In terms of revenue, global social commerce platform market was valued at US$ 1787.54 Mn in 2020 and is anticipated to grow at a CAGR of 13.4% over the forecast period. Latest added Social Commerce Platform Market research study by Absolute Markets Insights (AMI) offers detailed product outlook and elaborates market review till 2030. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Alibaba.com, Etsy, Inc., Facebook Marketplace, Groupon, Inc., IQIYI, LivingSocial, LLC, Meesho Inc., Mojujie, Paytm, Pinterest, Qwiqq, ShopSocially, Tencent Inc. (WeChat), Threads Styling Ltd., Tumblr, Inc., Verizon (Yahoo!), WEIBO and Xiaohongshu amongst others.. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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This report studies the Social Commerce Platform Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Social Commerce Platform Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Social Commerce Platform Market By Type (Social Media Platforms, Product Review Platforms, Social Reselling Platforms, Group Buying Platforms, Social Communication/Large Group Platforms, Others); By Business Model (B2C, C2C); By Platform Type (App Based, Web Based); By Product Category (Apparel, Personal & Beauty Care, Home Products, Consumer Electronics, Food & Beverage, Health Supplements, Sports And Fitness, Others); By Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2021 – 2030″. Early buyers will get 10% customization on study.
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To Avail deep insights of Social Commerce Platform Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Social Commerce Platform Market; the latest release from Absolute Markets Insights (AMI) highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
The personalized customer journeys enabled by social interactions is attracting businesses of all sizes to invest in social commerce platforms, thus, creating rapid growth in its demand across all the emerging markets.
The changing demographics of present age consumers, powered by technology, is transforming their consumption habits. To cater these changes, businesses are increasing their online presence which enables them to serve even the remotely located customers. These online commerce channels are witnessing an evolution, through adoption of new technologies, to enhance customer participation and achieve greater economic value. Social commerce is one such form of advanced technique in online retail which is garnering high popularity owing to its personalized shopping experience for customers.
It is a combination of e-commerce and social media platforms, wherein the customers can browse, compare, purchase, share reviews and interact with others on a single platform. Consumers benefit from the legit product reviews from other users and can directly interact with them without switching between e-commerce and social media platforms. These platforms also provide better bargaining power to consumers in low and middle income regions through group buying options. For instance, social commerce platforms such as Groupon, Inc., Pingduoduo, Tencent, Groupify and many others offer attractive discounts to consumers who make purchases in groups, thus, increasing the sales of the company. Thus, the personalized shopping experience, which enables high conversion rate of social media users to customers, is driving the demand in global social commerce platform market.
As people spend more time on social media platforms it influences their online shopping behaviours as most of them use these platforms to gain awareness of products and to evaluate them before purchasing. People follow multiple celebrities and influencers across all the social networking platforms and are impacted by their posts and activity. Businesses including small local business or a large enterprise are partnering with these influencers to create awareness and sales of their products. Social commerce players are tapping on this trend and introducing new features in their platform which enables influencers to market products.
For instance, the Checkout tool of Instagram enables influencers to create marketing posts with access to commerce websites, similarly the ‘Shop’ button of Snapchat enables influencers to sell products which they endorse. This influencer based marketing is driving the sales of social commerce platforms, thus, attracting more number of businesses. Recently, in November 2019, a new social networking platform ‘TikTok’ invested in a feature which allows influencers to add link to ecommerce sites in their bios and profile pages. Hence, the growing endorsement of products through influencers is driving the growth of social commerce platform market across the globe.
Although the global social commerce platform market is witnessing high growth in recent years, challenges such as poor quality products and counterfeits are hampering this growth. Major market players such as Alibaba.com, TikTok and others have witnessed multiple cases regarding sale of counterfeit products. The Pinduoduo social commerce platform faced an investigation from the State Administration for Market Regulation (SAMR) agency in August 2018 and was blacklisted in U.S. Trade Representative’s Special 301 Report of April 2019, due to its failure to tackle the counterfeits. Stringent IP protection regulations and advanced tools to identify infringement are potential solutions to overcome these challenges effectively.
Integration of creative marketing strategies including gamification and rewards program into the social commerce platforms for effectively engaging with customers is anticipated to garner high popularity in future years. Gamification techniques such as competitions, ranking lists and scoring systems along with incentives and rewards are being used to attract customers, build brand loyalty and maintain customer retention. Many social commerce platforms are experimenting with these novel marketing technique. For instance, on the ‘Single’s day’ sale in November 2019, Alibaba.com witnessed a rise of 8% in the number of respondents compared to previous year, due to the use of gamification in their Tmall app. Thus, the introduction of gamification and rewards based marketing is anticipated to propel the share of global social commerce platform market over forecast years.
The recent outbreak of COVID-19 pandemic has increased the number of social media users amidst the lockdowns imposed by the governments to control this pandemic. This has influenced user’s consumption patterns including groceries, entertainment, healthcare and other products. These fast paced behavioural changes around the world with growing awareness for social distancing is driving the transformation from offline businesses to online social commerce platforms. For instance, Levis partnered with TikTok in May 2020 under its Shop Now program, which allowed TikTok users to purchase Levis products through videos posted by influencers on this platform. Thus, the coronavirus outbreak is anticipated to drive the growth of global social commerce platform market over future years.
Global Social Commerce Platform Market:
Social Commerce Platform Market: By Type
- Social Media Platforms
- Product Review Platforms
- Social Reselling Platforms
- Group Buying Platforms