DUBLIN, February 29, 2024 (GLOBE NEWSWIRE) — “Asia Pacific Social Commerce Market Intelligence and Future Growth Dynamics Databook – Social Commerce Trends, Operational KPIs, and Retail Product Trends by End-Use Sector” Added “Over 50 KPIs on Dynamics, Consumer Demographics – Q1 2024 Update'' report ResearchAndMarkets.com Recruitment.
The social commerce industry in Asia Pacific is expected to grow by 12.3% on an annual basis to reach USD 542.42 billion in 2024.
The social commerce industry is expected to grow steadily during the forecast period and register a CAGR of 10.2% during 2024-2029. Social commerce GMV in the region is expected to reach USD 879.87 billion by 2029, up from USD 482.98 billion in 2023.
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.
The social commerce market is poised to experience significant growth in the medium term in Asia Pacific. This growth will be driven by increased consumption and usage of social media platforms for product discovery and inspiration. Integration of payment and product discovery features on social media platforms will also support market growth in Asia Pacific.
Companies are also forming strategic alliances in this area to circumvent restrictions on social commerce activities in the Southeast Asian region. In India too, the industry is expected to report strong growth in the medium term. In India, startups are raising funds and innovating using artificial intelligence. Overall, the company maintains its outlook for robust growth in the Asia Pacific social commerce market over the next three to four years.
Chinese social commerce giant plans to increase investment in global markets in 2024
Markets such as the US, Canada, and Australia are expected to report strong growth over the next three to four years, and Chinese social commerce companies plan to increase investment in these markets in the medium term.
For example, TikTok has been aggressively expanding in the U.S. over the past few quarters. This trend is expected to continue further into 2024 as the company looks to develop its logistics network in the American market to increase the platform's attractiveness among buyers and sellers. In the US, TikTok has set an ambitious goal of increasing its gross merchandise value tenfold in 2024. In 2023, TikTok has emerged as one of the major players in the US market, with significant growth exceeding Metaplatform. Further investments in these markets will strengthen the company's position in the medium term.
Other social commerce platforms in the region also expect to increase their investments in regional and global markets over the next three to four years. This will foster innovation and a competitive environment in fast-growing sectors in the short to medium term.
Innovative startups leverage artificial intelligence to gain market share in fast-growing social commerce space
India is expected to see more platforms adopting new-age technologies such as artificial intelligence to facilitate a better shopping experience for online buyers. This trend will further support the medium-term growth of the social commerce industry in the Indian market.
Innovative social commerce startup Book My Makeup has launched an AI-driven platform offering beauty services. Through new-age technology, the platform has introduced features such as augmented reality makeup trials, customized beauty recommendations, and virtual consultations. These features are part of the company's strategy to make beauty services more engaging, personalized and convenient for users.
The publisher expects more such innovative startups to emerge in the Indian social commerce market in the future. This will foster a competitive environment for the sector and at the same time drive industry growth over the next three to four years.
Companies form strategic alliances to circumvent social commerce ban in Southeast Asia region
In September 2023, Indonesia announced a ban on e-commerce on social media networks. The regulatory process was part of a strategy to protect offline sellers and marketplaces from predatory pricing on social media platforms. The ban was a severe blow to TikTok, which was considering Indonesia as one of its major social commerce markets.
However, TikTok entered into a strategic partnership with GoTo in December 2023. The partnership is part of the social commerce platform's strategy to avoid bans in Indonesia. As part of the deal, Tokopedia and TikTok Shop will be combined into his expanded Tokopedia entity. TikTok has committed to investing US$1.5 billion in the entity over a period of time. This investment means TikTok will have a controlling interest of 75.01% in the entity. The shopping functionality available within the TikTok app will now be operated and maintained by an expanded entity in Indonesia.
TikTok partnered with GoTo to avoid a ban by Indonesian authorities, but other social media platforms such as Facebook, Instagram and WhatsApp have also applied for social commerce permits in the country.
Bundled product offering 13 detailed reports
- Asia Pacific Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Australian Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- China Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- India Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Japan Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Malaysia Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- South Korea Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Philippines Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Singapore Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Taiwan Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Thailand Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
- Vietnam Social Commerce Market Intelligence and Future Growth Dynamics (Data Book)
Key attributes:
| report attributes | detail |
| number of pages | 840 |
| Forecast period | 2024-2029 |
| Estimated market value in 2024 (USD) | $542.4 billion |
| Projected market value to 2029 (USD) | $879.9 billion |
| compound annual growth rate | 10.2% |
| Target area | Asia Pacific |
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
- tick tock
- eBay Australia
- JB Hifi
- buyer's circle
- Daraz
- shop up
- Ajikar Deal
- everly
- Doon Live Shopping
- taobao live
- Kuaisho
- pinduoduo
- taobao market
- Misho
- shop sea
- YouTube
- Chilibeli
- Apricasi Super
- line
- link tree
- flip fit
- PG mall
- TikTok seller
- resale
- Cafe 24 Co., Ltd.
- shopper
- carousel
- Mudada
- Tomon
- jig bang
- we make price
- holiday
- cool live
- link buy
- Zaro
For more information on this report, please visit https://www.researchandmarkets.com/r/w9kf54.
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Asia Pacific social commerce market
