Global Social Commerce Market Expected to Reach $1 Billion by 2028
The global social commerce market is experiencing rapid growth, driven by the increasing popularity of online shopping on social media platforms. According to recent data, the market is expected to generate $688 billion in 2024, a 20% increase from the previous year. This growth is expected to continue, with the market reaching $1 billion by 2028.
Social Commerce to Account for Nearly 20% of Global Online Sales by 2028
The rise of social commerce has been meteoric, with hundreds of millions of people around the world using social media platforms to shop online. This fusion of social media, live streaming, and online shopping has attracted a new and unique experience for users, allowing them to ask questions, receive immediate answers, and even complete purchases directly in the app.
China Leads the Global Market
China is the single largest player in the social commerce landscape, and this is expected to continue in the future. The Chinese market is expected to grow by 57% and achieve revenue of $824 billion by 2028, two-thirds of the global annual total. North America is the second-largest market globally, with growth expected to reach 55% and achieve revenue of $148 billion by 2028.
More than 1.7 Billion People Will Shop on Social Networks by 2028
The social commerce market is expected to add hundreds of millions of users in the next four years. Last year, 1.38 billion internet users made at least one purchase on social networks, 100 million more than in 2022. Statistics indicate that in 2024, there will be 80 million more users in the market, with their total number increasing to more than 1.44 billion. Approximately 300 million people will add to this type of shopping in the next four years, helping the global user base of social commerce reach more than 1.7 billion by 2028.