Social Commerce Market Size Statistics
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The social commerce market is growing rapidly due to its global popularity and demand. In 2022, social commerce contributed to 4.4% of online retail sales in the U.S. alone, and it is predicted to grow by 5% by 2025.
Social commerce is the shopping revolution that changes peoples’ shopping behavior. Nowadays, many shoppers prefer buying on social media sites, and 8 out of 10 shoppers discover a product on social media platforms and purchase using their mobile phones.
In this article, discover how big social commerce has become and the latest market size, revenue, and trends statistics.
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- In 2023, social media platforms are anticipated to reach $1.298 trillion in sales.
- The social commerce market is expected to increase by 30.8% annually from 2021 to 2025.
- The global market size of social commerce in 2022 was valued at $727.63 billion.
- Globally, 97.2 million people purchased through various social networking sites.
- The social commerce market is forecasted to grow by 35.3% in 2026.
- 23% of the global social commerce market is from the apparel segment.
- 9 in 10 global consumers prefer shopping for beauty care products via social media platforms.
- 92% of online resellers prefer Instagram commerce.
How Big is Social Commerce Worldwide?
The global market size of social commerce’s value in 2022 was $727.63 billion. It is foreseen to have a CAGR of 31.6% from 2023 to 2030. In addition, it is forecasted to surpass $6 trillion by 2030.
The rising popularity of social commerce has taken advantage of this trend by making internet users’ shopping experience easier as product discovery, online reviews, customer feedback, and check-outs are made on a social media platform.
Social Commerce Market Size, Revenue Statistics
The social commerce market is growing because of the increasing number of social media users. Out of 4.89 billion social media users, 50.8% use social media to look for inspiration for buying things and browse for purchases.
Users are not the only reason the social market is growing – businesses use social media platforms because it creates better opportunities for brand awareness and connecting with potential customers.
Here are the current global social market size and revenue statistics.
1. In 2023, social media platforms are anticipated to reach $1.298 trillion in sales.
(Statista)
The social commerce market is gaining popularity since shoppers now prefer to use social media platforms to buy products. The demand is foreseeing an increase in sales by 2023.
The table below shows the expected global market value of social commerce sales.
| Year | Market Value |
| 2022 | 992 billion |
| 2023 | 1,298 billion |
| 2024 | 1,698 billion |
| 2025 | 2,221 billion |
| 2026 | 2,900 billion |
The market for social commerce also increased due to the many social platforms adapting to the users’ needs. Social mobile apps on smartphones nowadays have built-in social commerce features.
2. The social commerce market is expected to increase by 30.8% annually from 2021 to 2025.
(Oberlo)
The social commerce market is expected to expand with a 30.8 % yearly increase from 2021 – 2025. This increase can be attributed to more consumers using social media platforms to sell and market their products and services.
Shoppers are using social commerce because it is more convenient and interactive. On the other hand, social commerce provides businesses with a broader and better reach to customers.
3. Globally, 97.2 million people purchased through various social networks.
(Strategic Market Research, Twitter)
Other than participation, internet users value accessibility and convenience. This makes social media platforms viable for online shopping as products are available on these platforms, and users no longer need to log in to e-commerce sites.
Consumers’ participation in a brand’s marketing determines the effectiveness of a social commerce effort. One study on Twitter stated that 97.2 million people purchased through various social networks worldwide.
Social Commerce Products and Regions Statistics
Social commerce products and regional statistics are essential to understanding the users’ preferences regarding products and services. And this can be the basis of specific marketing strategies to increase sales and market penetration.
4. In 2022, the social commerce industry in Africa and the Middle East experienced an annual growth rate of 70.3% and reached $8,903.7 million.
(BusinessWire)
The social commerce industry in Africa and the Middle East significantly increased as more users shifted towards online shopping from e-commerce platforms amid the global pandemic.
Many users purchase products through social media platforms like Facebook, Instagram, and TikTok. Out of the 3 platforms, Facebook has the highest order volumes and transactions.
This region will grow steadily in the social commerce industry from 2022 to 2028. With a CAGR of 55.2%, the gross social commerce merchandise value (GMV) will increase from $8,903.7 million in 2022 to $13,337.2 million by 2028.
5. The social commerce market in the Asia Pacific is expected to grow by 14.7% annually.
(Yahoo! Finance, Fortune Business Insights)
This growth is attributed to the changes in consumer shopping behaviors during the global pandemic. As they adopted digital services and shopping, it helped accelerate the development of the social commerce market.
This resulted in a 14.7% annual growth of the social commerce market in the Asia Pacific. And it is expected to reach $489,327.6 million in 2023. In addition, there is a 10.6% CAGR during 2022-2028; by 2028, it will go up to $894,795.4 million.
6. The global social commerce industry anticipates A steady 19% growth in Europe.
(Cision)
The demand for social shopping and buying across Europe supported the rise of the social commerce market. Faster checkout, product exclusivity, and increasing advertisement encourage more consumers toward social shopping.
Thus, the social commerce industry in Europe is expected to grow by 28.2% annually, reaching $75,246.7 million. Also, for 2022 – 2023, a 19% CAGR is recorded. The social commerce GMV in the region increased from $75,246.7 million in 2023 to $213,894.1 million by 2028.
7. North America contributes 26% of the global social commerce market.
(Fortune Business Insights)
North America is the second largest market. One key factor contributing to the increasing segment growth is the rising number of companies using social media to promote their product.
The percentage distribution of other regions’ global social commerce market is listed below.
- Asia Pacific – 49 %
- North America – 26 %
- Europe – 16 %
- The Middle East and Africa – 6%
- South America – 3 %
Asia Pacific is currently the leading region for social commerce growth compared to other countries because of the rise of significant investments in telecommunications infrastructure, widespread internet, smartphone adoption, and extensive use of social media platforms.
In contrast, North America experiences a more fragmented e-commerce and social commerce landscape than developing nations. This results in diverse consumer attitudes and behaviors that impact social media consumption, digital shopping, online payments, and privacy concerns.
Social Commerce Trends Statistics
Trends statistics are essential for businesses to adapt to the needs and want of the shoppers. With the popularity of social commerce, consumer behavior is constantly evolving. Thus knowing the trends will give you insights to provide the users’ needs.
Here are the latest trends in social commerce regarding products and the most preferred social media platform for shopping.
8. The apparel segment is 23% of the global social commerce market.
(Strategic Market Research)
In 2021, the apparel segment controlled 23% of the global social commerce market. The fashion industry is one of the online businesses with the highest demand. Wherein most online customers purchase their apparel through social media.
Social media platforms are also the best market for apparel, as influencers and consumers can view the product in real time through Live videos or brand marketing updates.
9. 9 in 10 global consumers prefer shopping for beauty care products via social media platforms.
(Internet Retailing)
Having 96% of Internet users worldwide using social media platforms provides numerous opportunities for brands to delve into the potential of social commerce. This is particularly advantageous because 91% of global consumers prefer purchasing beauty care products through social platforms.
10. 92% of online resellers prefer Instagram commerce.
(Shopify)
Instagram’s photo-centric and video-focused features led online businesses to the platforms. Thus it paved the way to turn social media networks into shopping channels.
The introduction of Instagram Shops, live streaming, and influencer collaboration encouraged 92% of online retailers to use Instagram as part of their social commerce strategy, beating Facebook, Pinterest, and TikTok.
Conclusion
The latest statistics in the social commerce market provide valuable insights into its potential to innovate shoppers’ experiences using various social media platforms. Business can promote their product on social media while shoppers discover and research different products.
Social commerce has changed shoppers’ behavior and elevated their shopping experience. Understanding social commerce’s market size and revenue statistics gives businesses ideas about this sector’s potential growth and investment.
