Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "Germany Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
The social commerce industry in Germany is expected to grow by 17.2% on annual basis to reach US$12273.6 million in 2023.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 11.8% during 2022-2028. The social commerce GMV in the country will increase from US$12273.6 million in 2023 to reach US$24022.4 million by 2028.
The trend of social commerce has been gaining rapid momentum among consumers in Germany. According to the publisher estimates, over 32% of all the online shoppers in the country have already made purchases through social media platforms, with discount codes being the major trigger driving purchases through social channels in the country.
Over 37% of the shoppers made a purchase from the social media platforms due to the availability of discount codes. However, other factors, including product exclusivity, ease of purchase, and influencer marketing have also led to the growth of social commerce. With social networks driving impulsive purchases in Germany, the publisher expects a steady growth outlook for the sector in the medium to long-term perspective.
Innovative startups are funding rounds to expand social commerce experiences in Germany
More and more retailers are looking to tap into the growth opportunity offered by the social commerce sector in Germany. As a result, many innovative startups have emerged in the country, allowing retailers to reach potential buyers by offering social live and social commerce experiences. These firms are now raising capital to further expand their presence and growth in the country.
n August 2022, LiSA, a German startup in the social commerce space, announced that the firm had raised €2.7 in a funding round, which was led by TechVision Fund. The startup enables online retailers to tap into the potential of social commerce. The headless content management system enables retailers and online platforms to build social commerce experiences for their customers. This in turn drives the customer engagement, conversions, and organic social sharing rates for retailers and online platforms.
In July 2022, Charles, another German-based startup, announced that the firm had raised €19.5 in a Series A funding round to drive conversational commerce growth in the European region. The investment round was led by Salesforce Ventures, HV Capital, and Accel. The firm enables merchants to provide customers with a conversational commerce experience through messaging apps. Through Charles, retailers can sell their products through chat, while offering them a personalized experience.
These innovative startups, along with their multi-million-dollar fundraising rounds are expected to keep supporting the growth of the social commerce industry in Germany from the short to medium-term perspective.
Social media buyers prefer different social media channels to make purchases online in Germany
Amid the growing shift to social channels, Germans are preferring a wide range of social media platforms to complete their purchases.
The rising shift to social channels has resulted in a growing investment from these firms, and the trend is projected to further continue from the short to medium-term perspective. YouTube, for instance, has announced that the firm will make a further push into the social commerce space in 2023, which will subsequently drive investment from the firm in the sector.
Rising inflation and surging cost of living is projected to impact the short-term growth of the social commerce industry in Germany
The macroeconomic factors have had a severe impact on consumer spending, as the surging inflation and cost of living are denting the monthly budget for many across German. This is evident in the double-digit decline experienced by online sales during October - November 2022 period. According to a report from the German Federal Association for eCommerce, online sales declined by 16.8% compared to the same period in 2021.
This decline in online sales has also had an impact on social commerce sales. Consumer spending is expected to remain affected from the short to medium-term perspective. Consequently, the growth of the social commerce market in Germany is expected to remain subdued over the next few quarters.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $12273.6 Million |
| Forecasted Market Value (USD) by 2028 | $24022.4 Million |
| Compound Annual Growth Rate | 14.4% |
| Regions Covered | Germany |
Scope
Germany Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Germany Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Germany Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028
- Clothing & Footwear
- Beauty and Personal Care
- Food & Grocery
- Appliances and Electronics
- Home Improvement
- Travel
- Hospitality
Germany Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
- B2B
- B2C
- C2C
Germany Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
- Mobile
- Desktop
Germany Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Domestic
- Cross Border
Germany Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
Germany Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- Other Digital Payment
- Cash
Germany Social Commerce Industry Market Size and Forecast by Platforms
- Video Commerce
- Social Network-Led Commerce
- Social Reselling
- Group Buying
- Product Review Platforms
Germany Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2022
- By Age
- By Income Level
- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/fl2znr
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