DUBLIN, July 4, 2022 /PRNewswire/ — The “Argentina Social Commerce Market Intelligence and Future Growth Dynamics Databook 2022” report has been added to ResearchAndMarkets.com’s offering.
The social commerce market is gaining momentum along with the rise of e-commerce in Argentina. Over the last four to eight quarters, the social commerce industry has gained rapid momentum across Latin America, especially in Brazil and Mexico. The trend is also gaining momentum in other Latin American countries, such as Argentina, where the e-commerce industry has recorded significant growth ever since the outbreak of Covid-19. In parallel to the growth achieved by the e-commerce sector, buying through social media platforms has also gained popularity among consumers.
Key Findings:
- The social commerce industry in Argentina is forecast to grow by 47.6% on annual basis to reach US$1110.9 million in 2022.
- The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 39.8% during 2022-2028.
- The social commerce GMV in the country will increase from US$1110.9 million in 2022 to reach US$7838.0 million by 2028.
While the major chunk of online shoppers still prefers buying through e-commerce platforms, the popularity of the social commerce business model is gaining ground in the country. According to Q1 2022 Global Social Commerce Market Survey, nearly 7.5% of the consumers prefer buying through social commerce, whereas the number is more than 35% for e-commerce platforms. However, with the growing popularity of the social commerce industry in Latin America, more and more consumers are expected to adopt social commerce in the country over the next four to eight quarters.
The survey also revealed that close to 45% of the consumers are not able to differentiate one channel from another in Argentina. Consequently, it suggests that there is ample growth room for the social commerce industry in the country, provided that social commerce platforms can create awareness and differentiate themselves from e-commerce platforms. As more consumers shift to social commerce platforms over the next few quarters in the country, the publisher expects more global and regional players to enter the Argentinian social commerce market.
Approximately 40% of the consumers in the country have made purchases through social commerce platforms. However, as the business model becomes clearer to consumers in Argentina, the adoption rate is expected to surge significantly from the short to medium-term perspective.
Social networks are offering tools to small businesses to gain market share in Argentina
Social media platforms offer small business owners tools to set up their virtual shops on the platform to penetrate the social commerce sector. During the global pandemic, this strategy of offering tools to businesses helped social networks to gain widespread popularity in the social commerce market in Argentina. Moreover, the shift toward online shopping among consumers has also led these social media platforms to innovate with their service offerings in the last few quarters.
With the online shopping trend expected to continue among consumers in the post-pandemic era, social media platforms and networks are projected to further provide businesses with tools that can help them generate increased sales and revenues. The publisher expects this to further boost the growth of the social commerce industry in Argentina from the short to medium-term perspective.
To gain trust, social commerce firms must offer a variety of payment methods that are known, reliable, and preferred by consumers
The majority of the population in the country is still not comfortable buying products and services through social commerce platforms. Lack of trust in merchants, concerns surrounding data privacy, and payment methods are the crucial reasons why consumers are still not confident in social commerce. Consequently, for social commerce platforms looking to gain trust among consumers, it is imperative to provide them with a variety of payment methods that are known, reliable, and preferred by consumers.
For social commerce platforms to create a sense of security among consumers regarding their data and transactions, it is crucial for firms to incorporate the notion of intermediaries or platforms that provide support when a dispute arises. In addition to this, offering local payment methods is also going to be a crucial factor in further driving the social commerce adoption among consumers as well as the overall market growth over the next four to eight quarters in Argentina.
Live commerce is driving the growth of social commerce in Argentina
Live commerce, largely from influencers on Instagram and Twitch, has also supported the market growth over the last four to eight quarters in the country. With these platforms and influencers having a lot of prominence in the region, consumers buy products recommended by the influencers they trust the most. Consequently, partnering with influencers who have a major influence on consumers in the region will be a key strategy to further penetrate the growing market over the next four to eight quarters. This will subsequently support the growth of the overall social commerce market in the country from the short to medium-term perspective.
Report Scope:
The report provides in-depth, data-centric analysis of social commerce in Argentina. Below is a summary of key market segments:
Argentina Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Argentina Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Argentina 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
Argentina Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
- B2B
- B2C
- C2C
Argentina Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
- Mobile
- Desktop
Argentina Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Domestic
- Cross Border
Argentina Social Commerce Industry Market Size and Forecast by Location, 2019-2028
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
Argentina 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
Argentina Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2021
- By Age
- By Income Level
- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/t0vee1
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