However, China’s social commerce market is still ahead and is about 10 times higher compared to the US
Social commerce surpasses $30B in the US. Source: pexels.com
Social commerce selling in the US is thriving as sales exceed $30 billion, according to Emarketer.com.
Social commerce sales are expected to rise to $36.62 billion in the United States. This is a 35.8% increase and is only a small decrease compared to 2020. Last year, the sales surged by 38.9% due to the rise in e-commerce as a result of the pandemic.
China’s social commercial market is estimated at $351.65 billion in 2021.
This year, social commerce in the United States is likely to make up only 4.0% of the retail e-commerce market. China, on the other hand, has an estimated 13.7% social commerce market. The gap is likely to remain stable until 2024 whereby China will have 14.5% social commerce of the entire eCommerce sales while the U.S will have a 5.0%.
Marketers in the U.S who want to increase social marketing should look at trends that China is employing. Most of the trends that will improve social commerce growth such as Livestream originated in China. However, the two nations have different consumer approaches towards digital shopping. For instance, online privacy, social media use, as well as payments, differ among the two countries.
In the U.S, Facebook takes the leading position in the social commerce platform. In 2021, 22.3% of internet users in the U.S aged 14 and above (56.1 million) will make at least one purchase via Facebook. 12.9% (32.4 million) will purchase via Instagram while 5.6% (13.9 million) will purchase via Pinterest. 90.2 million people in the U.S are likely to make at least one purchase via social commerce in 2021.
China also takes the strong lead given its high number of buyers. 424.4 million people over the age of 14 are likely to make at least one purchase via social commerce in 2021.
We’ve reported that e-commerce sector is thriving in India.
SEE ALSO:
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
