Dublin, March 08, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom 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 UK's social commerce market is expected to see an impressive 26.6% annual increase, reaching US$31.27 billion in 2024. This surge is an indicator of the sector's continuous evolution and its appeal to a broader consumer demographic, particularly among younger consumers.
The forecasted compound annual growth rate (CAGR) of 21.6% from 2024 to 2029 suggests a robust expansion, with the gross merchandise value (GMV) set to escalate from US$24.71 billion in 2023 to a remarkable US$83.27 billion by 2029.
Gen Z and young millennials are pinpointed as key drivers in the surge of social commerce activities, with channels like Facebook, Instagram, Twitter, and TikTok becoming vital in connecting small businesses with their target demographics.
The latest market intelligence report on the United Kingdom's social commerce sector projects significant growth and transformative trends in the industry. The databook delves into over 50 key performance indicators (KPIs), providing an in-depth analysis of social commerce trends by end-use sectors, operational KPIs, retail product dynamics, and consumer demographics through 2029.
Trends Shaping the Future Growth of UK's Social Commerce Industry
- Consumer Preferences: An emerging preference for social media platforms as shopping venues among younger demographics is setting the course for future growth.
- Market Maturity: While the UK leads in social buying within Europe, compared to global giants like the USA and China, there is a significant opportunity for market penetration and growth.
- Industry Dynamics: Small businesses find social channels lucrative for driving sales, competing with traditional sales avenues, and enjoying substantial returns on marketing investments.
- Platform Development: The report indicates a need for social platforms to simplify guidelines and support smaller businesses to maximize their growth potential.
- Innovative Entrants: Klarna's expansion plans point to new business models emerging in social commerce, with its Creator Shops feature poised to enable creators and retailers to leverage the social commerce trend.
The databook, comprising a detailed social commerce analysis, is pivotal for understanding the market's current landscape and future opportunities. It segments the market across various dimensions, including payment methods, platforms, demographics, and device use. Key insights will support businesses, investors, and policymakers in crafting strategic decisions tied to the market's trajectory.
Future growth will hinge on adopting market-specific strategies, driven by a nuanced understanding of key trends and opportunities. This comprehensive report underscores the market's dynamics and forecasts, which are crucial for stakeholders looking to tap into the UK's flourishing social commerce ecosystem.
The report captures social commerce's breadth across multiple segments:
- Clothing & Footwear, Beauty and Personal Care, Food & Grocery, Appliances and Electronics, Home Improvement, Travel, and Hospitality - detailing growth forecasts within key retail product categories.
- B2B, B2C, and C2C - sizing up the market by consumer segments and predicting shifts in consumption patterns.
- Mobile and Desktop - evaluating device-based preferences and their impact on social commerce trajectories.
- Credit Card, Debit Card, Bank Transfer, Prepaid Card, Digital & Mobile Wallet, and other payment methods – analyzing preferred transaction modes for social commerce activities.
- Consumer demographics & behaviour – providing insights into purchasing tendencies by age, income level, and gender.
By identifying key market dynamics and opportunities across sectors, this report serves as an essential tool for stakeholders ready to capitalize on the expanding horizons of the UK's social commerce industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $31.3 Billion |
| Forecasted Market Value (USD) by 2029 | $83.3 Billion |
| Compound Annual Growth Rate | 21.6% |
| Regions Covered | United Kingdom |
Company Coverage:
- LOOKK
- Depop
- AGORA
- Company Shop
For more information about this report visit https://www.researchandmarkets.com/r/7iq1sq
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