Yahoo Finance Global Social Commerce Market and Trends 2023
Social Commerce sees growth post pandemic. Social commerce to become the future of online shopping as live stream shopping picks up. Sales via social commerce are forecasted to see a robust CAGR by 2025, as up-coming trends such as micro influencers and live stream shopping, among others are transforming the social commerce market.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Social Commerce Market and Trends 2023" - https://www.reportlinker.com/p06418179/?utm_source=GNW
Facebook shops and shoppable Instagram posts are some of the driving factors behind the growth of social commerce, as mentioned in the new report. Some of the well-known brands within the beauty and cosmetics industry are adapting the features of live shopping that social media platforms offer. With more than three-quarters of consumers globally being influenced by social media to make their purchase decisions, more than half the internet users claimed shopping via live stream was the top shopping trend as of January 2022. China is the front-runner in embracing the trend of live streaming for promoting and selling goods and services via social media. Live streaming is also gaining popularity in other Asian economies such as South Korea, India, and Singapore. Brands in Asia are collaborating with influencers to promote their goods via live stream. For instance, Watsons Malaysia launched a live stream event to endorse their wide range of products from personal care to supplements. Similarly in the U.S., watching live stream was the feature of social commerce that consumers were willing to use more as of 2022. Furthermore, nearly three-quarters of live stream watchers indicated to have already made a purchase via social media as of December 2021, while nearly half the live stream watchers who have still not made a purchase have plans to buy more through in-platform shopping features as of 2022, as revealed by the new report.
Facebook and Instagram maintain their dominant position as most favored social media platforms across regions, with Gen Z inclining more towards Instagram
With social commerce developing gradually across regions, Facebook and Instagram have maintained their dominant positions as favored social media sites for buying goods and services. Globally, for more than half the survey respondents Instagram was the preferred social media platform for buying goods and services, followed by Facebook, TikTok, and YouTube. North America also saw high social media penetration, with Facebook and Instagram estimated to take the front position as of 2022, as spelled out in the new report. In Canada, while Facebook was preferred by most millennials as of 2021, Gen Z inclined more towards Instagram and YouTube. In Germany and Spain both, a higher percentage of consumers picked Facebook and Instagram as the social media sites they would shop from. In terms of generational differences, most of Gen X and millennial adults in the UK preferred Facebook, while a certain high percentage of Gen Z were in favor of Instagram as of December 2021.
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