The North America Social Commerce Market would witness market growth of 29% CAGR during the forecast period (2020-2026). Social commerce is the integration of social media and e-commerce, which is used for promoting and selling products and services. The market is profoundly driven by the increasing number of social media users, along with growing built-in e-commerce projects. For example, in the month of March 2019, Instagram started the checkout feature, which allows users to complete all the purchase processes without leaving the app.
The increasing adoption of these social media platforms or shopping and information exchange is likely to fuel the growth of the market. Furthermore, the COVID-19 occurrence has led to a boost in social media usage globally, giving so many opportunities for the social commerce industry. As users are spending more time on social media, they have discovered new social media platforms like TikTok has witnessed an increase of over 12 million U.S.-based visitors in the month of March 2020 alone, crossing the 2 billion mark in April.
The market is indicated by a high degree of rivalry due to the presence of many companies operating at the global level. Numerous social media companies have started giving a platform for vendors to buy or sell products. For example, Facebook started Marketplace in the year 2016 as a platform for individuals to do business in their local communities or region. People around the world can discover stuff they love on Facebook Marketplace and can also launch a business to earn a living.
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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Social Commerce Market in North America is expected to register a CAGR of 29% 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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