United Kingdom 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 - Q2 2023 Update

United Kingdom 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 - Q2 2023 Update
According to PayNXT360, social commerce industry in United Kingdom is expected to grow by 29.1% on annual basis to reach US$25.99 billion in 2023.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 26.1% during 2023-2028. The social commerce GMV in the country will increase from US$25.99 billion in 2023 to reach US$82.79 billion by 2028.

In the United Kingdom, consumer appetite for social shopping and buying is still in its nascent stages. While the majority of the population shops online in the United Kingdom, social commerce has not gained widespread popularity. However, the United Kingdom market certainly has strong growth potential, as the trend is steadily growing, especially among young generation consumers.

To tap into the potential growth of the social commerce segment, PayNXT360 expects global retailers and social commerce players to increase their investment in the market from the short to medium-term perspective. Furthermore, brands are also expected to forge strategic alliances with social platforms in their efforts to diversify their sales channels and drive more revenue, especially at a time when businesses are struggling due to macroeconomic challenges.

The trend of social commerce shopping is also driving the demand for frictionless and integrated in-store experiences

The integrated shopping experience offered by social commerce players is bringing a broader shift in the United Kingdom market, as consumers are even demanding frictionless and integrated experiences while shopping in-store. Notably, the rise of social commerce has made product discovery and purchase easier, and now consumers are demanding the same capabilities for in-store shopping.

Brits are seeking solutions that allow them to locate products inside the store using their smartphone devices. Over 34% of retailers are offering such capabilities for in-store shopping in the United Kingdom. However, majority of them are not aware of such mobile-centric and in-store navigation solutions. While consumers are demanding such frictionless and integrated in-store experiences, due to the convenience they have received from social shopping, retailers can also seek to incorporate social buying into their business strategy to drive growth.

With the trend of social shopping and buying projected to increase over the next three to four years, retailers can drive more sales and revenue, thereby accelerating their growth from the short to medium-term perspective.

Global e-retailers are planning to introduce new social commerce capabilities to drive e-commerce sales

The challenging macroeconomic environment is projected to dampen the growth of the e-commerce marketplace. Firms such as Amazon have already announced their growth projection for Q4 2022. With the surging cost of living and rising inflation impacting the monthly budget for the majority of the brits, the outlook for the e-commerce marketplaces remains dull. Consequently, to lure more customers, especially young generation buyers, global e-retailers are planning to launch new features onto their platforms. For instance,

• Amazon is expected to launch a TikTok-like shopping experience for its customers in the United Kingdom in 2023. The feature is aimed at young generation shoppers, who are more enticed by short-video formats. The firm has already launched the feature in the United States in December 2022 and is planning to roll out the service in other markets, including the United Kingdom, in 2023.

PayNXT360 expects the launch of new social commerce capabilities on its platform in the United Kingdom will further drive the number of social buyers in the United Kingdom, thereby supporting the growth of the overall industry over the next three to four years.

This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at United Kingdom level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.

Scope

This report provides in-depth, data-centric analysis of social commerce in United Kingdom. Below is a summary of key market segments:

United Kingdom Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

United Kingdom Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

• United Kingdom 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
Travel
Hospitality

• United Kingdom Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
B2B
B2C
C2C

• United Kingdom Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
Mobile
Desktop

• United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Domestic
Cross Border

• United Kingdom Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Tier-1 Cities
Tier-2 Cities
Tier-3 Cities

• United Kingdom 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

• United Kingdom Social Commerce Industry Market Size and Forecast by Platforms
Video Commerce
Social Network-Led Commerce
Social Reselling
Group Buying
Product Review Platforms

• United Kingdom Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2022
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.