Thursday, December 8 2022

DUBLIN, July 1, 2022 /PRNewswire/ — The report “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 2022 Update” has been added to from ResearchAndMarkets.com offer.

Around 80% of consumers in the UK used social media platforms to shop in 2021, resulting from the merger of the mature e-commerce market in the country and the growing consumer adoption of social media. Therefore, with the rise of the social commerce market in the UK, more and more social media platforms will increasingly see the launch of in-app, standalone or collaborative payment options. The publisher expects start-ups and retailers to inject a social commerce strategy into their business models, giving impetus to overall market growth in the country over the next two to three years. .

Main findings:

  • The social commerce industry in UK is expected to grow by 30.4% on an annual basis to reach US$19,175.0 million in 2022.
  • The social commerce industry is expected to grow steadily over the forecast period, registering a CAGR of 27.5% during 2022-2028.
  • The GMV of social commerce in the country will increase from US$19,175.0 million in 2022 to reach US$80,374.1 million by 2028.

Fashion retailers are entering the social commerce space of the UK

According to a recent survey, nearly 25% of shoppers bought clothes, 20% of shoppers bought beauty products, and about 19.5% of shoppers bought home electronics via social commerce in the UK. Notably, more than 50% of the country’s population depends on social commerce to purchase fashion products. Therefore, more and more fashion retailers are entering this space to directly reach customers and also potential customers, where they spend maximum time.

Startups create innovative social commerce platforms to attract investment

With the rise of the social commerce market, startups are developing innovative social commerce tools to attract investors and expand their market share in the UK.

  • In December 2020, LondonAgora-based Agora has developed a social commerce tool backed by £5m seed funding from investors including Draper Esprit, Lakestar and Angel Capital Management.
  • This platform was developed by Ricardo Basil and Elizabeth Craft Townsend-Roseinspired by the wide adoption of user-generated content by Asian e-commerce platforms, such as Taobao and Little Red Book in China. The company, later in 2021, partnered with the SaaS platform, Mirakl, helping customers shop from the range of products featured on the social and live shopping platform.

Global e-commerce platforms are acquiring local social commerce sites to increase customer base in the UK

Large young consumers between the ages of 18 and 28 are the main consumers of social commerce and supply the market in the UK. Therefore, with increasing opportunities in the market, global e-commerce platforms are showing interest in entering the country’s social commerce market to expand their business.

  • In June 2021, New York– based on Etsy announced that it would acquire LondonDepop-based social shopping platform for US$1.6 billion.
  • According to the company, Etsy will reach a large base of young Depop consumers through this acquisition. The publisher predicts that with the acquisition, Etsy is likely to create a market to mitigate the next-generation shopping experience in the medium to long term in the country.

Leading social commerce companies are integrating in-app payment options to entice consumers into the UK

The boom in the social shopping market has prompted social media platforms to develop new tools and features to provide customers with seamless checkout experiences.


Report scope

The report provides in-depth, data-driven analysis of social commerce in UK. Below is a summary of the main market segments:

UK E-commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

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

UK social commerce industry market size and forecast by retail product categories, 2019-2028

  • Clothes and shoes
  • Beauty and personal care
  • Food and groceries
  • Appliances and Electronics
  • Home improvement
  • Others

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

UK Social Commerce industry market size and forecast by end-use device, 2019 – 2028

UK social commerce industry market size and forecast by location, 2019-2028

UK social commerce industry market size and forecast by location, 2019-2028

  • Tier 1 cities
  • Tier 2 cities
  • Tier 3 cities

UK social commerce industry market size and forecast by payment method, 2019-2028

  • Credit card
  • Debit card
  • Payment
  • Prepaid card
  • Digital and mobile wallet
  • Other digital payment
  • Cash

UK social commerce industry market size and forecast by demographics and consumer behavior, 2021

  • By age
  • By income level
  • By gender

For more information about this report visit https://www.researchandmarkets.com/r/qpzwo2

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ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

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