The Europe Social Commerce Market would witness market growth of 27.8% CAGR during the forecast period (2020-2026). The social commerce marketplace for the online fashion industry is one more prominent category with better potential. While retail giants such as Amazon have time after time struggled to crack the fashion industry, social media platforms like Facebook have led on with a buy button with limited success because they either added the element of commerce or the element of social only as an afterthought. Discovery and personal connection - the two prominent aspects of fashion and lifestyle were also missing altogether.
Social commerce marketplaces typically have a large open community of regular shoppers who actively are engaged on the platform with buyers and other sellers. As brands push for improved engagement with clients and a stronger online presence, the social commerce marketplace is also a good platform to grow. It enables businesses to really engage, interact, and also reply to the customer queries constructing a stronger bond.
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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Social Commerce Market in Europe is expected to register a CAGR of 27.8% during the forecast period (2020-2026)
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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