Global Social Commerce Market - Introduction
- Social commerce is a part of e-commerce, and refers to buying & selling activities that take place specifically on social media platforms. Social commerce includes local as well as worldwide marketplaces that comprise small & large businesses selling their products to various social media followers and individual buyers.
- Well-known social media platforms such as Facebook, Twitter, and Instagram are utilized for social communications, whereas e-tail platforms are generally utilized for shopping.
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Impact of Coronavirus (COVID-19) on the Social Commerce Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a positive impact on the social commerce market. Nowadays, people are focusing majorly on purchasing products from online shopping platforms instead of shopping malls, etc. to maintain social distancing, which is expected to influence the growth of the social commerce market.
Rapid Growth in Social Media and E-commerce Expected to Drive the Global Social Commerce Market
- Worldwide, the spread of social media along with the quick growth of e-commerce is leading to new trends of messaging, content sharing, and payments converge. In social commerce, social interactions and the transactional nature of e-commerce is significantly resulting in new shopping experiences in collaborative connected environments. Over the last couple of years, consumers are more focused on e-commerce and mainly prefer unified payment options.
- Moreover, changing consumer lifestyles and inclination toward convenience is resulting in the growth of the global social commerce market. Customers now want to remain updated about the latest trends and thus prefer the promotions offered by retailers and discounts through e-commerce channels.
- The impact of this driver is expected to be high throughout the forecast period. Social commerce is on the rise across the globe, led by growing penetration of social media along with e-commerce. This is expected to boost the global social commerce market in the next few years.
Growing Adoption of Social Media Advertising: Opportunity for the Social Commerce Market
- The rapidly growing usage of social media advertising is expected to be one of the major opportunities for the growth of the social commerce market. The e-commerce industry majorly uses social media platforms for advertising as well as to expand their customer base worldwide. E-commerce players use sponsored content and banner display advertisement to attract more customers, due to the growing popularity of social media platforms. These platforms significantly help in engaging the target audience worldwide.
- Therefore, growing adoption of social media advertising is expected to drive the growth of the social commerce market during the forecast period worldwide.
Issues Regarding Safety and Privacy Expected to Hamper the Social Commerce Market
- Social commerce is a significant online shopping channel through social media platforms such as Facebook, Twitter, and Instagram. These social media platforms however have privacy and safety concerns in terms of customer details (identity, bank details etc.)
- Therefore, issues regarding safety and privacy is expected to hamper the global social commerce market.
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North America to Account for Major Share of the Global Social Commerce Market
- In terms of region, the global social commerce market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global social commerce market during the forecast period due to increasing technological adoption of Artificial Intelligence (AI) in e-commerce, indicating potential growth of the market. Europe is expected to be the second largest market for social commerce from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for social commerce during the forecast period due to a rising e-commerce industry, specifically in India, Japan, and China.
Key Players Operating in the Global Social Commerce Market Include:
- Alibaba Group Holding Ltd.
- Facebook Inc.
- Etsy Inc.
- Twitter Inc.
- PayPal Holdings Inc.
- SINA Corp.
- Pinterest Inc.
Global Social Commerce Market: Research Scope
Global Social Commerce Market, by Channel
Global Social Commerce Market, by Device Type
Global Social Commerce Market, by End-user
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.