Social Commerce Market is Predicted to Witness 28.4% CAGR till 2028

The global social commerce market size was valued at USD 474.8 billion in 2020. It is expected to expand at a CAGR of 28.4% from 2021 to 2028

The global Social Commerce Market size is expected to reach USD 3,369.8 billion by 2028, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 28.4% from 2021 to 2028. Social commerce is the incorporation of social media and e-commerce, which is used for selling and promoting products and services. The market is primarily driven by the growing number of social media users, along with rising built-in e-commerce projects. For instance, in March 2019, Instagram launched a checkout feature, which allows users to complete the purchase process without having to leave the app.

The rising adoption of social media platforms or shopping and information exchange is expected to fuel market growth. Moreover, the COVID-19 outbreak has led to an increase in social media usage worldwide, creating opportunities for the social commerce industry. As users have been spending more time on social media, they have discovered new social media platforms. For example, TikTok has witnessed an addition of over 12 million U.S.-based visitors in March 2020 alone, crossing the 2 billion mark in April.

The market is characterized by a high degree of competition due to the presence of numerous companies operating at a global level. Several social media companies have started offering a platform for retailers to buy or sell products. For instance, Facebook launched Marketplace in 2016 as a platform for people to do business in their local communities. People around the world can discover things they love on Facebook Marketplace and launch a business to earn a living.

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Social Commerce Market Report Highlights

• The personal and beauty care segment is anticipated to register a CAGR exceeding 30% over the forecast period owing to the increasing demand in the Asia Pacific
• The B2C segment held the largest market share of 49.53% in 2020, attributed to the increasing usage of social media platforms for buying and selling products
• Asia Pacific captured a sizeable market share of 68.47% in 2020, due to the increasing number of social media users in countries such as India and China