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The Asia Pacific Social Commerce Market would witness market growth of 29.7% CAGR during the forecast period (2020-2026). Social commerce basically uses social networking websites like Instagram, Facebook, and Twitter to promote, endorse, and sell the products and services offered by them. The success of any social commerce campaigns is measured by the extent to which consumers interact with the marketing strategies of the companies through retweets, likes, and shares.
A large number of social media users is likely to contribute to market growth. Because of an increasing number of social media users, sellers in the Asia Pacific are using social media platforms like Instagram, Twitter, and Facebook to advertise their products. Though the social commerce market growth shows prospective, concern about customer data privacy will pose a challenge to the growth of this industry. Vendors are leveraging technologies such as big data, blockchain, and AI to progress the customer’s buying experience, and will also play a crucial role in elevating the industry’s growth. Though, these technologies are growing yet to be explored well in the social commerce space. As a result, incidences of cyber-attacks and privacy issues may hinder the growth of the market to a certain extent.
Advancement in technology by online platforms, artificial intelligence, virtual reality, blockchain technology, big data, and virtual assistants are transforming the way social media users purchase online. The confusion of privacy issues has increased among the users owing to these changes. The users are concerned about the unauthorized access to their information as many of these sites are not protected against the risk of cyber-attacks. Security concerns are temporary as vendors are joining hands with third-party payment processors to enable a more secure payment environment for the consumers. So, long-term issues that regarding data privacy will be manageable and create opportunities for the growth of the market.
Based on Business Model, the market is segmented into Business to Consumer (B2C), Business to Business (B2B) and Consumer to Consumer (C2C). Based on Product Type, the market is segmented into Apparel, Personal & Beauty Care, Home Products, Accessories, Food & Beverages and Health Supplements & Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Facebook, Inc., PayPal Holdings, Inc. (eBay), Twitter, Inc., Microsoft Corporation (LinkedIn Corporation), Alibaba Group Holdings Limited (Taobao), Sina Corporation, Pinterest, Inc., Etsy, Inc., Reddit, Inc. (Advance Publications, Inc.), and Poshmark, Inc.
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