Yahoo Finance U.K. Social Commerce Market Databook 2022 - Fashion Retailers are Entering into the Social Commerce Space
Dublin, July 06, 2022 (GLOBE NEWSWIRE) -- The "United Kingdom 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 2022 Update" report has been added to ResearchAndMarkets.com's offering.
Around 80% of consumers in the United Kingdom used social media platforms for shopping in 2021, resulting from the blending of the mature e-commerce market in the country with rising social media adoption among the consumers. Consequently, with the burgeoning social commerce market in the United Kingdom, more social media platforms will increasingly see the launch of in-app check-out options, either standalone or in collaborations. The publisher expects start-ups and retailers will inject social commerce strategy into their business models, providing impetus to the growth of the overall market in the country over the next two to three years.
Key findings:
The social commerce industry in United Kingdom is expected to grow by 30.4% on annual basis to reach US$19175.0 million in 2022.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 27.5% during 2022-2028.
The social commerce GMV in the country will increase from US$19175.0 million in 2022 to reach US$80374.1 million by 2028.
Fashion retailers are entering into the social commerce space of the United Kingdom
According to recent survey, nearly 25% of the shoppers purchased apparel, 20% of shoppers purchased beauty products, and around 19.5% of shoppers bought home electronics through social commerce in the United Kingdom. Notably, more than 50% of the population in the country depends on social commerce for buying fashion products. Consequently, more and more fashion retailers are entering this space to reach out directly to the customers and also prospective customers, where they spend maximum time.
Startups are building innovative social commerce platforms to attract investment
With the booming social commerce market, startups are developing innovative social commerce tools to attract investors and expand their market share in the United Kingdom.
In December 2020, London-based Agora developed social commerce tool backed by £5 million seed funding from investors including Draper Esprit, Lakestar, and Angel Capital Management.
This platform was developed by Riccardo Basile and Elizabeth Craft Townsend-Rose, inspired by the wide adoption of user-generated content by Asian e-commerce platforms, such as Taobao and Little Red Book in China. The company, later in 2021, partnered with the SaaS platform, Mirakl, helping customers to shop from the array of products featured on the social and live-shopping platform.
Global e-commerce platforms are acquiring homegrown social commerce sites to increase customer base in the United Kingdom
Large young consumers aged between 18 to 28 years are the primary consumers for social commerce and driving the market in the United Kingdom. Consequently, with rising opportunities in the market, global e-commerce platforms are showing interest in entering the country's social commerce market to scale up their business.
In June 2021, New York-based Etsy announced that it was going to acquire London-based social shopping platform Depop for US$1.6 billion.
According to the company, Etsy will reach Depop's a large young consumer base from this acquisition. The publisher anticipates with the acquisition, Etsy is likely to build a marketplace to alleviate the next-generation shopping experience from the medium to long term perspective in the country.
Leading social commerce companies are integrating in-app checkout options to attract consumers in the United Kingdom
The surge in the social shopping market has attracted social media platforms to develop new tools and features in order to provide seamless checkout experiences to customers.
Report Scope
The report provides in-depth, data-centric analysis of social commerce in United Kingdom. Below is a summary of key market segments:
United Kingdom Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Kingdom Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Kingdom 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
Others
United Kingdom Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
B2B
B2C
C2C
United Kingdom Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
Mobile
Desktop
United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Domestic
Cross Border
United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Tier-1 Cities
Tier-2 Cities
Tier-3 Cities
United Kingdom 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
United Kingdom Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2021
By Age
By Income Level
By Gender
For more information about this report visit https://www.researchandmarkets.com/r/9re34e
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