TMCnet News
South Africa Social Commerce Market Intelligence Report 2022: Market is Expected to Grow by 107.8% to Reach $1,066.2 Million in 2022 - Forecast to 2028DUBLIN, May 20, 2022 /PRNewswire/ -- The "South Africa 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 2022 Update" report has been added to ResearchAndMarkets.com's offering. Social commerce industry in South Africa is expected to grow by 107.8% on annual basis to reach US$1,066.2 million in 2022. The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 56.2% during 2022-2028. The social commerce GMV in the country will increase from US$1,066.2 million in 2022 to reach US$11,650.5 million by 2028. In South Africa, the popularity of the social commerce sector has surged significantly over the last few quarters. While the global pandemic has resulted in a growing shift toward online shopping from e-commerce platforms, consumers in large numbers have also started purchasing products through social media platforms, such as Facebook, Instagram, and TikTok, in South Africa. According to the Q1 2022 Global Social Commerce Market Survey, nearly 60% of the consumers in South Africa purchased products online in 2021. As the number continues to increase year on year, social media platforms are increasing their investment in the sector to gain a bigger market share for themselves in South Africa. Consequently, the publisher expects more media budget to shift into social commerce solutions over the next four to eight quarters in the country. Notably, social media platforms that have the contextual relevance and scale to drive product discovery are expected to lead the social commerce market in South Africa. In the United States, Facebook, along with Instagram and Pinterest, have provided consumers with the best product discovery feature and are therefore leading the social commerce market in the country. The same market expansion strategy can be expected from Facebook and Instagram in South Africa. Facebook recorded the fastest growth in the social commerce space in South Africa There has been a big rise in the number of consumers shopping through social media platforms in South Africa over the last four to eight quarters. Consequently, payments firms re experiencing a big rise in the number of payments coming to their gateway from social media platforms in the country. Among the various social media platforms that are operational in the social commerce market, Facebook recorded the biggest increase in order volumes and transactions.
With the firm continuously innovating with its social commerce features and investing in new product development, the publisher expects Facebook to dominate the social commerce sector in South Africa in the near term. However, with other firms also gaining traction among consumers, competition is expected to intensify over the next four to eight quarters. This growing competition among social media platforms will keep supporting the market growth from the short to medium-term perspective in the country. South Africa Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028 South Africa Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028
South Africa Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
South Africa Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
South Africa Social Commerce Industry Market Size and Forecast by Location, 2019-2028
South Africa Social Commerce Industry Market Size and Forecast by Location, 2019-2028
South Africa Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028
South Africa Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour, 2021
Reasons to buy
For more information about this report visit https://www.researchandmarkets.com/r/8hj59 Media Contact: Research and Markets SOURCE Research and Markets |