As per a new research study made available by Radiant Insights, Inc.; the global social commerce market is projected to witness strong growth over the forecast period (from 2017 to 2022). The increasing use of social media advertising and a number of social media users are expected to be one of the prominent growth driving factors for the global market. Due to growing popularity of social media, many e-commerce advertisers use sponsored content and banner display advertisements s to attract more customers as these platforms help effectively engage their target audiences.
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User-friendly social media platforms, such as Snapchat, are being used for the marketing of a wide variety of products, which is expected to drive the global market for social commerce. In addition, increasing installations of various smartphone apps are also likely to spur the growth in near future.
The increasing popularity of tablets and smartphones has resulted in a significant growth in download and installation of different smartphone apps of social networking sites. This trend is estimated to continue even during the forecasting years. Advertisements that are featured on music apps, social networking apps, games apps, etc. help vendors offer services and products according to the requirements of their target users. Therefore, a rise in the number of smartphone application downloads is likely to drive the market growth.
The worldwide social commerce market is categorized as per type, application, and region. Based on type, the market is categorized into laptops and PCs, mobiles, e-readers, tablets, and Internet-enabled TVs. The laptops and PCs segment held the largest market share in the past. Factors such as the availability of wide display screens and the assistance of displaying several screens at once to compare the costs offered by the competing social commerce sites are projected to augment the segment growth over the coming years.
Based on application, the market for social commerce is categorized into Business-to-Consumer (B2C), Business-to-business (B2B), and Consumer-to-Consumer (C2C). Based on region, the market is divided into United States, European Union (EU), and Southeast Asia (China, Japan, and India). Southeast Asia is anticipated to be the key revenue contributor for the social commerce market growth during the forecast period. Factors such as rising penetration of the Internet and improved customer disposable income and purchasing power are responsible for the fastest-growth of this regional market.
The global market for social commerce is highly competitive. Facebook, Inc.; LinkedIn Corp.; Tencent Holdings Ltd.; Fab Commerce and Design, Inc.; and PayPal Holdings, Inc. are some of the major companies operating in this market.
ChatBots are one of the most important and emerging social commerce marketing technologies to look forward to. These bots are programmed to help marketers by acting like a human assistant, without actually hiring any human help. This provides a load of opportunities for marketers. For instance, a chatbot on a travel company’s website could ask the site visitors about their preferences and provide them with some personalized stay options, compare costs, and even make bookings at the preferred options of the consumers.
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