NEW YORK , Aug. 15, 2024 /PRNewswire/ -- The global social commerce market size is estimated to grow by USD 8.88 trillion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of almost 41.53% during the forecast period. Personalized shopping experience and diverse product portfolios on social commerce platforms is driving market growth, with a trend towards technological advances in social media.
However, efforts required for customer engagement and retention poses a challenge. Key market players include Advance, Alibaba Group Holding Ltd., Automattic Inc.
, ByteDance Ltd., Charlton Media Group, Etsy Inc., Eventbrite Inc.
, Fashnear Technologies Pvt. Ltd., iQIYI Inc.
, Meta Platforms Inc., Microsoft Corp., One97 Communications Ltd.
, PayPal Holdings Inc., PDD Holdings, Renren Inc., Shopify Inc.
, SINA Corp., Tencent Holdings Ltd., Twitter Inc.
, and Verizon Communications Inc.. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Key Market Trends Fueling Growth Social media platforms have evolved from simple interaction tools to dynamic marketplaces, with innovations like chatbots driving the global social commerce market.
Snapchat, for instance, is a user-friendly social media platform that facilitates shopping and information sharing. Chatbots, which use artificial intelligence for conversational interactions, engage audiences in self-initiated tasks, making marketing more effe.