PUBLISHER: yStats.com | PRODUCT CODE: 1213306
PUBLISHER: yStats.com | PRODUCT CODE: 1213306
Global Social Commerce Market and Trends 2023
Social Commerce sees growth post pandemic": new yStats.com report.
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. Facebook shops and shoppable Instagram posts are some of the driving factors behind the growth of social commerce, as mentioned in the new yStats.com 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 yStats.com 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 yStats.com 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.
Table of Contents
1. Management Summary
2. Global
- Overview of Trends and Development in Social Commerce Market, November 2022 (1 of 2)
- Overview of Trends and Development in Social Commerce Market, November 2022 (2 of 2)
- Social Commerce Market Size, in USD trillion, 2021 & 2025f
- Breakdown of Social Commerce Spend, by Generation, in % of Social Media Users, 2025f
- Share of Consumers Who Will Prefer Purchasing via Social Commerce Over Traditional Commerce, in %, 2026f
- Share of Respondents Who Are Influenced to Shop via Social Media, in %, January 2022
- Share of Social Media Users Who Already Made a Purchase via Social Commerce in the Last Year, in %, September 2021
- Breakdown of Frequency at Which Respondents Buy Products via Social Commerce, by Platform, in %, January 2022
- Top Product Categories Purchased on Social Media vs In-Store, in % of Internet Users, January 2022
- Share of Companies Already Selling on Social Media, in %, December 2021
- Top Benefits for Companies Investing in Social Commerce, in % of Companies, 2021e
- Top Challenges That Companies Investing in Social Commerce Face, in % of Companies, 2021e
- Share of Social Media Users Who Are Already Making Some Form of Income from Social Commerce, in %, 2022e
- Top Shopping Trends Internet Users Have Tried, in % of Internet Users, January 2022
- Top Strategies That Would Make Shoppers Buy More on Social Media, in % of Shoppers, January 2022
3. North America
- 3.1. Regional
- Overview of Social Commerce Market, November 2022
- 3.2. USA
- Retail Social Commerce Sales, in USD billion, and Y-O-Y Change, in %, 2020-2025f
- Number of Social Commerce Buyers, in millions, and Year-On-Year Change, in %, 2019-2025f
- Share of Social Media Buyers, by Generation, in %, June 2022
- Top Product Categories Purchased via Social Commerce, in % of Respondents, December 2021
- Top Ways to Find the Perfect Product, in % of Respondents, December 2021
- Breakdown of Shopping Behaviors Consumers Display While Shopping via Social Commerce, in % of Respondents, December 2021
- Share of Social Shoppers That Use Social Media to Get Their Gift Ideas, by Age, in %, October 2022
- Share of Adults Who Made an Impulse Purchase on Social Media and Did or Did Not Regret It, in % of Adults, June 2022Breakdown of Respondents' Using BNPL Service in Social Commerce, by Age Group, in %, December 2021
- Top Features of Social Media That Are Currently Used vs Those Are Planned to Be Used More in 2022, in % of Respondents, December 2021
- Share of Livestream Watchers Who Already Bought via Social Commerce vs Those Who Want to Buy More in 2022, in %, December 2021
- 3.3. Canada
- Share of Adults Who Are Influenced by Social Media Advertisements While Making Purchases, by Generation, in %, 2021
- Top Social Media Channels Preferred While Shopping via Social Commerce, by Generation, in % of Respondents, 2021
4. Asia-Pacific
- 4.1. Regional
- Overview of Social Commerce Market, November 2022
- 4.2. China
- Transaction Value of Social Commerce Market, in CNY trillion, and Y-O-Y Change, in %, 2020-2025f
- Top Advantages of Social Commerce, in % of Consumers, February 2022
- Top Pain-Points of Social Commerce, in % of Consumers, February 2022
- 4.3. India
- Share of Consumers Who Purchased via Social Media, in %, 2021e
- 4.4. Singapore
- Share of Respondents Who Purchased Directly via Social Media, in %, and Most Preferred Channels for Social Media Purchases, in % of Respondents, 2021e
- 4.5. Indonesia
- Most Used Social Media Platforms for Purchases, in % of Respondents, and Top Purchase Categories on Social Media, in % of Respondents, August 2022
- 4.6. Japan
- Share of Purchasing Intent via Social Media, in % of Respondents, 2021e
- Share of Respondents Whose Buying Decisions are Completely or Somewhat Influenced by Social Media Influencers, in %, March 2022
- 4.7. South Korea
- Top Categories Bought via Social Media, in % of Respondents, July 2021
5. Europe
- 5.1. Regional
- Overview of Social Commerce Market, November 2022
- 5.2. UK
- Number of Social Buyers, in millions, and Year-on-Year Change, in %, 2021-2025f
- Share of Retailers Who Believe Social Commerce is a Key Emerging Trend, in %, 2021
- Share of Shoppers Who Use Social Media to Discover New Products vs Those Who Use Social Media for Shopping, in %, 2022e
- Share of Respondents Who Plan to Make a Purchase Directly via Social Media in the Next 12 Months, in %, September 2022
- Share of Preferred Social Media Platforms for Purchase via Social Commerce, by Generation, in % of Respondents, December 2021
- Share of Preferred Product and Service Categories Bought via Social Commerce, by Generation, in % of Respondents, December 2021
- Share of Preferred Payment Methods Used While Shopping via Social Media, by Generation, in % of Respondents, December 2021
- 5.3. Germany
- Share of Respondents Whose Buying Decisions are Completely or Somewhat Influenced by Social Media Influencers, in %, March 2022
- Top Product Categories Purchased via Social Commerce, in % of Social Shoppers, November 2021
- Most Preferred Social Network Platform To Purchase Goods From, in % of Respondents, November 2021
- Top Motivators to Buy from Social Media, in % of Social Shoppers, November 2021
- 5.4. France
- Share of Preferred Social Media Platforms for Purchase via Social Commerce, by Generation, in % of Respondents, April 2022
- Top Categories Bought via Social Media, in % of Respondents, April 2022
- 5.5. Spain
- Top Social Network Platforms That Influenced the Purchase Decision, in % of Online Shoppers, October 2021
6. Latin America
- 6.1. Regional
- Overview of Social Commerce Market, November 2022
- 6.2. Mexico
- Top Social Media Platform Used by Shoppers, in %, & Favored Payment Method for Social Commerce, in % of Shoppers, 2021
- 6.3. Brazil
- Share of Respondents Who Have Already Purchased via Social Media, in %, and Main Challenges to Buying via Social Media, in % of Consumers, Q1-Q2 2022
7. Middle East & Africa
- 7.1. Regional
- Overview of Social Commerce Market, November 2022
- Overview of Social Commerce Market, November 2022
