Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Global Social Commerce Market To Reach $604.5 Billion In 2027

The growth in online shopping has led to the acceleration of alternative shopping habits like social commerce. Growing at a 31.4% compound annual growth rate (CAGR) between 2020 and 2027, the global social commerce market is estimated to grow to $604.5 billion by 2027.

According to the research data analyzed and published by Stock Apps, 15% of eCommerce companies worldwide are already selling on social media while 25% are planning to start.

Chinese Social Commerce Market Worth At Least $103 Billion in 2027

Research and Markets projected that the Chinese social commerce market will be worth $103.3 billion by 2027. The eMarketer outlook was vastly more optimistic, projecting that the market’s value will be $242.41 billion in 2020. By 2023, it estimates that the figure will have doubled to $474.81 billion. The report projects that by the end of 2020, the country will have 357.2 million social buyers. That would be 30.6% of the population. Based on Statista’s estimate, the figure could be much higher, at 713 million.

On the other hand, the US has been far behind China in social commerce sales. In 2019, US social commerce sales totaled $19.42 billion against China’s $186.04 billion according to eMarketer, nearly 10 times smaller.

Walmart and Facebook are among the US companies embracing the trend. Walmart announced plans to buy a 7.5% stake in TikTok.

For some perspective, Douyin, the Chinese version of TikTok had 600 million daily active users as of August 2020. It had over 22 million active creators at the time who made $6.15 billion in the previous 12 months. In 2021, the company’s revenue target for creators is $11.8 billion.

Meanwhile, Facebook Shop is similar to Taobao Live, allowing businesses to go live and feature products. Notably, at the peak of the lockdown in February 2020, its streaming events increased by 110%. Taobao Live GMV surpassed $53.2 billion in revenue for the 12-month period which ended on September 30, 2020 according to China Internet Watch.

The full story, statistics and information can be found here: https://stockapps.com/global-social-commerce-market-to-reach-604-5-billion-in-2027/

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

University of Auckland: Pest-Free Goal Won’t Be Achieved Without New And Better Tools

New Zealand’s goal to become predator free by 2050 will remain an unrealised dream unless new technologies and advances in social engagement continue to be developed, researchers who first promoted it say. A team from the University of Auckland has ... More>>

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>