New York, United States, Nov. 07, 2024 (GLOBE NEWSWIRE) -- E-commerce plays a crucial role in retail and reshapes the social commerce market. Since the turn of the century, online shopping has expanded significantly as internet access has spread to every corner of the globe, and smartphones have become an integral part of the lives of billions of people. Social commerce has ushered in an entirely new realm of shopping, granting consumers access to a vastly expanded selection and helping to meet the growing demand for convenience. Due to the increasing popularity of online shopping and the convenience it offers, social commerce is gaining momentum. Customers can now order products with minimal effort from the comfort of their own homes. Social commerce platform sellers offer discounts, cashback, same-day or next-day deliveries, click-and-collect services, ESR options, and other services that make online shopping more convenient and profitable than offline shopping. Businesses are investing in technologies such as artificial intelligence, chatbots, machine learning, and augmented reality, among others, to improve the customer experience. During the forecast period, the increasing convenience of online shopping is anticipated to be a significant market growth driver. Infrastructures for Social Commerce Market leaders in social commerce platforms include Facebook, Twitter, and Pinterest.
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Market Dynamics
The rise of Social Media and E-Commerce and Social Networking Sites Encouraging Businesses to Grow Drives the Global Market
Many businesses are using social commerce to reach out to existing and prospective new customers. This trend is influenced by several factors, including the fact that individuals are spending more time on social media platforms; according to studies, the average person spends over two hours per day on social media platforms. In addition, these platforms serve as effective marketing tools, contributing to the steady growth of online shopping via social media platforms because they allow customers to make purchases more interactively than traditional e-commerce platforms. In the preceding decade, social media networks have attracted extraordinary attention and experienced exponential growth in user base. Access to social networking sites such as Facebook, Twitter, Instagram, LinkedIn, and YouTube is currently effortless. The exponential growth of these and other social networking sites' user bases encourages companies to connect with customers through these platforms.
Moreover, the convergence of content sharing, shopping, payment, and messaging features has facilitated the growth of social commerce in recent years. Social commerce, defined as using a social media platform to drive and process e-commerce transactions, has spawned new shopping methods in tandem with online environments. Consequently, the increasing adoption of e-commerce and social media platforms for shopping and information exchange is anticipated to drive market expansion over the next few years.
Exposure to Big Data Analytics and Artificial IntelligenceMarket Creates Tremendous Opportunities
Over the past few years, the evolution and rapid adoption of big data and artificial intelligence (AI). Companies engaged in social commerce are aggressively adopting AI and big data technologies to optimize their service offerings. Big data, a vast collection of online and offline data, has evolved into a valuable resource for analyzing past trends and gaining valuable insights into customer behavior, thereby facilitating higher levels of customer satisfaction. By integrating big data into social commerce, businesses can gain access to data that can be used to increase revenue, acquire new customers, and streamline operations. AI enables e-commerce businesses to improve the customer experience, optimize brand competitiveness, and foster brand loyalty. It provides buyers with accurate product recommendations and enhanced search results, enabling them to find what they desire with the fewest clicks possible. The increased adoption of AI in social commerce has enabled businesses to meet rising customer demands precisely and effectively.
AI and big data are the next major transformative technologies that will influence how businesses interact with data and business processes. The technologies facilitate the development of digital data models and data collection. Utilizing data from multiple sources as a knowledge repository results in an accurate forecast of customer needs. Numerous advantages of these technologies for the social commerce industry compel businesses to leverage big data- and AI-based applications to enhance customer experience and convert dissatisfied customers into loyal customers. In addition to AI and big data analytics, cloud computing and the Internet of Things (IoT) are promising technologies that are anticipated to assist businesses shortly in enhancing their customer relationships and customer satisfaction.
Regional Analysis
Asia-Pacific held a market share of 69.5% and is anticipated to grow steadily over the forecast period. Rising investments in the telecommunication infrastructure, the proliferation of the internet and smartphones, and the widespread use of social media websites such as Facebook, Instagram, and Twitter are primarily responsible for the expansion of this region. In addition, the increasing number of smartphone and social media users in countries such as China largely favors regional market expansion.
North America has emerged as the second-largest market and is anticipated to grow incredibly during the forecast period. Compared to developing countries, the U.S. e-commerce and social commerce landscapes are significantly more fragmented, with different consumer attitudes and behaviors toward social media consumption, digital shopping, payments, and online privacy. According to GWI, 51 percent of U.K. and U.S. consumers will use YouTube to find products and conduct additional research before making a purchase.
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Competitive Players
The global cryogenic pump market’s major players are –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.; WeChat (Weixin); Xiaohongshu; Yunji Sharing Technology Co., Ltd
Market Players
- May 2022- Twitter to pay USD 150 million penalties over protecting the privacy of users' data.
- May 2022- Meta announces new privacy policies for Facebook, Instagram, and Messenger
- May 2022- The company, then known as Facebook, began its latest eCommerce push when it launched Facebook and Instagram Shops
Global Social Commerce Market: Segmentation
By Business Model
- Business to Consumer
- Business to Business
- Consumer to Consumer
By Product Type
- Personal and Beauty Care
- Apparel
- Accessories
- Home Products
- Health Supplements
- Food and Beverages
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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