Dublin, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The "United Arab Emirates 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 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 18.5% during 2024-2029. The social commerce GMV in the country will increase from US$999.73 million in 2023 to reach US$2.86 billion by 2029.
Emirati social commerce is expected to grow at a rapid rate over the medium term. An increasing number of young generation shoppers are flocking to social channels for product inspiration and purchases. This trend is projected to continue further in 2024, resulting in a high-growth period for the social commerce market. In the UAE, young shoppers are also using social channels for high-end purchases.
Augmented reality has played a crucial role in driving online shopping experiences for buyers. The virtual try-on feature, for instance, gained widespread popularity among shoppers in the United Arab Emirates. Going forward, the publisher expects innovation to gain further momentum in the Emirati market. Overall, the publisher maintains a robust growth outlook for the social commerce industry in the UAE over the next three to four years.
Social shopping is gaining strong momentum among shoppers in the United Arab Emirates
The time spent on social media is rising at a rapid rate in the Emirati nation. According to the RetailX Middle East E-commerce region 2023 report, people are spending nearly three hours on social media platforms in the UAE. This time is spent researching products, with 79% of the people looking for brands or things to purchase on social platforms. Furthermore, 59% of the people have stated that they bought products on social channels over the last 12 months.
In another report, from Snap Inc. and Havas Media Network, 54% of the consumers stated that they are discovering new products and brands through social channels in the United Arab Emirates. The report also revealed that 50% used social media platforms for product recommendations and reviews.
Snap Inc. also revealed that over half of Snapchat users send messages and pictures of products to their friends while they are shopping every day. This presents a huge opportunity for brands to connect with the preferences and interests of the younger generation. Going forward, the market is projected to report strong growth, as the social buying trend is poised to accelerate across the United Arab Emirates.
Young shoppers are making high-end purchases through social media platforms in the Emirates
While clothing is one of the most popular shopping categories among social commerce buyers, young generation consumers are also into buying high-end products in the Emirates, according to Snap Inc.
- The report from Snap Inc. revealed that 45% of young shoppers are using social media platforms in the discovery phase for luxury buys. Furthermore, 84% are completing the purchase through social channels. This highlights a strong trend in the growing social commerce market in the Emirates. Luxury brands can tap into social platforms to reach young generation shoppers and accelerate their revenue growth in the UAE.
Social platforms have added features like augmented reality to entice luxury shoppers in the region. The virtual try-on feature, for instance, has been crucial for 81% of luxury shoppers in the UAE. For social media platforms looking to tap into the growing market, offering such innovative features can aid growth over the medium term.
Social commerce platforms have reported strong revenue growth in the United Arab Emirates
Amid the growing trend of social buying in the Emirates, platforms are enjoying a strong growth period in the country, registering significant revenue increases during the first six months of 2023.
- SleekFlow, a leading software platform for social commerce in the Asia-Pacific region, reported an impressive fivefold increase in revenue in the UAE during the first half of 2023. Not only has the company done well in the Middle East, but it is projected that around 20% of the new revenue over the next two years will come from the UAE. The significant growth in the UAE is attributed to their strategic collaboration with L'Occitane ME's Accelerator Program, which is powered by Chalhoub Group's The Greenhouse. This partnership officially brought SleekFlow's versatile social commerce platform to the UAE, making a significant impact on the retail scene in the region.
The growth achieved by SleekFlow in the United Arab Emirates market is a testament to the growing market. Going forward, the publisher expects more regional and global platforms to enter the market over the next three to four years.
This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.
Databook Scope
This report provides in-depth, data-centric analysis of social commerce in United Arab Emirates. Below is a summary of key market segments:
United Arab Emirates Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
United Arab Emirates Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
United Arab Emirates Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2020-2029
- Clothing & Footwear
- Beauty and Personal Care
- Food & Grocery
- Appliances and Electronics
- Home Improvement
- Travel
- Hospitality
United Arab Emirates Social Commerce Industry Market Size and Forecast by End Use Consumer Segment, 2020-2029
- B2B
- B2C
- C2C
United Arab Emirates Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029
- Mobile
- Desktop
United Arab Emirates Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Domestic
- Cross Border
United Arab Emirates Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
United Arab Emirates Social Commerce Industry Market Size and Forecast by Payment Method, 2020-2029
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- Other Digital Payment
- Cash
United Arab Emirates Social Commerce Industry Market Size and Forecast by Platforms
- Video Commerce
- Social Network-Led Commerce
- Social Reselling
- Group Buying
- Product Review Platforms
United Arab Emirates Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour, 2023
- By Age
- By Income Level
- By Gender
Companies Mentioned
- The Luxury Closet
- Zbooni
- SellAnyCar.com
- Floranow
Key Attributes
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $1.2 Billion |
| Forecasted Market Value (USD) by 2029 | $2.9 Billion |
| Compound Annual Growth Rate | 18.5% |
| Regions Covered | United Arab Emirates |
For more information about this report visit https://www.researchandmarkets.com/r/v20oky
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