South Africa Social Commerce Market Intelligence Report 2022: Market is Expected to Grow by 107.8% to Reach $1,066.2 Million in 2022 - Forecast to 2028
Saturday, May 28, 2022
DUBLIN, May 20, 2022 /PRNewswire/ -- The "South Africa 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.
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Social commerce industry in South Africa is expected to grow by 107.8% on annual basis to reach US$1,066.2 million in 2022.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 56.2% during 2022-2028. The social commerce GMV in the country will increase from US$1,066.2 million in 2022 to reach US$11,650.5 million by 2028.
In South Africa, the popularity of the social commerce sector has surged significantly over the last few quarters. While the global pandemic has resulted in a growing shift toward online shopping from e-commerce platforms, consumers in large numbers have also started purchasing products through social media platforms, such as Facebook, Instagram, and TikTok, in South Africa.
According to the Q1 2022 Global Social Commerce Market Survey, nearly 60% of the consumers in South Africa purchased products online in 2021. As the number continues to increase year on year, social media platforms are increasing their investment in the sector to gain a bigger market share for themselves in South Africa. Consequently, the publisher expects more media budget to shift into social commerce solutions over the next four to eight quarters in the country.
Notably, social media platforms that have the contextual relevance and scale to drive product discovery are expected to lead the social commerce market in South Africa. In the United States, Facebook, along with Instagram and Pinterest, have provided consumers with the best product discovery feature and are therefore leading the social commerce market in the country. The same market expansion strategy can be expected from Facebook and Instagram in South Africa.
Facebook recorded the fastest growth in the social commerce space in South Africa
There has been a big rise in the number of consumers shopping through social media platforms in South Africa over the last four to eight quarters. Consequently, payments firms are experiencing a big rise in the number of payments coming to their gateway from social media platforms in the country. Among the various social media platforms that are operational in the social commerce market, Facebook recorded the biggest increase in order volumes and transactions.
-- According to PayFast, the social media platform has experienced an
increase of 200% year on year, leading to July 2021, in the payments
directed from Facebook to its payment engine in South Africa.
With the firm continuously innovating with its social commerce features and investing in new product development, the publisher expects Facebook to dominate the social commerce sector in South Africa in the near term. However, with other firms also gaining traction among consumers, competition is expected to intensify over the next four to eight quarters. This growing competition among social media platforms will keep supporting the market growth from the short to medium-term perspective in the country.
TikTok is gaining a rapid foothold in the South African social commerce industry
In South Africa, Facebook remains the most popular platform among consumers across all age groups. However, the popularity of other social media platforms such as Instagram and TikTok is also growing in the country, especially among younger generation shoppers.
An estimated six million people are using TikTok in South Africa as of June 2021. Apart from its popularity as a social media platform, the firm has gained a rapid foothold as one of the leading social commerce platforms globally. The campaign #TikTokmademebuyit had over 2.3 billion views globally as of June 2021. This shows that the platform is gaining widespread popularity for its social commerce functionality globally as well as in South Africa.
With the firm expected to drive further innovation in the social commerce sector over the next four to eight quarters, the publisher expects the firm to gain further market share in the social commerce industry in South Africa from the short to medium-term perspective. This will subsequently support the growth of the overall social commerce industry in the country over the next four to eight quarters.
Scope
South Africa Ecommerce Industry 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 Categories, 2019-2028
-- Clothing & Footwear
-- Beauty and Personal Care
-- Food & Grocery
-- Appliances and Electronics
-- Home Improvement
-- Others
South Africa Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
-- B2B
-- B2C
-- C2C
South Africa Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
-- Mobile
-- Desktop
South Africa Social Commerce Industry Market Size and Forecast by Location, 2019-2028
-- Domestic
-- Cross Border
South Africa Social Commerce Industry Market Size and Forecast by Location, 2019-2028
-- Tier-1 Cities
-- Tier-2 Cities
-- Tier-3 Cities
South Africa 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
South Africa Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour, 2021
-- By Age
-- By Income Level
-- By Gender
Reasons to buy
-- In-depth Understanding of Social Commerce Market Dynamics: Understand
market opportunities and key trends along with forecast (2019-2028).
-- Insights into Opportunity by end-use sectors - Get market dynamics by
end-use sectors to assess emerging opportunity across various end-use
sectors.
-- Develop Market Specific Strategies: Identify growth segments and target
specific opportunities to formulate social commerce strategy; assess
market specific key trends, drivers, and risks in the industry.
For more information about this report visit https://www.researchandmarkets.com/r/8hj59
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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