The global social commerce market is expected to grow by USD 2051.49 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Social Commerce Market 2020-2024 (Graphic: Business Wire)
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The increasing use of social media advertising is expected to drive the growth of the social commerce market during the forecast period. Social networking platforms were initially used for social interaction and networking with friends, family, and colleagues. However, these are now increasingly being used for brand loyalty and customer interaction. The e-commerce industry is utilizing social media platforms for advertising and to increase their customer base. These platforms help in effectively engaging the target audience. The posts on social media platforms, such as Facebook and Twitter, are often viewed and shared by the thousands of users, which offers immense opportunities for companies to reach their target audience.
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The COVID-19 pandemic has affected several businesses and economies across the world. The consumer discretionary industry is expected to have a negative impact, due to the global outbreak of coronavirus. This is mainly attributed to the extending containment efforts by governments across the world. As the business impact of COVID-19 spreads, the global social commerce market is expected to have negative & inferior growth.
As per Technavio, the rising number of mobile-internet users will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Social Commerce Market: Rising Number of Mobile-internet Users
The rising penetration of smartphones and the availability of fast Internet, such as 3G, 4G, and 5G is encouraging several enterprises to invest in mobile marketing and social commerce platforms. Moreover, m-commerce has been gaining immense popularity over the years, due to the rise in smartphone users. Compared with e-commerce, m-commerce helps marketing professionals to focus on the target audience at a lower cost. Advanced tools help marketers to focus on the target audience and improve ROI (return on investment). Thus, the rising number of mobile-Internet users is expected to drive the growth of the social commerce market during the forecast period.
“Factors such as the personalized shopping experience and diverse product portfolios, and the well-developed telecommunication network infrastructure will have a significant impact on the growth of the social commerce market value during the forecast period,” says a senior analyst at Technavio.
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Social Commerce Market: Segmentation Analysis
This market research report segments the social commerce market by device (laptops and PCs, mobiles, tablets, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the social commerce market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rising demand for smartphones in countries such as India, Indonesia, Vietnam, the Philippines, Sri Lanka, and Pakistan.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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