Thursday, September 29 2022

DUBLIN–(BUSINESS WIRE)–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 the report from ResearchAndMarkets.com offer.

The social commerce industry in the UK is expected to grow by 37.5% on an annual basis to reach US$21,133.9 million in 2022.

The social commerce industry is expected to grow steadily over the forecast period, registering a CAGR of 32.0% during the period 2022-2028. The GMV of social commerce in the country will grow from US$21,133.9 million in 2022 to reach US$1,07,135.6 million by 2028.

According to the Q1 2022 Global Social Commerce Market Survey, around 80% of consumers in the UK used social media platforms to shop in 2021, resulting from the combination of the mature e-commerce market in country and the growing adoption of social media among consumers.

Therefore, with the booming 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. .

Fashion retailers enter the UK social commerce space

According to a recent survey by the publisher, 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. -United.

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.

  • London-based womenswear brand Baukjen has partnered with Curalate, a visual content monetization platform, to allow 29,0000 Instagram followers to upload their looks wearing its products with #BaukjenStyle. This enabled shoppers to find products and styles online through smart image recognition technology, helping the brand engage with customers around the world.

  • Along with successful customer acquisition, its sister brand, Isabella Oliver, has also injected social commerce into its business model with Curalate to expand its market share in the country.

  • Similarly, fashion brand Isawitfirst has partnered with the country’s free live social commerce app, OOOOO, to provide an interactive live shopping experience for customers.

  • Additionally, beauty brand L’Oreal UK and Ireland has partnered with TikTok to allow customers in the UK to purchase products from its beauty brands Garnier and NYX Professional Make-Up through the TikTok app. .

Startups create innovative social commerce platforms to attract investment

With the boom in 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, London-based Agora 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 Riccardo Basile and Elizabeth Craft Townsend-Rose, inspired 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.

The publisher expects more such innovative startups to come forward with innovative live streaming and AI-powered personalization features, which will scale up social selling and create commerce giving momentum to the social commerce market in the UK over the next four to eight quarters. .

Global e-commerce platforms acquire local social commerce sites to increase UK customer base

Large young consumers between the ages of 18 and 28 are the main consumers of social commerce and are driving 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 Etsy announced it would acquire London-based social shopping platform Depop for $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 attract consumers to 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.

  • In June 2021, Instagram began testing the market by allowing its consumers in the country to purchase the products using Facebook Pay at the same time without having to leave the app.

  • The company has partnered with companies such as women’s clothing store “Oh Polly”, fashion brand “In the Style” and sneaker store “size? to understand the checkout experience for sellers as well as consumers.

The publisher expects that with the success of the social media platform’s water test, more businesses will be onboarded to access the payment option and help them use it with customers. customers, thereby generating revenue in the medium and long term.

Scope

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

  • Species

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/q3hjmz.

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