Press Release

The Social Commerce Market was valued at USD 584.9 Bn in 2021. The market is projected to grow USD 2900.3 Bn in 2030, at a CAGR of 31.6% Massive increases in the adoption of 4G equipped smartphones, as well as the expansion of 4G network rollout and the concurrent increase in the number of individuals accessing online multimedia content via mobile handsets, are all enhancing market prospects for online purchasing and social commerce. Mobile value-added services (M-VAS) such as mobile Internet surfing, mobile games, mobile social networking, mobile music, mobile payments, mobile wallet, mobile learning, and mobile Location-Based-Services (LBS), as well as widespread consumer adoption of M-VAS, auger well for social commerce.

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Consumer preferences and attitudes have shifted substantially. One of the major aspects fuelling the social commerce market's rise is a shift in consumer preferences. Consumers have grown accustomed to instant communication because of mobile technological advancements, and they now expect instant customer service. Furthermore, consumers are searching for new ways to interact with brands utilising cutting-edge technology, with younger generations leading the charge in social commerce. According to the Global Web Index survey, Millennials and Generation Z are more likely than other generations to engage in social commerce, with over 60% of them willing to make a purchase on a social media platform if given the option.

Even though the market is expected to grow significantly in the next years because of the benefits outlined above, growing user concerns about the gathering and potential use of personal information by social media platforms is emerging as a potential market restraint. While technological advancements are beneficial to the market, any misuse of client data can result in financial and personal damages. Many social media sites are not protected against cyberattacks; thus, users are concerned about unauthorised access to their data. Security concerns are expected to be temporary, as retailers/vendors collaborate with third-party payment platforms to provide consumers with a safer and secure payment environment. As a result, long-term data privacy concerns are foreseen.

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As a marketing strategy, live selling has improved sales conversion rates and the buyer experience. It increases the amount of time buyers spend on the seller's social media accounts and makes it easier to attract new customers. With TikTok's short-form video boom, every major player now has some iteration of this format, such as YouTube Short, Snapchat Spotlight, and Instagram Reels, to name a few. As live streaming matures throughout the Asia Pacific region and develops in Western countries, with TikTok's short-form video boom, every major player now has some iteration of this format, such as YouTube Short, Snapchat Spotlight, and Instagram Reels, to name a few. As a result, there should be plenty of opportunities to promote engagement and, as a result, segment growth.

Asia Pacific region is dominating the market share of global social commerce market owing to the Factors such as increased communications infrastructure investments, the expansion of the internet and smartphones, and the global reach of social media websites such as Facebook, Instagram, and Twitter are all contributing to the region's growth. Furthermore, in nations like China, the growing number of smartphone and social media users encourages regional market growth.

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DRIVING FACTORS

Increasing Number of Small Businesses and Individuals to Showcase their Products Across Population

Provided new options for small enterprises and individuals, social commerce has become a democratizing force. When compared to e-commerce platforms, social buyers are more likely to buy from a small business when shopping through social commerce. Several factors contribute to this trend, including the fact that people are spending more time on social media platforms. According to studies, the average person spends over two hours each day on social media and is more inclined to buy from a brand they have never heard of before.

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