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Redding, California - October 18, 2024

Social Commerce Market to Reach $6,059.6 Billion by 2031

Social Commerce Market Size, Share, Forecast, & Trends Analysis by Business Model (B2B, B2C, C2C), Platform Type (Social Media, E-commerce), Sales Channel (Video Commerce, Influencer Marketing, Others), Product and Geography—Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Social Commerce Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the social commerce market is expected to reach $6,059.6 billion by 2031, at a CAGR of 28.6% from 2024 to 2031.

The growth of the social commerce market is driven by the increased use of social media platforms, widespread adoption of mobile devices, and rising digitization. However, this growth is hindered by a lack of technology adoption in developing countries. Additionally, the rising use of AI and chatbots to enhance sales and customer service, growing partnerships between brands and social media influencers to reach target audiences, and increasing internet penetration in developing countries present significant opportunities for market players. The market faces significant challenges, including online fraud and data privacy concerns, and escalating competition.

Key Players:

The social commerce market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the social commerce market are Fashnear Technologies Private Limited (Meesho) (India), Meta Platforms, Inc. (U.S.), PDD Holdings Inc. (Ireland), Pinterest, Inc. (U.S.), Poshmark, Inc. (U.S.), Roposo (India), Snap, Inc. (U.S.), X Corp. (U.S.), Xiaohongshu (China), Yunji Inc. (China), and Etsy, Inc. (U.S.).

The social commerce market is segmented by business model (business to business (B2B), business to consumer (B2C), consumer to consumer (C2C)); platform type (social media platforms (Facebook, Instagram, Pinterest, Snapchat, and other social media platforms), e-commerce platforms(Amazon, shoplifty, eBay, Alibaba and other e-commerce platforms); sales channel (video commerce, influencer marketing, live shopping events, user-generated content (UGC), community groups and others); product (cosmetics & personal care, fashion & apparel, health & wellness, electronics, home décor & furnishing, food & beverages, accessories and other products). This study also evaluates industry competitors and analyzes the regional and country-level markets.

Among the business models studied in this report, the B2C segment is anticipated to hold the dominant position, with a large share of the social commerce market in 2024. Businesses' increased use of the B2C business model to engage directly with consumers through social media platforms and drive sales are factors contributing to the segment’s dominant position in the social commerce market.

Among the platform types studied in this report, the social media platforms segment is anticipated to hold the dominant position, with a large share of the social commerce market in 2024. The dominant position of this segment in the social commerce market is driven by social media platforms' ability to provide a seamless shopping experience through integrated shopping features. These allow users to discover and purchase products without leaving the app. Additionally, the vast user bases and inherent visual appeal of these platforms further enhance their attractiveness for social commerce.

Among the sales channels studied in this report, the video commerce segment is anticipated to hold the dominant position, with a large share of the social commerce market in 2024. This segment's dominant position in the social commerce market is attributed to video content's capacity to capture attention more effectively than static images or text. This leads to higher engagement and conversion rates, as well as improved storytelling capabilities.

Among the products studied in this report, the fashion & apparel segment is anticipated to hold the dominant position, with a large share of the social commerce market in 2024. The dominant position of this segment in the social commerce market is driven by brands' increased focus on hosting live shopping sessions on platforms like Instagram and TikTok, where they showcase collections and engage with viewers. Furthermore, personalized recommendations and evolving consumer shopping behaviors further enhance this trend.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Sweden, Denmark and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, and Rest of Middle East & Africa)

Among the geographies studied in this report, the Asia-Pacific region is anticipated to hold the dominant position, with a share of 49% of the market in 2024. The dominant position of this segment in the social commerce market is driven by online retailers' increased focus on enhancing user experience, facilitating real-time interactions, and prompting immediate purchasing decisions. Moreover, growing internet penetration, rising preference for online shopping, significant investment in the e-commerce sector, and widespread adoption of smartphones and mobile devices all contribute to this trend.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6036

Key Questions Answered in the Report-

What is the value of revenue generated by the sale of social commerce?
At what rate is the global demand for social commerce projected to grow for the next five to seven years?
What is the historical market size and growth rate for the social commerce market?
What are the major factors impacting the growth of this market on global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which business model, platform type, sales channel, and product segments create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the social commerce market?
Who are the major players in the social commerce market? What are their specific product offerings in this market?
What recent developments have taken place in the social commerce market? What impact have these strategic developments created on the market?

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Redding, California - October 18, 2024

Social Commerce Market to Reach $6,059.6 Billion by 2031

Social Commerce Market Size, Share, Forecast, & Trends Analysis by Business Model (B2B, B2C, C2C), Platform Type (Social Media, E-commerce), Sales Channel (Video Commerce, Influencer Marketing, Others), Product and Geography—Global Forecast to 2031

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