July 04, 2022 06:25 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York, United States, July 04, 2022 (GLOBE NEWSWIRE) -- The social commerce industry has an accelerated growth rate due to the new opportunities for small and medium-sized businesses, the rapid rise of social media users, changing consumer preferences, and the impact of the COVID-19 pandemic.
Important Insights pertaining to Social Commerce Market:
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Essential Factors expediting the overall Market:
Rising number of Social Media Users
Social media users have exponentially risen. There were 2.3 billion active users on at least one of the social media platforms in 2016, which nearly doubled to 4.55 billion in 2022. Meta-owned Facebook dominated the market with nearly 2.5 billion active monthly users in 2022. Instagram, also owned by Meta, have 1.3 billion accounts which were a part of monthly active users. TikTok has over 1.2 billion monthly active users. Twitter has over 229 million users in 2022. Thus, with the surge in the number of users of various platforms of social media, the businesses utilizing these social media platforms as modes of marketing products and services will also increase sharply.
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New Opportunities to Small and Medium Enterprises
Different Platforms of social media like Instagram, Facebook, Twitter and WhatsApp have allowed small and medium enterprises to market their products and services at relatively low costs compared to traditional methods of marketing. Additionally, the audience reach for social media is much larger compared to more traditional analogue media platforms. According to World Bank Statistics, seven out of ten jobs are generated by SMEs, representing around 90% of global businesses. In emerging economies, SMEs contribute approximately 40% of the national GDP. Thus, the SMEs which are crucial for the functioning of economies with their numbers increasing periodically, we would witness an uptick in the usage of social media for their commercial and transactional activities.
Platforms of social media have changed consumer buying preferences as compared to their previous offline buying patterns. For most goods, the vast majority of consumers have preferred and shifted to online shopping from offline. According to a study, over 66% of shoppers preferred online shopping as compared to offline. In 2020, over USD 4.2 trillion worth of e-retail transactions were recorded. As per research, market segments with relatively less online sales have seen immense growth during the pandemic, such as groceries and OTC medicines, which have seen 41% and 44% market growth, respectively. Thus, with consumers strongly preferring online purchases for most of their consumer goods segments, we expect the market to grow phenomenally in the coming years.
Impact of the COVID-19 Pandemic
The pandemic had a robust impact on the way consumers spend their money as well as the manner in which enterprises promote their products and service. Social commerce was almost 13% of China's online retail revenue. A study found that nearly 50% of all internet users in the APAC region have purchased at least one product through a social media platform. In the U.S., 36% of all internet users are expected to make at least one purchase using a social media platform. 93% of marketers have opted to use influencer marketing since the pandemic began, compared to the pre-pandemic era. Thus, with the rising number of methodologies in which consumers and companies engage with platforms of social media, we would witness a staggering use of Social Commerce as a thriving medium.
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Segmentation Analysis of Social Commerce Market by SMR:
Latin America, Middle East, and Africa (LAMEA)
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By business model, the Business to Consumer (B2C) marketplace has dominated with almost 56% of the total market share. Companies have increasingly used social media with related and targeted advertising and influencer marketing to market their products to consumers. 82% of B2C marketing professionals made use of social media to organically administer the content they created. As per research, the revenue for B2C commerce is poised to grow by 85% in the next three financial years. Tmall.com, a B2C company, accounts for nearly 20% of all e-retail transactions worldwide. Thus, with the rise in the implementation of B2C platforms, the Social Commerce Market will propel at an unprecedented level.
By product type, apparel accounted for the most significant market share at nearly 23% of the entire market. In 2020, in the online apparel segment, the conversion of browsing to sales stood at 77 million transactions. In the U.S., women's apparel sales were worth USD 187 billion, and men's apparel sales were worth USD 86 billion. Online sales through mobile devices accounted for 66% of sales and 76% of platform traffic in the online apparel segment. The apparel segment also had an email marketing conversion rate of nearly 30%, which is one of the highest in email marketing which was used as a marketing methods. Thus, with staggering statistics for the apparel segment and the growing need for more apparel products, Social Commerce Market would grow rapidly.
By Platform / Sales Channel, video commerce accounted for the highest social commerce market share at nearly 42%. Video commerce is when companies engage with their audience using video as a means to showcase their products. Video commerce is one of the most commonly practised product marketing methods. As per research, video posts get 48% more views than photographic posts. YouTube is a highly used platform by brands for marketing their products and services. 50% of marketers created videos to publish on YouTube to exclusively market their product. 40% of consumers admitted that they purchased a product which they saw on YouTube. With the global average time spent on YouTube being 17.5 minutes a day by a user, it remains one of the most visited platforms of social media for promoting products. TikTok is another social media platform that enables the short-video mode of viewing content. According to statistics, when consumers see that a product is being marketed on TikTok, 37% of users immediately purchase that item. 35% of TikTok users bought at least one product they viewed on TikTok. Instagram Reels, a Meta-owned product, was a similar short-video content platform, which saw an average viewing time of 55 minutes per session per viewer. Therefore, rising viewership on video platforms would see the entire market for social commerce surge.
By Region, the APAC region accounted for 70% of the entire market share. The reason for this is high internet and smartphone penetration among the common masses. With a combined total of 1.8 billion internet users, India and China dominate the global market for internet users as well as smartphone usage. Further, China, India, Indonesia, and Japan had combined smartphone users at 1.74 billion, which accounts for nearly 58% of global smartphone users. Therefore, with the region's extremely high number of users, Social Commerce Market would grow exponentially.
Key Players in Social Commerce Market
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