DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
Social commerce industry in United Kingdom is expected to grow by 37.5% on annual basis to reach US$21, 133.9 million in 2022.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 32.0% during 2022-2028. The social commerce GMV in the country will increase 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 United Kingdom used social media platforms for shopping in 2021, resulting from the blending of the mature e-commerce market in the country with rising social media adoption among the consumers.
Consequently, with the burgeoning social commerce market in the United Kingdom, more social media platforms will increasingly see the launch of in-app check-out options, either standalone or in collaborations. The publisher expects start-ups and retailers will inject social commerce strategy into their business models, providing impetus to the growth of the overall market in the country over the next two to three years.
Fashion retailers are entering into the social commerce space of the United Kingdom
According to publisher's recent survey, nearly 25% of the shoppers purchased apparel, 20% of shoppers purchased beauty products, and around 19.5% of shoppers bought home electronics through social commerce in the United Kingdom.
Notably, more than 50% of the population in the country depends on social commerce for buying fashion products. Consequently, more and more fashion retailers are entering this space to reach out directly to the customers and also prospective customers, where they spend maximum time.
- London-based, Baukjen womenswear brand partnered with Curalate, a visual content monetization platform, to allow the 29, 0000 Instagram followers to upload their looks wearing its products with #BaukjenStyle. This enabled the shoppers to find products and styles online through intelligent image recognition technology, helping the brand engage with customers globally.
- With successful customer acquisition, its sister brand, Isabella Oliver, also injected social commerce into its business model with Curalate to expand its market share in the country.
- Similarly, fashion brand Isawitfirst partnered with the country's free live streaming social commerce app, OOOOO, to deliver a livestreamed interactive shopping experience for the customers.
- Also, the beauty brand L'Oreal UK and Ireland partnered with TikTok to enable its customers in the United Kingdom to buy products from its beauty brands Garnier and NYX Professional Make-Up products through the TikTok app.
Startups are building innovative social commerce platforms to attract investment
With the booming social commerce market, startups are developing innovative social commerce tools to attract investors and expand their market share in the United Kingdom.
- In December 2020, London-based Agora developed social commerce tool backed by £5 million 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 to shop from the array of products featured on the social and live-shopping platform.
The publisher expects more such innovative startups to turn up with innovative features of live streaming and AI-fueled personalization, which will scale up social selling and build commerce features providing momentum to the social commerce market in the United Kingdom over the next four to eight quarters.
Global e-commerce platforms are acquiring homegrown social commerce sites to increase customer base in the United Kingdom
Large young consumers aged between 18 to 28 years are the primary consumers for social commerce and driving the market in the United Kingdom. Consequently, with rising opportunities in the market, global e-commerce platforms are showing interest in entering the country's social commerce market to scale up their business.
- In June 2021, New York-based Etsy announced that it was going to acquire London-based social shopping platform Depop for US$1.6 billion.
- According to the company, Etsy will reach Depop's a large young consumer base from this acquisition. The publisher anticipates with the acquisition, Etsy is likely to build a marketplace to alleviate the next-generation shopping experience from the medium to long term perspective in the country.
Leading social commerce companies are integrating in-app checkout options to attract consumers in the United Kingdom
The surge in the social shopping market has attracted social media platforms to develop new tools and features in order to provide seamless checkout experiences to customers.
- In June 2021, Instagram started testing the market by allowing its consumers in the country to shop for the products using Facebook Pay at the same time need not leave the app.
- The company partnered with businesses, such as women's clothing shop 'Oh Polly, ' fashion brand 'In the Style, ' and sneaker shop 'size?' to understand the checkout experience for the sellers as well as consumers.
The publisher expects, with the success of the water test of the social media platform, more businesses will be onboarded to access the checkout option and help them use it with customers, thereby generating revenue from a medium to long term perspective.
Scope
United Kingdom Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Kingdom Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Kingdom 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
- Others
United Kingdom Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
- B2B
- B2C
- C2C
United Kingdom Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
- Mobile
- Desktop
United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Domestic
- Cross Border
United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
United Kingdom 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
United Kingdom Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour, 2021
- By Age
- By Income Level
- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/q3hjmz.
