DUBLIN, Feb. 20, 2024 (GLOBE NEWSWIRE) — “European Social Commerce Market Intelligence and Future Growth Dynamics Databook – Social Commerce Trends, Operational KPIs, Retail Product Dynamics, and Consumers by End-Use Sector Added “Q1 2024 Update'' report – 50+ KPIs related to demographics ResearchAndMarkets.com Recruitment.
The European social commerce industry is expected to grow by 24.4% on an annual basis, reaching USD 92.11 billion in 2024. The social commerce industry is expected to grow steadily during the forecast period, registering a CAGR of 20.1% during 2024-2029. Social commerce GMV in the region is expected to reach USD 230.5 billion by 2029, up from USD 74.06 billion in 2023.
In Europe, the social commerce market is expected to grow at a steady pace over the medium term. Instagram is the most popular choice among the younger generation of social media buyers, especially in markets like the US. Going forward, the publisher expects other players such as TikTok to increase investment in the European social commerce market, fostering a competitive environment in the sector.
Global companies are also seen expanding their presence in the European market to tap into the growing industry. This trend is expected to continue further in the medium term, fostering innovation and a competitive environment in the market. Overall, publishers maintain positive growth prospects for the European social commerce market from a short to medium term perspective.
Younger consumers are leading the social buying trend in the UK
The UK is leading the way in social buying trends across the European region, but there are still plenty of opportunities for growth in this area. Social commerce penetration in the country is low compared to other markets such as the US and China. Younger consumers, Gen Z and Millennials, are predicted to lead social buying trends in the UK over the medium term.
According to an eMarketer report, Instagram is the top choice for social purchasing for younger consumers, with 37.3% of respondents preferring the purchasing channel. This is followed by TikTok with 36.1% and Facebook with 34.3%. This shows that while Meta dominates the UK social commerce market, TikTok is rapidly gaining ground among social buyers. The publisher expects TikTok to further increase its investment in the UK social commerce industry over the next three to four years as the market continues to mature.
Global companies are launching social commerce platforms in Europe as the industry grows
The industry is expected to grow at a steady pace in Europe over the next three to four years, with global companies expanding their geographic footprint and building a strong presence in the region.
SHOPLINE, one of Asia's leading social commerce platforms, has announced its global expansion in 2023. The company initially plans to expand its operations in the European market. With a strong presence around the world, SHOPLINE partners with over 500,000 brands and has emerged as a leader in cross-border sales, payments and logistics.
SHOPLINE works with major platforms such as Meta (Facebook and Instagram), Google, TikTok, and Amazon to provide sellers with a smooth and unified experience for both shopping and advertising. With advanced influencer collaboration and dynamic customer segmentation features, SHOPLINE provides brands with a powerful toolkit. Moreover, its architecture is designed with an API-first approach, ensuring flexibility and easy integration into his SHOPLINE platform.
Going forward, publishers expect more global social commerce platforms to expand their presence in the European market. This will support the competitive environment and market growth over the next 3-4 years.
Klarna aims to expand Creator Shop functionality in European markets to help businesses grow
Klarna is actively moving beyond the buy now, pay later business model. To accelerate revenue growth, the company has entered various business areas such as social buying and commerce. The company has gained strong traction in the US with its Creator Shop feature. Klarna is currently planning to expand its Creator Shop functionality in the European market.
Through its Creator Shop feature, the company offers more than 500,000 creators the opportunity to create their own online store on Klarna.com. Creators provide users with tools that ensure a seamless shopping experience, allowing him to discover and purchase products recommended by his favorite Creators in one place. The platform allows creators to suggest products from a wide range of retailers, share interactive shopping videos and photos, and promote their stores on social media. This not only benefits creators, but also opens up new revenue potential for retailers.
In the US, Creator Platform has grown 5x year-on-year, highlighting the value Klarna provides. This launch will bring more creators to the platform in the UK and other markets as well. This will support the growth of the social commerce industry in the region over the next three to four years.
This report provides a detailed data-centric analysis of the Social Commerce industry, covering market opportunities and risks. This report includes over 50 KPIs at the country level to provide a comprehensive understanding of Social Commerce market dynamics, market size and forecast, and market share statistics.
Research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to provide a detailed view of opportunities in emerging business and investment markets.
Bundled study with 1 regional report and 15 country reports
- European Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Austria Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Belgium Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Denmark Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Finland Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- French Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Germany Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Greece Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Ireland Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Italy Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Netherlands Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Poland Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Russia Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Spain Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Swiss Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- UK Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
Key attributes:
| report attributes | detail |
| number of pages | 1120 |
| Forecast period | 2024-2029 |
| Estimated market value in 2024 (USD) | $92.1 billion |
| Projected market value to 2029 (USD) | $230.5 billion |
| compound annual growth rate | 20.1% |
| Target area | Europe |
Scope of each report
E-commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Social Commerce Industry Market Size and Forecast by Retail Product Category, 2020-2029
- clothing and footwear
- beauty and personal care
- food and groceries
- Home appliances/electronic equipment
- home repair
- trip
- hospitality
Social Commerce Industry Market Size and Forecast by End-Use Consumer Segment, 2020-2029
Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029
Social Commerce Industry Market Size and Forecast by Location, 2020-2029
Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- first class city
- 2nd class city
- 3rd class city
Social commerce industry market size and forecast by payment method, 2020-2029
- credit card
- debit card
- Bank transfer
- prepaid card
- Digital & Mobile Wallet
- Other digital payments
- cash
Market size and forecast by platform in the social commerce industry
- video commerce
- Social network-driven commerce
- social resale
- group purchase
- product review platform
Social Commerce Industry Market Size and Forecast by Consumer Demographics and Behavior, 2023
- By age
- By income level
- By gender
Companies mentioned
- Shopify Austria
- Renovated
- wikifolio
- kid
- Snoopit
- Kajidomi
- my social book
- My shop
- Rockal
- Ernie Land
- uni sports
- my skate pro
- flauntin
- application
- style doubler
- Swappy
- commerce street
- Smeal
- sephora
- mobile.de
- Zalando
- ideal
- Tomisato
- greek.social
- broom biz
- pop deem
- irish brand
- Bantoa
- green ape
- welcome back
- eBay
- order champ
- product pine
- mentally
- Ganymede SP.Zoo
- Fukontakte
- Yura
- shop pilot
- plaitomic
- 21 buttons
- Moodyo
- YouTube
- shine
- Imo Scout 24
- Inyova
- please look
- depop
- agora
- company shop
For more information on this report, please visit https://www.researchandmarkets.com/r/2bkc7k.
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European social commerce market
