Top Emerging Trends Of Social Commerce Market Progress Forecast 2030 |Grand View Research, Inc.
Posted by Mrudula Karmarkar on August 1st, 2022
The global social commerce market size is anticipated to reach USD 6.2 trillion by 2030, growing at a CAGR of 30.8% from 2022 to 2030, according to a new study by Grand View Research Inc. Growing ease of online buying is considered to be a significant factor driving the social commerce demand. Combining entertainment with immediate purchasing, social commerce is providing brands, retailers, and digital platforms a new medium with enormous scope for creating value.
The growing use of the internet for advertising practices has revolutionized companies’ business models and generated alternate revenue streams. The easy availability of high-speed and affordable internet services for customers offers marketers a new channel to reach out to target audiences, which has led to the rise of influencer marketing practices. Leveraging these promotion practices, brands can create more personalized advertising campaigns, thereby enhancing customer experience and business relations.
A survey conducted by Influencer Marketing Hub suggested that over 40% of the respondents purchased at least once a month because of influencer content and/or social media brands' posts. This underlines the strong demand for influencer marketing, as influencers can support brands accomplish distinct marketing objectives such as engagement, sales, high-quality content, and brand awareness. With the upsurge of Instagram shopping and influencer marketing, brands are seen leveraging these individuals to create awareness and validation for their products and services.
Further, the growing prominence of the live stream shopping trend is expected to gain ground during the forecast period. Before the pandemic, shoppable video was well-known in China, however, COVID-19 brought with it a live commerce experience that has created a resurgence of this method of shopping. Live shopping experience most closely resembles in-person shopping. Through this, buyers can watch people try products in real-time, allowing the brand to get feedback instantly. The pandemic accelerated the adoption of live stream shopping, giving ample opportunity for it to reach the untapped markets.
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Increased average time spent on social media platforms during a pandemic and the convenience of buying products online has facilitated market growth. The pandemic has highlighted the importance of staying connected and has enforced us to adapt and connect in new ways. By letting the customer checkout directly through social media platforms, social commerce eliminates excessive steps and helps streamline the buying process. As a result, the market is likely to gain traction owing to the growing inclination towards ease of product discovery and checkout. Moreover, a rising number of potential buyers from different social media platforms such as Facebook, Pinterest, Snapchat, and Instagram is also expected to support the market growth.
Social commerce, the use of a social media platform to drive and/or process online purchases, has led to new forms of shopping in collaboration with virtual environments. The convergence of content sharing, shopping, payments, and messaging features has enabled the proliferation of social commerce in the past few years. Seamless access to social media networking sites coupled with a high level of impulse buying, especially amongst the millennials and Gen Z has created huge potential for several brands/sellers to increase their sales and attract new customers. Moreover, social commerce has given merchants/brands the power of merging social media and e-commerce sites, thereby providing a huge branding opportunity. This has led to enhanced social media presence and has allowed creating brand awareness to stay top-of-mind of the customers through daily engaging content.
Grand View Research has segmented the social commerce market on the basis of business model, product type, platform/sales channel:
Social Commerce Business Model Outlook (Revenue, USD Billion, 2018 - 2030)
Social Commerce Product Type Outlook (Revenue, USD Billion, 2018 - 2030)
Social Commerce Platform/Sales Channel Outlook (Revenue, USD Billion, 2018 - 2030)
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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