DUBLIN--(BUSINESS WIRE)--The "Singapore 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.
According to the Q1 2022 Social Commerce Survey, social commerce industry in Singapore is expected to grow by 77.5% on annual basis to reach US$940.9 million in 2022.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 45.8% during 2022-2028. The social commerce GMV in the country will increase from US$940.9 million in 2022 to reach US$7,411.1 million by 2028.
With the social media platforms offering an avenue for buyers and sellers to interact, a shift is taking place towards organized commerce on these platforms in Singapore. Discovery, browsing, and purchasing on the same platform has compelled brands and businesses to use paid and organic posts on social media platforms and apps to drive traffic to their website.
This trend generated in China is also influencing the other regions of the world also. According to the Q1 2022 Global Social Commerce Market Survey, Southeast Asians are the most avid social media users. Therefore, the social commerce market nearly doubled, with orders increasing by more than 100%. However, the growth in Singapore is weaker as compared to other Southeast Asian countries, with orders increasing by around 30% and gross merchandise value growing by almost 25%, establishing the fact that consumers are spending more on each order through social media.
Live-streaming helping social commerce to gain momentum in Singapore
Though the livestreaming phenomenon started with the Chinese market, it saw high adoption across different countries in the Asia Pacific region. Live streaming sessions are considered to be highly interactive and help in engaging the customer for a long time, increasing the conversion rate. Moreover, pandemic led the stores and companies to shut down, consequently turning 'livestreaming' into the only option for 'human-to-human' interaction while shopping. Therefore, brands and businesses are boosting sales by providing a combination of digital and physical retail experiences through livestreams.
Live commerce became increasingly popular in Singapore with Facebook Live, Instagram Live, and YouTube Live and gained popularity among the millennials.
Singaporean social commerce platforms are expanding in other markets
Social commerce market in other major economies in Asia is growing rapidly. Social commerce market in countries such as India and China recorded significant growth in the last eight quarters. Consequently, eyeing this lucrative market opportunity, Singaporean social commerce platforms are expanding in these markets.
The publisher projects the company, which aims to increase gross merchandise value (GMV) by over US$400 million for partner brands, will be able to acquire a significant customer base in the next four to eight quarters with the investment.
Live-selling start-ups are raising funds to expand their business
The growing social commerce market has been attracting huge investments globally for some quarters now. Consequently, social commerce start-ups in the country are using the fund to expand their customer base.
Therefore, the publisher expects, with the start-up's unique analytics tool, which helps the merchants to identify their best-selling products as well the preference patterns of buyers, helping them to grow their businesses, is likely to attract more funding in the next four to eight quarters in the country.
The report provides in-depth, data-centric analysis of social commerce in Singapore. Below is a summary of key market segments:
- Singapore Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
- Singapore Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
- Singapore Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028
- Singapore Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
- Singapore Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
- Singapore Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Singapore Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Singapore Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028
- Singapore Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour, 2021
For more information about this report visit https://www.researchandmarkets.com/r/xi4nja
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