Social Commerce Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Social Commerce Market Size valued for USD 561.1 Billion in 2021 and is projected to occupy a market size of USD 6,341.3 Billion by 2030 growing at a CAGR of 31.1% from 2022 to 2030.

Social commerce is the use of social media platforms and networks to facilitate the buying and selling of goods & services. The use of social media platforms and networks to facilitate the buying and selling of goods and services is known as social commerce. Product listings, customer reviews, and the ability to purchase products directly through a social media platform are examples of such features. Social commerce combines the power of social media with e-commerce, allowing businesses to reach out to and interact with customers via social media channels while also allowing customers to discover and purchase products in a social setting. Social commerce can be an efficient way for businesses to reach and engage with their customers, as well as provide customers with a more convenient and personalized shopping experience.

Social Commerce Market Report Statistics

• Global social commerce market revenue is projected to reach USD 6,341.3 Billion by 2030 with a CAGR of 31.1% from 2022 to 2030
• According to a recent survey, the number of worldwide digital buyers was 2.14 billion (27% world population) in 2021
• Asia-Pacific Social Commerce market share gathered more than USD 399.5 billion in 2021
• North America social commerce market growth will record a CAGR of more than 29% from 2022 to 2030
• Based on the business model, the business to consumer (B2C) sub-segment achieved 56% shares in 2021
• Among platform/sales, the video commerce sub-segment occupied USD 241.3 billion in revenue in 2021
• The increasing trend of brands advertising on social media is a popular social commerce market trend that drives the industry demand
• As per a recent survey, there are over 4.74 billion social media users across the world in October 2022

Global Social Commerce Market Dynamics

Market Drivers

• Increased use of social media and e-commerce platforms
• Rising popularity of online sales
• Growing youth population in emerging countries
• Rapidly growing penetration of smart phones

Market Restraints

• Growing fraudulent activities through social media platforms
• Strict regulations in some countries regarding the sale of products through social media

Market Opportunities

• Paid partnerships with celebrities and social media influencers
• Increasing investment in advertising on social media platforms

Social Commerce Market Report Coverage

Social Commerce Market Growth Factors

The increased use of social media is the primary factor driving the growth of the global social commerce market: Social media's widespread use has made it easier for businesses to reach as well as interact with their customers, while also allowing customers to discover and purchase products via social media. Customers benefit from social commerce because they can discover and make purchases without leaving the social media platform. In addition, social media platforms can provide a personalized shopping experience by using targeted ads and product suggestions based on a user's interests and previous purchases.

The rising penetration of smartphones is another factor that is propelling the social commerce market value. Many social media platforms are easily accessible through mobile devices, which have made it easier for customers to shop on the go. Adding to that social proof also gains the trust of the customer which can add up to the value of the social commerce industry. Social media provides a platform for customers to share their experiences with products and services, which can influence the purchasing decisions of others.

On the other hand, customers who make purchases through social media may be concerned about the safety of their personal and financial information. There has been an increase in fraudulent activities, raising the question of whether or not to buy products from social media platforms. According to a new report, more than 95,000 social media users reported approximately USD 770 million in losses due to social media platform fraud in 2021.

Furthermore, paid partnerships with celebrities and social media influencers have opened up new market opportunities. However, many social media platforms now integrate with e-commerce platforms, which make it easier for businesses to sell products via social media. This is likely to generate numerous growth opportunities for the market in the years ahead, from 2022 to 2030.

Social Commerce Market Segmentation

The worldwide social commerce market is categorized based on product type, business model, platform/sales channel, and geography.

Social Commerce Market By Product Type

• Accessories
• Apparels
• Personal & Beauty Care
• Health Supplements
• Home Products
• Food & Beverage
• Others

According to the social commerce industry analysis, apparels sub-segment achieved a substantial market share in 2021. Social media can be an effective channel for apparel sales, as it allows businesses to showcase and promote their products to a large and engaged audience. Many social media platforms, such as Instagram and Pinterest, are visually focused, making them particularly well-suited for showcasing apparel and fashion products. Some of the benefits of purchasing apparel from social media platform include high-quality product photos, influencer partnership, customer reviews, and user generated content.

Social Commerce Market By Business Model

• Business to Business (B2B)
• Business to Consumer (B2C)
• Consumer to Consumer (C2C)

B2C (business-to-consumer) commerce refers to the sale of a business's products or services to an individual consumer. B2C commerce typically involves a company selling a product or service to a large number of customers via a variety of channels, such as online stores, retail stores, or intermediaries such as distributors or wholesalers. B2C commerce is a common business model, particularly in the retail, e-commerce, and service industries. It enables businesses to directly reach a large number of consumers without the use of intermediaries.

Social Commerce Market By Platform/Sales Channel

• Group Buying
• Product Review Platforms
• Social Network-led Commerce
• Social Reselling
• Video Commerce (Live stream + Prerecorded)

As per our social commerce market forecast, the video commerce sub-segment will account for the majority of the share from 2022 to 2030. As more consumers switch to online video for entertainment and information, there is a growing demand for video commerce. Businesses can use video to showcase their products in a more interactive and engaging way, which is especially useful for products that are hard to demonstrate or explain using traditional methods.

Social Commerce Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Social Commerce Market Regional Analysis

As per our regional social commerce market analysis, Asia-Pacific region gathered more than 2/3^rd of the global shares in 2021 and is expected to continue its trend during the forecast timeframe from 2022 to 2030. The region is home to some of the world’s largest and most active social media platforms, such as WeChat, TikTok, and Facebook, which have contributed to the growth of social commerce. Additionally, the social commerce industry in the Asia-Pacific region has experienced significant growth in recent years. High smartphone adoption, emerging markets, and strong e-commerce are some of the key trends that are fueling the APAC social commerce industry. However, North America region is anticipated to witness significant growth rate in the coming years from 2022 to 2030. According to one study, social commerce is expected to generate 45.74 million sales of various products in North America by 2022.

Social Commerce Market Players

Some of the leading social commerce companies include Etsy, Inc., Meta Platforms, Inc. (Facebook), Fashnear Technologies Private Limited (Meesho), Xiaohongshu, Pinterest, Inc., Pinduoduo Inc., Poshmark, Roposo, Taobao, Snap, Inc., TikTok (Douyin), Trell Shop, WeChat (Weixin), Twitter, Inc., and Yunji Sharing Technology Co., Ltd.