Social Commerce Market Growth & Trends
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.
Browse full report with Table of Content @: Social Commerce Market Report
Social Commerce Market Report Highlights
For Requesting a Sample Copy of This Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/social-commerce-market/request/rs1
Social Commerce Market Segmentation
Grand View Research has segmented the global social commerce market based on the business model, product type, and region:
Social Commerce Business Model Outlook (Revenue, USD Billion, 2017 – 2028)
Social Commerce Product Type Outlook (Revenue, USD Billion, 2017 – 2028)
Social Commerce Regional Outlook (Revenue, USD Billion, 2017 – 2028)
List of Key Players of Social Commerce Market
Inquire more or share questions if any before the purchase on this report @ https://www.grandviewresearch.com/inquiry/451181/ibb
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/social-commerce-market