Dublin, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The "Germany Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q2 2023 Update" report has been added to ResearchAndMarkets.com's offering.
Germany's social commerce sector is on an impressive growth trajectory, with expectations of an annual increase of 15.0%, reaching a substantial US$12.64 billion in 2023.
This upward momentum is projected to continue its ascent, indicating a Compound Annual Growth Rate (CAGR) of 14.4% within the forecast period from 2023 to 2028. The Gross Merchandise Value (GMV) of social commerce in Germany is anticipated to soar from US$12.64 billion in 2023 to a significant US$24.74 billion by 2028.
Emergence of Social Commerce Trend in Germany:
The trend of social commerce has been swiftly gaining momentum among German consumers. Over 32% of online shoppers in Germany have already embraced purchases through social media platforms. The primary driver of this shift is discount codes, with over 37% of shoppers attributing their purchases on social media to the availability of discount codes. Additionally, factors like product exclusivity, ease of purchase, and influencer marketing have contributed to the sector's growth. As social networks increasingly encourage impulsive purchases, the sector's outlook appears promising for the medium to long-term perspective.
Innovative Startups Elevating Social Commerce:
Innovative startups are playing a pivotal role in expanding social commerce experiences in Germany. These startups are attracting funding rounds to enhance the reach of social live and social commerce experiences. Notably, German startup LiSA secured €2.7 million in funding led by TechVision Fund in August 2022, enabling online retailers to leverage social commerce potential through a headless content management system. Another startup, Charles, raised €19.5 million in a Series A funding round in July 2022, facilitating conversational commerce growth through messaging apps.
Preferred Social Media Platforms for Online Purchases:
As the shift towards social channels continues, Germans are embracing a diverse range of social media platforms for their online purchases. This shift has led to increased investment from firms in this sector, with platforms like YouTube planning to make a significant push into social commerce in 2023.
Impact of Economic Factors on Growth:
However, the growth of the social commerce industry in Germany is currently influenced by macroeconomic factors. Rising inflation and escalating living costs have impacted consumer spending, causing a decline in online sales during October - November 2022. This trend has also affected social commerce sales and is projected to impact short-term growth, with consumer spending expected to remain subdued over the next few quarters.
Unveiling Insights with Comprehensive Data:
This comprehensive report unveils an intricate analysis of Germany's social commerce industry, offering insights into market opportunities and risks. With a comprehensive collection of over 50+ Key Performance Indicators (KPIs) tailored to the German context, this report provides a comprehensive grasp of market dynamics, size and forecast, and market share statistics.
Reasons to Obtain the Report:
- Attain In-depth Understanding of Social Commerce Market Dynamics: Gain insights into market opportunities and key trends, along with forecasts for 2019-2028.
- Recognize Opportunities in End-use Sectors: Identify growth segments and tailor strategies to seize emerging opportunities across various sectors.
- Formulate Market-Specific Strategies: Develop strategies based on growth segments, market trends, drivers, and risks within the industry.
For more information about this report visit https://www.researchandmarkets.com/r/7shi7g
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