DUBLIN, Feb. 26, 2024 (GLOBE NEWSWIRE) — “Brazil Social Commerce Market Intelligence and Future Growth Dynamics Databook – Social Commerce Trends by End-Use Sector, Operational KPIs, Retail Product Dynamics, and Added “Q1 2024 Update'' report – 50+ KPIs on consumer demographics ResearchAndMarkets.com Recruitment.
The social commerce industry is expected to grow steadily during the forecast period, registering a CAGR of 25.7% during 2024-2029. Social commerce GMV in Brazil is expected to reach USD 10.65 billion by 2029, up from USD 2.58 billion in 2023.
The social commerce market in Brazil is expected to grow at a steady pace in the medium term. Increasing access to smartphones and growing internet penetration are supporting the rise of social buying in Latin American markets. In Brazil, increasing time spent on social platforms will also drive industry growth from a short to medium term perspective.
To take advantage of changes in online commerce, social media platforms are also forming strategic alliances to accelerate revenue growth. This trend is expected to continue further in the Brazilian market in the medium term, as companies look to take advantage of growth opportunities. Overall, the company maintains positive growth prospects for Brazil's social commerce industry over the next three to four years.
WhatsApp Business is gaining popularity in Brazil as social buying trend grows
WhatsApp is one of the most popular social channels in Brazil. In the Latin American market, the usage of instant messaging apps rose in his 90s. This is also one of the reasons why WhatsApp chose Brazil to test its payment feature WhatsApp Pay. Meta also entered into a strategic partnership with Mercado Libre to allow small and medium-sized businesses to showcase their product catalog on his WhatsApp.
Therefore, the integration of payment and product discovery features allows users to seamlessly make purchases without leaving the app. The surge in popularity of the Instant His messaging app is also reflected in the revenue generated by His WhatsApp Business in Brazil. Going forward, the company expects WhatsApp to enter into more strategic partnerships as part of its strategy to leverage the popularity of its social commerce features to drive revenue growth. This will support the industry's growth in Brazil over the next three to four years.
Young shoppers will continue to drive growth in Brazil's social commerce market in 2024
Growth in the social buying sector is predicted to be primarily driven by the increasing adoption of social media platforms among Brazil's younger generation. Gen Z and Millennials are expected to drive social commerce growth in the Brazilian market in the medium term. As a result, the social channel is widely popular among the younger generation of users, and the publisher expects platforms like TikTok to record significant growth in Brazil over the next three to four years. Notably, TikTok also announced that it will launch a music streaming platform in Brazil in 2023. This shows that the company is committed to increasing its investments in the Brazilian market 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.
Introduced companies
- YouTube
- simply
- zoop brazil
- LTK
Report scope
This report provides an in-depth, data-centric analysis of social commerce in Brazil. Below is an overview of the major market segments.
Brazil E-commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Brazil Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Brazil 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
Brazil Social Commerce Industry Market Size and Forecast by End-Use Consumer Segment, 2020-2029
Brazil Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029
Brazil Social Commerce Industry Market Size and Forecast by Location, 2020-2029
Brazil Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- first class city
- 2nd class city
- 3rd class city
Brazil 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
Brazil social commerce industry market size and forecast by platform
- video commerce
- Social network-driven commerce
- social resale
- group purchase
- product review platform
Brazilian social commerce industry market size and forecast by consumer demographics and behavior, 2023
- By age
- By income level
- By gender
Key attributes:
| report attributes | detail |
| number of pages | 70 |
| Forecast period | 2024-2029 |
| Estimated market value in 2024 (USD) | $3.4 billion |
| Projected market value to 2029 (USD) | $10.7 billion |
| compound annual growth rate | 25.7% |
| Target area | Brazil |
For more information on this report, please visit https://www.researchandmarkets.com/r/45gama.
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Brazilian social commerce market
