dublin, May 20, 2022 /PRNewswire/ — “South Africa Social Commerce Market Intelligence and Future Growth Dynamics Data Book – 50+ KPIs on Social Commerce Trends by End-Use Sector, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – 2022 The 1st Quarter Update report has been created.add to ResearchAndMarkets.com Recruitment.
social commerce industry South Africa is expected to grow by 107.8% on an annual basis until reaching 1,066.2 million USD In 2022.
The social commerce industry is expected to grow steadily during the forecast period, registering a CAGR of 56.2% during 2022-2028. The country's social commerce GMV is 1,066.2 million USD To achieve in 2022 11,650.5 million USD By 2028.
in South Africa, the popularity of the social commerce space has increased significantly in recent quarters. While the global pandemic has driven a shift from e-commerce platforms to online shopping, many consumers have started purchasing products through social media platforms such as Facebook, Instagram, and TikTok. South Africa.
According to the Global Social Commerce Market Survey for Q1 2022, nearly 60% of consumers South Africa People who purchased products online in 2021. As that number continues to grow year after year, social media platforms are increasing their investments in this space to capture a larger market share. South Africa. As a result, publishers expect more media budgets to shift to social commerce solutions over the next four to eight quarters in the country.
In particular, social media platforms with contextual relevance and scale to facilitate product discovery are expected to lead the social commerce market. South Africa.in US, Facebook, like Instagram and Pinterest, offers the best product discovery capabilities to consumers and is therefore leading the social commerce market in the country. Similar market expansion strategies can be expected for Facebook and Instagram. South Africa.
Facebook has recorded the fastest growth in the social commerce space. South Africa
The number of consumers shopping through social media platforms has increased significantly. South Africa Over the past four to eight quarters. As a result, domestic payment companies have seen a significant increase in the number of payments sent to their gateways from social media platforms. Among the various social media platforms operating in the social commerce market, Facebook recorded the largest increase in order volume and transactions.
- According to PayFast, social media platforms recorded a 200% year-on-year increase; July 2021with payments sent from Facebook to its payment engine. South Africa.
Publishers expect Facebook to dominate the social commerce space as the company continues to innovate its social commerce capabilities and invest in new product development. South Africa in a few days. But other companies are also gaining traction among consumers, and we expect competition to intensify over the next four to eight quarters. Increasing competition among social media platforms will continue to support market growth in the country from a short to medium term perspective.
TikTok is rapidly gaining a foothold in South Africa's social commerce industry
in South Africa, Facebook remains the most popular platform among consumers of all ages. However, other social media platforms such as Instagram and TikTok are also growing in popularity in the country, especially among younger shoppers.
An estimated 6 million people use TikTok South Africa the current June 2021. Apart from its popularity as a social media platform, the company has quickly established itself as one of the world's leading social commerce platforms. His #TikTokmademebuyit campaign has been viewed over 2.3 billion times worldwide to date June 2021. This shows that this platform has gained wide popularity across the globe as well as around the world for its social commerce features. South Africa.
The company is expected to drive further innovation in the social commerce space over the next four to eight quarters, and the publisher expects the company to gain further market share in the social commerce industry. South Africa from a short to medium term perspective. This will drive overall growth in the social commerce industry in the country over the next four to eight quarters.
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South Africa e-commerce market size and future growth dynamics by key performance indicators, 2019-2028
South Africa Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
South Africa social commerce industry market size and forecast by retail product category (2019-2028)
- clothing and footwear
- beauty and personal care
- food and groceries
- Home appliances/electronic equipment
- home repair
- others
South Africa social commerce industry market size and forecast by end-use segment (2019-2028)
South Africa social commerce industry market size and forecast by end-use device (2019-2028)
South Africa Social Commerce Industry Market Size and Forecast by Location, 2019-2028
South Africa Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- first class city
- 2nd class city
- 3rd class city
South Africa’s 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 payments
- cash
South Africa social commerce industry market size and forecast by consumer demographics and behavior, 2021
- By age
- By income level
- By gender
Reasons to buy
- Deep understanding of Social Commerce market dynamics: Understand market opportunities and key trends with forecasts (2019-2028).
- Insights into opportunities by end-use sectors – Gain market dynamics by end-use sectors and assess emerging opportunities across various end-use sectors.
- Develop a market-specific strategy: Identify growth segments and target specific opportunities to develop a social commerce strategy. Assess key market-specific trends, drivers, and industry risks.
For more information on this report, please visit https://www.researchandmarkets.com/r/8hj59.
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