The recent rise of marketplaces within social media platforms has made social commerce an essential part of e-commerce. According to the numbers presented by SafeBettingSites.com, social commerce is expected to generate $724 billion in revenue in 2022.
More than $6 trillion in revenue by 2030
Social Commerce translates to the marketing and selling products/services on social media platforms. The emergence of marketplaces on various social platforms such as Facebook, Instagram, TikTok, Whatsapp, Pinterest, and more has made social commerce essential for business owners.
According to the data available on Statista.com, a total of $724 billion in revenue is expected to be generated from social commerce in 2022. This annual revenue from social commerce is expected to continue to increase healthily in the coming years. According to the estimated figures, the market should grow at an expected compound annual growth rate (CAGR) of 30.8 percent from 2022 to 2030. By 2030, the yearly revenue from social commerce is expected to be a whopping $6.2 trillion.
However, the popularity of social commerce is not the same throughout the global market.
Thailand with highest social commerce engagement at 85%
According to a global survey involving 31,040 respondents over the age of 16, Thailand has the highest acceptance rate of social commerce in 2022. The survey states that 85% of online shoppers in Thailand have made purchases through social media.
Thailand is closely followed by other Asian economies such as India (86%), UAE (86%), and China (84%).
The opposite spectrum is occupied by traditionally developed economies from Western Europe and Japan. Online shoppers in Germany (48%), the United Kingdom (47%), and France (41%) haven’t fully warmed to the idea of shopping from social platforms. Japan is the least accepting of social commerce, as only 35% of Japanese online shoppers admitted to shopping from social media.
Facebook most popular social commerce platform
When it comes to individual platforms, Facebook currently rules social commerce. According to the survey, 33% of global online shoppers said that they are likely to shop on Facebook this year.
Instagram is the second most popular social commerce platform, with 24% of online shoppers planning to do shopping on it this year. Interestingly, Meta owns both of these platforms. Other social platforms famous for social commerce are TikTok, WhatsApp, and Pinterest.