Dublin, Feb. 20, 2023 (GLOBE NEWSWIRE) — The “Global Social Commerce Market and Trends 2023” report has been added to ResearchAndMarkets.com’s offering.
Social commerce to become the future of online shopping as live-stream shopping picks up
Sales via social commerce are forecasted to see a robust CAGR by 2025, as upcoming trends such as micro-influencers and live stream shopping, among others are transforming the social commerce market. Facebook shops and shoppable Instagram posts are some of the driving factors behind the growth of social commerce, as mentioned in the new yStats.com report.
Some of the well-known brands within the beauty and cosmetics industry are adapting the features of live shopping that social media platforms offer. With more than three-quarters of consumers globally being influenced by social media to make their purchase decisions, more than half the internet users claimed shopping via live stream was the top shopping trend as of January 2022. China is the front-runner in embracing the trend of live streaming for promoting and selling goods and services via social media.
Live streaming is also gaining popularity in other Asian economies such as South Korea, India, and Singapore. Brands in Asia are collaborating with influencers to promote their goods via live stream. For instance, Watsons Malaysia launched a live stream event to endorse their wide range of products from personal care to supplements. Similarly in the U.S., watching live streams was the feature of social commerce that consumers were willing to use more as of 2022.
Furthermore, nearly three-quarters of live stream watchers indicated to have already made a purchase via social media as of December 2021, while nearly half the live stream watchers who have still not made a purchase have plans to buy more through in-platform shopping features as of 2022, as revealed by the new yStats.com report.
Facebook and Instagram maintain their dominant position as the most favored social media platforms across regions, with Gen Z inclining more toward Instagram
With social commerce developing gradually across regions, Facebook and Instagram have maintained their dominant positions as favored social media sites for buying goods and services. Globally, for more than half the survey respondents Instagram was the preferred social media platform for buying goods and services, followed by Facebook, TikTok, and YouTube.
North America also saw high social media penetration, with Facebook and Instagram estimated to take the front position as of 2022, as spelled out in the new yStats.com report. In Canada, while Facebook was preferred by most millennials as of 2021, Gen Z inclined more towards Instagram and YouTube.
In Germany and Spain both, a higher percentage of consumers picked Facebook and Instagram as the social media sites they would shop from. In terms of generational differences, most of Gen X and millennial adults in the UK preferred Facebook, while a certain high percentage of Gen Z were in favor of Instagram as of December 2021.
1. What are the emerging consumer trends in the social commerce market?
2. What is the forecasted global sales value of social commerce in 2025?
3. What is the forecasted share of social commerce expenditures by generation by 2025?
4. What were the top social media platforms used for buying as of January 2022?
5. What is forecasted value of retail social commerce sales in the U.S. in 2025?
Key Topics Covered:
1. Management Summary
Overview of Trends and Development in Social Commerce Market, November 2022 (1 of 2)
Overview of Trends and Development in Social Commerce Market, November 2022 (2 of 2)
Social Commerce Market Size, in USD trillion, 2021 & 2025f
Breakdown of Social Commerce Spend, by Generation, in % of Social Media Users, 2025f
Share of Consumers Who Will Prefer Purchasing via Social Commerce Over Traditional Commerce, in %, 2026f
Share of Respondents Who Are Influenced to Shop via Social Media, in %, January 2022
Share of Social Media Users Who Already Made a Purchase via Social Commerce in the Last Year, in %, September 2021
Breakdown of Frequency at Which Respondents Buy Products via Social Commerce, by Platform, in %, January 2022
Top Product Categories Purchased on Social Media vs In-Store, in % of Internet Users, January 2022
Share of Companies Already Selling on Social Media, in %, December 2021
Top Benefits for Companies Investing in Social Commerce, in % of Companies, 2021e
Top Challenges That Companies Investing in Social Commerce Face, in % of Companies, 2021e
Share of Social Media Users Who Are Already Making Some Form of Income from Social Commerce, in %, 2022e
Top Shopping Trends Internet Users Have Tried, in % of Internet Users, January 2022
Top Strategies That Would Make Shoppers Buy More on Social Media, in % of Shoppers, January 2022
3. North America
7. Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/uypcyt-social?w=12
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