DUBLIN, March 08, 2024 (GLOBE NEWSWIRE) — “UK 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 UK social commerce market is expected to grow at a staggering 26.6% annually, reaching US$31.27 billion by 2024. This surge demonstrates the continued evolution of the sector and its appeal to a wide range of consumer groups, particularly young consumers.
A projected compound annual growth rate (CAGR) of 21.6% from 2024 to 2029 suggests solid expansion, with gross merchandise value (GMV) expected to grow from USD 24.71 billion in 2023 to 2029. It is expected to increase to a staggering US$83.27 billion by 2019.
Gen Z and young Millennials have been pinpointed as key drivers of the surge in social commerce activity, making channels like Facebook, Instagram, Twitter, and TikTok essential to connecting small businesses with their target audience. It becomes.
The latest market intelligence report on the UK social commerce sector predicts significant growth and transformative trends for the industry. This databook explores over 50 key performance indicators (KPIs) and provides detailed information on social commerce trends, operational KPIs, retail product dynamics, and consumer demographics by end-use sector through 2029. Analysis is provided.
Trends shaping future growth of the UK social commerce industry
- Consumer preferences: The emerging preference for social media platforms for shopping among young people is setting the path for future growth.
- Market maturity: Compared to global powers such as the US and China, the UK leads in social buying within Europe, but there are significant opportunities for market penetration and growth.
- Industry trends: Small and medium-sized businesses find social channels advantageous in driving sales, competing with traditional sales methods, and reaping significant returns on marketing investments.
- Platform development: This report demonstrates the need for social platforms that simplify guidelines and support small businesses to maximize their growth potential.
- Innovative entrants: Klarna's expansion plans demonstrate the rise of new business models in social commerce, with its Creator Shop feature allowing creators and retailers to take advantage of social commerce trends.
This data book consists of detailed social commerce analysis, which is crucial in understanding the current state of the market and future opportunities. Segment the market across various aspects such as payment methods, platforms, demographics, and device usage. Key insights help companies, investors, and policy makers make strategic decisions tied to market trajectories.
Future growth depends on a nuanced understanding of key trends and opportunities and the adoption of market-specific strategies. This comprehensive report highlights key market dynamics and forecasts for parties looking to take advantage of the UK's thriving social commerce ecosystem.
This report captures the scope of social commerce across multiple segments.
- We detail growth forecasts within key retail product categories – clothing and footwear, beauty and personal care, food and groceries, appliances and electronics, home improvement, travel and hospitality.
- B2B, B2C, C2C – Expand your market by consumer segment and predict changes in consumption patterns.
- Mobile vs. Desktop – Evaluate device-based preferences and their impact on social commerce trajectories.
- Analyze the recommended transaction modes for social commerce activities – credit cards, debit cards, bank transfers, prepaid cards, digital and mobile wallets, and other payment methods.
- Consumer demographics and behavior – Provides insight into purchasing trends by age, income level, and gender.
This report serves as an essential tool for stakeholders ready to take advantage of the expanding horizons of the UK social commerce industry by identifying key market dynamics and sector-wide opportunities.
Key attributes:
| report attributes | detail |
| number of pages | 70 |
| Forecast period | 2024-2029 |
| Estimated market value in 2024 (USD) | $31.3 billion |
| Projected market value to 2029 (USD) | $83.3 billion |
| compound annual growth rate | 21.6% |
| Target area | England |
Company scope:
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- depop
- agora
- company shop
For more information on this report, please visit https://www.researchandmarkets.com/r/7iq1sq.
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UK social commerce market
