Technavio market research analysts forecast the global social commerce market to grow at a CAGR of close to 34% during the forecast period, according to their latest report.
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Technavio has published a new report on the global social commerce market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global social commerce marketfor 2017-2021. The report also segments the market by devices into laptops and PCs, mobiles, tablets, e-readers, and Internet-enabled TVs. The laptops and PCs segment dominated the market with close to 67% of the market share in 2016.
"Earlier, social media was limited to interaction among people through Facebook and Twitter, however, due to technological innovations, social media platforms are being used for shopping and sharing of information. Social interaction platforms, such as Snapchat, which is a user-friendly platform is being used for marketing products, which is driving the global social commerce market," says Ujjwal Doshi, a lead analyst at Technavio for publishing and advertising research.
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Technavio analysts highlight the following four market drivers that are contributing to the growth of the global social commerce market:
- Increasing installations of mobile apps
- Social commerce platforms offer diverse product portfolios
- Growing number of social media users
- Increasing use of social media advertising
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Increasing installation of mobile apps
The popularity of smartphones and tablets during the period between 2009-2016, has led to a significant increase in the download and installation of mobile apps of social networking websites. This trend is expected to continue during the forecast period. In 2016, the mobile app downloading market accounted for nearly 180 billion downloads, which is likely to reach to 350 billion during the forecast period.
Mobile apps help the vendors in offering products and services according to the interest and need of the customers. Advertisements featured on games apps, music apps, and social networking apps, help vendors in offering products according to the needs of the consumers. Thus, an increase in the number of mobile app downloads will drive growth in the global social commerce market.
Social commerce platforms offer diverse product portfolios
Social commerce platforms offer diverse product portfolios that attract consumers. The leading categories include apparels, books, cosmetics, and electronic gadgets. The product lines of these segments are diverse and thus require regular updates. A diverse product portfolio attracts new customers and retains customer loyalty. The websites that register the highest number of reviews and customer feedback dominate the segment. Small players attract the customers of their rival companies through social media platforms.
Growing number of social media users
There has been a significant increase in the number of users of social media networking websites. In 2016, there were more than 800 active social networking websites. These websites include mobile apps and digital platforms where the users can interact.
In 2016, there were more than two billion active users of social media. The social networking platforms were initially used for social interaction and networking with friends, family, and colleagues. However, these are increasingly being used for brand loyalty and customer interaction.
Increasing use of social media advertising
The e-commerce industry utilizes social media platforms for advertising and increasing its customer base. Due to the growing popularity of social media, e-commerce advertisers use banner display ads and sponsor content to attract customers.
"These social media platforms help in effectively engaging the target audience. The posts on platforms, such as Facebook and Twitter, are viewed and shared by numerous users. Circulation of the content increases traffic to the company's website and increases the customer base," says Ujjwal.
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