China’s economic growth might have been lackluster post-Covid, but social commerce is the exception, even compared to traditional e-commerce, says e-commerce experts Ashley Dudarenok in Dao Insights. “New sales channels are changing the way businesses approach e-commerce, and they’re adapting their strategies to stay competitive,” she writes.
The market for social commerce is only going to grow further in 2023. Indeed this market is expected to continue to expand, topping 1 trillion USD in annual global sales this year. And when it comes to which market stands out when it comes to social commerce, it has to be China.
China’s social commerce has increased significantly, with a 40.25% increase in market size from 2021 to 2023. Between 2021 and 2025, China’s market size is expected to rise at a 17% yearly rate.
While the size of the social commerce market did not rise as rapidly in other places as it did in China, regions such as North America, Europe, and Latin America are predicted to grow exponentially over the next two years…
Traditional e-commerce channels in China remain dominant with 72% market share in H1 2022, but social commerce is rapidly gaining popularity, growing from a 14% market share in 2021 to 21% in H1 2022. New sales channels are changing the way businesses approach e-commerce, and they’re adapting their strategies to stay competitive.
Given the development of social commerce, it’s important for brands and businesses to stay ahead of these changes. This article will bring some of the industry’s trends and insights that are found in the China Social Commerce Report 2023, a report that guides businesses in navigating the world of social commerce, allowing them to leverage lessons for and from China effectively.
Are you looking for more e-commerce experts at the China Speakers Bureau? Do check out this list.