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Social Commerce Industry Overview

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.

Social Commerce Market Segmentation

Grand View Research has segmented the social commerce market on the basis of business model, product type, platform/sales channel, and region:

Based on the Business Model Insights, the market is segmented into Business to Consumer (B2C), Business to Business (B2B) and Consumer to Consumer (C2C).

• The B2C segment dominates with a market share of 54.4% in 2021 and is expected to grow at a significant growth rate during the forecast period. 
• Social commerce platforms allow customers to easily observe, select, and order a product while evaluating the same by checking reviews written by other users.
• Further, the C2C segment is likely to grow at a CAGR of 24.0% during the forecast period. C2C business model refers to websites that act as an intermediary between customers. This model enables sellers to be the buyers and buyers to be the sellers.

Based on the Product Type Insights, the market is segmented into Personal & Beauty Care, Apparels, Accessories, Home Products, Health Supplements, Food & Beverage and Others.

• In 2021, the apparel segment led the market, accounting for a revenue share of 23.0%. The clothing and apparel business is the most significant business than any other products online as it has considerable popularity and demand on social media platforms.
• The personal and beauty care segment is estimated to grow at the highest CAGR of over 30.0% during the forecast period. Shoppers choose online buying for these products as there is no need to touch such products, and they have a clear understanding of what users will get after buying.

Based on the Platform/Sales Channel, the market is segmented into Video Commerce (Live stream + Prerecorded), Social Network-led Commerce, Social Reselling, Group Buying, and Product Review Platforms.

• Video Commerce dominated the market with a share of 41.8% in 2021. The segment is expected to witness considerable growth, expanding at a CAGR of 32.9% in the coming years. In recent times, live stream shopping has grown immensely and has enticed viewers to buy from a live shopping event.

• Live–selling as a marketing method has facilitated sales conversion rate and buyer experience. It helps enhance the time spent by the customers on the seller’s social pages and easily attracts new customers. 

Social Commerce Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Companies engage in organic and inorganic growth strategies such as product/solution launch & developments, mergers & acquisitions, geographical expansion, and partnerships to stay afloat in the competitive market scenario. For instance, in April 2021, Pinterest partnered with Shopify, Inc., an e-commerce solution provider, to expand its social commerce presence internationally. 

Some prominent players in the global social commerce market include:

• Etsy, Inc.
• Fashnear Technologies Private Limited (Meesho)
• Meta Platforms, Inc. (Facebook)
• Pinduoduo Inc.
• Pinterest, Inc.
• Poshmark
• Roposo
• Snap, Inc.
• Taobao
• TikTok (Douyin)
• Trell Shop
• Twitter, Inc.

Order a free sample PDF of the Social Commerce Market Intelligence Study, published by Grand View Research.