The global social commerce market size is poised to grow by USD 2.05 trillion during 2020-2024, progressing at a CAGR of almost 31% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Social Commerce Market 2020-2024 (Graphic: Business Wire).
The rising use of social media advertising is one of the major factors driving the market growth. The e-commerce industry uses social media platforms for advertising and increasing their customer base. With the rising popularity of social media, e-commerce advertisers use banner display ads and sponsored content to attract customers. These platforms help in effectively engaging the target audience. The posts on social media platforms such as Facebook and Twitter are increasingly being viewed and shared by users. Circulation of the posted content increases traffic to the company's website and expands the customer base. Such benefits have increased the popularity of social media platforms, in turn, propelling the growth of the social commerce market.
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The major social commerce market growth comes from laptops and PCs segment. Laptops are widely used for gathering information such as customer reviews, product information, and product ratings. The widescreen of the laptops and PCs provides easy access to product information. These devices are also used for the promotion of content through advertising. These devices help the users to view multiple screens at once and compare the prices offered by competing social commerce websites.
APAC was the largest social commerce market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising demand for smartphones, growing investment in the telecommunication infrastructure, and widespread reach of Facebook, Twitter, and Instagram will significantly drive social commerce market growth in this region over the forecast period. Market growth in this region will be faster than the growth of the market in other regions.
The global social commerce market is fragmented. Alibaba Group Holding Ltd., Etsy Inc., Facebook Inc., LinkedIn Corp., PayPal Holdings Inc., Pinterest Inc., SINA Corp., Tencent Holdings Ltd., Twitter Inc., and Verizon Communications Inc. are some of the major market participants. To help clients improve their market position, this social commerce market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the Global social commerce market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/social-commerce-market-industry-analysis
Technological Advancements in Social Media will be a Key Market Trend
Technological innovations have revolutionized social media platforms. Presently, social media platforms are not just limited to interaction among people but are also used for shopping and information exchange. User-friendly social interaction platforms such as Snapchat are increasingly used for marketing products. The usage of chatbots with artificial intelligence (AI) to mimic conversations engages the audience without human intervention. It involves users in self-initiated tasks and quasi-conversations. Such technological advancements in social media will be one of the latest trends that will contribute to the growth of the social commerce market.
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Social Commerce Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist social commerce market growth during the next five years
Estimation of the social commerce market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the social commerce market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of social commerce market vendors
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Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Five forces summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Device
Comparison by Device
Laptops and PCs - Market size and forecast 2019-2024
Mobiles - Market size and forecast 2019-2024
Tablets - Market size and forecast 2019-2024
Others - Market size and forecast 2019-2024
Market opportunity by Device
APAC - Market size and forecast 2019-2024
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market positioning of vendors
Alibaba Group Holding Ltd.
PayPal Holdings Inc.
Tencent Holdings Ltd.
Verizon Communications Inc.
Scope of the report
Currency conversion rates for US$
List of abbreviations
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