What is the global market size of Social Commerce Market?

Social Commerce Market size was valued at USD 550.66 billion in 2021 and is poised to grow from USD 728.74 billion in 2022 to USD 5180.99 billion by 2030, at a CAGR of 32.34% during the forecast period (2023-2030).

Social Commerce Market Size, Share, Growth Analysis, By Business Model(B2B, B2C), By Product(Personal & Beauty Care, Apparels) - Industry Forecast 2024-2031

Report ID: SQMIG45E2132 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 67 | Figures: 77

Social Commerce Market News

In March 2024, Union54, a fintech company based in Zambia, introduced a novel social commerce application named ChitChat, marking Africa's inaugural secure chat platform with integrated digital wallet functionalities. Developed in collaboration with the renowned payments corporation Mastercard, ChitChat enables users across the African continent to engage in encrypted conversations and conduct money transfers among themselves using its digital wallet capabilities.
In March 2024, Portaltech Reply, a Reply group subsidiary specializing in the development and deployment of Customer Experience and E-Commerce solutions, announced a partnership with Shopify, a prominent global commerce company. By joining the Shopify Partner Program, Portaltech Reply intends to leverage its extensive commerce expertise and comprehensive market understanding, particularly within the mid-sized to large enterprise sector, to support Shopify in expanding its market reach. With a strong reputation for serving retail and brand clients of varying sizes worldwide, Shopify's collaboration with Portaltech Reply is poised to facilitate enhanced services for enterprise-level companies, benefiting from Shopify's recent platform advancements.
In January 2024, Cheil's Experience Commerce division secured the social media mandate for Western Refrigeration after multiple rounds of presentations. This strategic collaboration empowers Experience Commerce to orchestrate social media campaigns on behalf of Western Refrigeration.

Social Commerce Market Report Snapshots

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Social Commerce Market size was valued at USD 0.72 trillion in 2022 and is poised to grow from USD 0.95 trillion in 2023 to USD 8.97 trillion by 2031, at a CAGR of 32.34% during the forecast period (2024-2031).

Social Commerce Market Top Player’s Company Profiles 'Amazon.com, Inc. (United States)', 'Alibaba Group Holding Limited (China)', 'eBay Inc. (United States)', 'Facebook, Inc. (United States)', 'Flipkart Internet Private Limited (India)', 'Google LLC (United States)', 'Instagram, LLC (United States)', 'JD.com, Inc. (China)', 'Kakao Corp. (South Korea)', 'LinkedIn Corporation (United States)', 'Meituan Dianping (China)', 'Pinterest, Inc. (United States)', 'Rakuten, Inc. (Japan)', 'Shopify Inc. (Canada)', 'Snap Inc. (United States)', 'SSENSE (Canada)', 'Tencent Holdings Limited (China)', 'TikTok Inc. (China)', 'Twitter, Inc. (United States)', 'WeChat (China)', 'Xiaohongshu (China)', 'YouTube LLC (United States)'

Social commerce is being used by numerous enterprises to connect with current and potential clients. People's increased use of social media platforms—the typical individual spends more than two hours each day on them, according to studies—is one of several factors influencing this trend. The fact that these platforms allow users to make purchases in a more participatory way than traditional e-commerce platforms also make them useful marketing tools and a part of the reason why social media platforms are seeing a continuous rise in online buying. Social media networks have attracted a lot of attention in the previous 10 years and have seen a rapid growth in user numbers.

For the purpose of enhancing their service offerings, social commerce organisations are rapidly implementing AI and big data technology. Big data, a sizable collection of offline and online data, has developed into a useful tool for analysing historical trends and getting insightful knowledge into customer behaviour, resulting in higher levels of customer satisfaction. Big data integration with social commerce can give companies access to information that they can use to increase sales, attract new clients, and improve operational efficiency.

Asia-Pacific had a sizable market share and is anticipated to expand at a CAGR of 30.7% over the projection period. The rise of this region is mostly attributable to increasing investments in telecommunications infrastructure, the spread of the internet and smartphones, and the extensive usage of social media platforms like Facebook, Instagram, and Twitter. Additionally, the growth of social media and smartphone use in nations like China is substantially in favor of regional market expansion.

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Social Commerce Market Size, Share, Growth Analysis, By Business Model(B2B, B2C), By Product(Personal & Beauty Care, Apparels) - Industry Forecast 2024-2031

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