Social Commerce accounts for 15-20% of the online retail market and is expected to hit the $70 billion mark in the coming 10 years.
Wizikey, Asia’s first PR and communication platform has released an interesting report on the top newsmakers in the social commerce sector using its AI and ML-based Technology. The top 5 newsmakers were identified in the category and analysed based on the volume of news made by each of them.
As per the report findings, social commerce has been a trending topic in media articles in 2019, with leading investors putting in capital in social commerce startups and new-age social media platforms like Sharechat and TikTok. The major chunk of news was created in the months of June, August and September 2019, implying that they were the primary months of activity in this category.
The report also talks about how with the ever-spreading reach of the internet, social media giants like Twitter, Snapchat, Facebook, and Instagram have seen a huge increase in their user base with first-time internet users signing up on these platforms to connect with the rest of the world. While e-commerce too has benefited from the increasing internet penetration, social commerce has emerged as a relatively new concept. It currently accounts for 15-20% of the online retail market and is expected to hit the $70 billion mark in the coming 10 years.
In India, most of the people living in Tier 2 and Tier 3 cities shop through Facebook and WhatsApp. While there is still some time before social commerce can make inroads into the metro cities, majority of the population is already buying all sorts of products through networking sites. China is one geography that has welcomed social commerce with open arms. The way WeChat is being used to interact, explore, buy and sell, is phenomenal. The industry is growing at almost twice the rate of the overall online retail industry.
Top Players in Social Commerce
In recent years the industry has seen an exponential increase in the number of players as well as the funding flowing into these companies. The top companies that have emerged as industry leaders in India are