Global Social Commerce Market 2017-2021
About Social Commerce
Social commerce refers to the buying and selling activities through social media. Social media platforms enable purchase and include highly-curated e-commerce websites. Traditional in-store retailing is popular across the world. However, social commerce has gained considerable traction in the last few years. The global social commerce market is competitive and puts high barriers for new entrants.
Technavio’s analysts forecast the global social commerce market to grow at a CAGR of 33.91% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global social commerce market for 2017-2021. To calculate the market size, the report considers sales through desktops, mobiles, and other electronic devices.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Social Commerce Market 2017-2021
Technavio recognizes the following companies as the key players in the global social commerce market: Facebook, Pinterest, Tencent, Twitter, and Weibo.
Other Prominent Vendors in the market are: Alibaba, Etsy, Fab, iQIYI, LinkedIn, PayPal, Qwiqq, Qzone, Reddit, Renren, Tumblr, and Yahoo!.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is technological advances in social media. Technological innovations have revolutionized social media platforms. Social media was limited to interaction among people through Facebook and Twitter. In the present scenario, social media platforms are used for shopping and sharing information. Social interaction platforms, such as Snapchat, drive the global social commerce market. It is a user-friendly platform used for marketing products.”
According to the report, one driver in the market is increasing use of social media advertising. The e-commerce industry utilizes social media platforms for advertising and increasing the customer base. Due to the growing popularity of social media, e-commerce advertisers use banner display ads and sponsored content to attract customers. These platforms help in effectively engaging the target audience. The posts on social media platforms, such as Facebook and Twitter, are viewed and shared by the users. Circulation of the content increases traffic to the company's website and increases the customer base.
Further, the report states that one challenge in the market is efforts required for customer engagement and retention. Retaining consumers is one of the major challenges faced by the vendors in the online community. In offline retail stores, the staff members help the buyers in choosing the right product or engage them in a way that influences the buying decision. However, in social commerce, customers have complete control over the purchases. Engaging customers on online platforms is a challenge for the vendors. If the web page or mobile application is not appealing or interactive enough, the customers can browse through other shopping sites or visit offline stores.
Facebook, Pinterest, Tencent, Twitter, Weibo, Alibaba, Etsy, Fab, iQIYI, LinkedIn, PayPal, Qwiqq, Qzone, Reddit, Renren, Tumblr, and Yahoo!.
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