Europe Social Commerce Market Intelligence Report 2023: A $213.89 Billion Market by 2028 - Global Players are Expected to Launch New Social Commerce Capabilities Onto their platforms in Europe - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Europe 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 2023 Update" report has been added to ResearchAndMarkets.com's offering.

Social commerce industry in Europe is expected to grow by 28.2% on annual basis to reach US$75246.7 million in 2023.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 19.0% during 2022-2028. The social commerce GMV in the region will increase from US$75246.7 million in 2023 to reach US$213894.1 million by 2028.

Consumer appetite has been growing for social shopping and buying across Europe. The growing e-commerce penetration in the region has supported the rise of shopping through social media platforms, including Facebook, Instagram, and others. Furthermore, the investment from these players into boosting their social commerce capabilities has also supported the rise of the market.

Faster checkout processes, product exclusivity, and increasing advertisement from brands and retailers on social media platforms are driving more and more consumers toward social shopping. The trend is especially higher among young generation consumers. Over the next three to four years, the publisher expects the European social commerce industry to record steady growth, amid the growing interest from consumers and brands.

French retailers are leveraging WhatsApp Business capabilities to drive social commerce initiatives

To offer a seamless shopping experience to their customers, more and more retailers are seeking to tap into the social commerce segment. As a result, these firms are leveraging WhatsApp Business services in France.

In December 2022, Carrefour, one of the leading retailers in the European market, announced that the firm is utilizing WhatsApp as a sales channel for its customers in France. Under the pilot program, which ran from December 1 to December 21, the retailer allowed customers to order products from four non-food categories, including toys, high-tech, gaming, and household appliances.

The foray into the social commerce segment comes amid the growing desire for a seamless shopping experience among consumers in the region. The social commerce experiment in the French market indicates more potential future trials from the retailer in France as well as in other European markets from the short to medium-term perspective.

Macroeconomic factors are affecting consumer spending and the short-term growth of the social commerce industry across Europe

Rising inflation and surging cost of living are having a major impact on the monthly budget of consumers. This has resulted in many cutting down their spending on non-essential things, including fashion and other products, thereby having a direct impact on online sales for retailers across Europe.

In Germany, retailers have reported a sharp decline in their multi-channel sales numbers. The report from the German Federal Association for eCommerce revealed that multi-channel sales retailers have experienced a decline of 29.5% during October - November 2022 period.

With the macroeconomic environment expected to further continue from the short to medium-term perspective, the publisher expects the social commerce sector to remain under pressure, as consumer spending will be affected by rising interest rates and surging inflation in the region.

Global players are expected to launch new social commerce capabilities onto their platform in Europe

With competition in the online commerce segment intensifying and consumer spending declining, global retailers are launching new features to boost consumer engagement, sales, and revenue on their platforms.

Amazon, which already announced that the macroeconomic factors are having a severe impact on its growth and revenue, is planning to launch new social commerce features in its e-commerce marketplace. The firm had already announced a TikTok-like shopping experience in the United States, which is expected to go live in 2023, and the same will be rolled out in other global markets, including in Europe.

More retailers, including direct-to-consumer brands, are projected to foray into the social commerce sector to drive engagement with their customers. Consequently, such new feature launches, like the one from Amazon, will further support the popularity of social buying among shoppers in the region, thereby supporting the growth of the industry over the next three to four years.

Scope

Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028

• Clothing & Footwear
• Beauty and Personal Care
• Food & Grocery
• Appliances and Electronics
• Home Improvement
• Travel
• Hospitality

Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028

• B2B
• B2C
• C2C

Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028

• Mobile
• Desktop

Social Commerce Industry Market Size and Forecast by Location, 2019-2028

• Domestic
• Cross Border

Social Commerce Industry Market Size and Forecast by Location, 2019-2028

• Tier-1 Cities
• Tier-2 Cities
• Tier-3 Cities

Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028

• Credit Card
• Debit Card
• Bank Transfer
• Prepaid Card
• Digital & Mobile Wallet
• Other Digital Payment
• Cash

Social Commerce Industry Market Size and Forecast by Platforms

• Video Commerce
• Social Network-Led Commerce
• Social Reselling
• Group Buying
• Product Review Platforms

Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2022

• By Age
• By Income Level
• By Gender

For more information about this report visit https://www.researchandmarkets.com/r/7bdy7u

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