Dublin, March 04, 2024 (GLOBE NEWSWIRE) -- The "Australia 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 - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The social commerce industry in Australia was expected to grow by 12.3% on annual basis to reach US$1.83 billion in 2024. The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 10% during 2024-2029. The Australian social commerce GMV is set to further increase from US$1.63 billion in 2023 to reach US$2.95 billion by 2029.
While the COVID-19 pandemic changed the way consumers shopped in Australia, the post-pandemic shift indicates social buying participation to remain strong over the medium term. An increasing number of households are partaking in social commerce and the trend is projected to continue further in 2024. As a result, social media platforms have emerged as a key channel for Australian retailers.
With the projected growth in the Australian social commerce industry over the medium term, the publisher expects the investment to also increase over the next three to four years in the market. This will support a competitive landscape and innovation in the sector. Overall, a positive growth outlook is forecast for the social commerce market in Australia over the next three to four years.
Social media platforms are seeking to expand their presence in markets like Australia in 2024
Amid the rising trend of social buying, especially among young generation shoppers, social media platforms like TikTok are seeking to build a strong presence in the Australian market over the medium term. The expansion strategy comes at a time when ByteDance seeks to maintain its business momentum amid rising competition and political headwinds.
In Australia, ByteDance is also planning to launch Lemon8, the new social media platform and a rival to Instagram. In contrast to the short video format, Lemon8 features a photo-heavy feed like Instagram. The app has been already launched in the United States and the United Kingdom, among other global nations. Now, ByteDance is aiming to make inroads in the Australian market with Lemon8. This, in turn, will further drive the competitive landscape in the social commerce sector from the short to medium-term perspective.
Global platforms are shutting operations in the Australian social commerce industry
Although the market is poised to grow at a steady pace over the next three to four years, firms are retreating from the Australian market to better focus on their home social commerce sector.
With rising competition, more such global providers might exit the Australian market over the medium term, while increasing their investment in the core markets over the next three to four years.
Online retailers are leveraging the popularity of social media to drive sales and revenue growth
The spending on online channels has been increasing steadily ever since the pandemic outbreak in 2020. The trend is projected to continue further over the medium term in the Australian market. Shoppers, especially young generation consumers, are turning to online channels like social platforms to discover and make purchases.
To tap into the growing trend, online retailers are seeking to leverage the popularity of social media platforms to drive their sales and revenue growth over the medium term. Although the social commerce market is growing, the penetration is relatively low compared to other global markets like the United States and China. This shows the future growth potential of the sector over the next three to four years. It is also one of the reasons why global social media platforms like TikTok and others are increasing their investment in the Australian market.
This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $1.8 Billion |
| Forecasted Market Value (USD) by 2029 | $3 Billion |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Australia |
Company Coverage:
- TikTok
- eBay
- JB Hi-Fi
- BuyersCircle
Report Scope
This report provides in-depth, data-centric analysis of social commerce in Australia. Below is a summary of key market segments:
Australia Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Australia Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Australia Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2020-2029
- Clothing & Footwear
- Beauty and Personal Care
- Food & Grocery
- Appliances and Electronics
- Home Improvement
- Travel
- Hospitality
Australia Social Commerce Industry Market Size and Forecast by End Use Consumer Segment, 2020-2029
- B2B
- B2C
- C2C
Australia Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029
- Mobile
- Desktop
Australia Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Domestic
- Cross Border
Australia Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
Australia Social Commerce Industry Market Size and Forecast by Payment Method, 2020-2029
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- Other Digital Payment
- Cash
Australia Social Commerce Industry Market Size and Forecast by Platforms
- Video Commerce
- Social Network-Led Commerce
- Social Reselling
- Group Buying
- Product Review Platforms
Australia Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2023
- By Age
- By Income Level
- By Gender
Key Report Benefits:
- In-depth Understanding of Social Commerce Market Dynamics: Understand market opportunities and key trends along with forecast (2020-2029).
- Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate social commerce strategy; assess market specific key trends, drivers, and risks in the industry.
For more information about this report visit https://www.researchandmarkets.com/r/jdk962
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