth of the social commerce market in the forecast period.People are increasingly using social media platforms including Youtube, Facebook, and Instagram for multiple purposes.
There is an increase in the usage of social media during COVID-19 times as people are not allowed to go out and even shopping and other marketing is done through social media. For instance, according to the Social Network Usage & Growth Statistics report in 2021, the number of people using social media worldwide has increased from 3.48 billion in 2019 to 3.96 billion in 2020. An increase in social media usage increased the demand for the market. Therefore, the increase in social media usage drives the growth of the social commerce market.
The countries covered in the social commerce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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