The "Latin America 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 2024 Update" report has been added to ResearchAndMarkets.com's offering.
Social commerce industry in Latin America is expected to grow by 30.0% on annual basis to reach US$10.68 billion in 2024.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 24.0% during 2024-2029. The social commerce GMV in the region will increase from US$8.21 billion in 2023 to reach US$31.24 billion by 2029.
The Latin American social commerce market is expected to record strong growth over the medium term. The rising internet and smartphone penetration are among the factors aiding the sector's growth. To tap into the growing popularity of social buying, new firms are entering the market with their innovative products in Latin America. The trend is projected to further continue in 2024.
The expects Brazil and Mexico to lead the regional social commerce market growth over the next three to four years. Social media platforms are projected to enter into strategic collaborations to drive revenue growth over the medium term. Overall, the publisher maintains a positive growth outlook for the social commerce market in Latin America over the next three to four years.
TikTok launches an in-app ticket booking feature for its users in Mexico through extended collaboration with Ticketmaster
TikTok, one of the leading global players in the social commerce sector, is seeking to rapidly expand its social commerce revenue. The firm has been forging strategic alliances as part of its ambition to tap into the global social commerce market. TikTok, in August 2022, partnered with Ticketmaster enabling its users in the United States to discover and buy tickets without leaving the app. The two firms have now launched the ticket booking feature in Mexico in December 2023.
Going forward, the publisher expects TikTok to increase its investment in the Latin American region, as the popularity of social buying is on the rise among Gen Z and millennial consumers. In markets like Brazil and Mexico, TikTok has also launched its music streaming platform. The firm has not yet revealed the monetization plan for TikTok Music. However, the publisher expects TikTok Music to emerge as a key channel for driving social commerce revenue growth over the long term.
WhatsApp Business is experiencing strong popularity in Brazil amid the growing trend of social buying
WhatsApp is one of the most popular social channels in Brazil. The usage rate of the instant messaging app is up in the 90's in the Latin American market. It is also one of the reasons why WhatsApp chose Brazil to test its payment function, WhatsApp Pay. Meta also entered into a strategic collaboration with Mercado Libre, enabling small businesses to showcase their product catalog on WhatsApp.
The integration of payments and product discovery features, therefore, enables users to make seamless purchases without leaving the app. The soaring popularity of the instant messaging app is also reflected in the revenue generated by WhatsApp Business in Brazil. Going forward, the publisher expects WhatsApp to forge more strategic alliances, as part of its strategy to drive revenue growth by leveraging the popularity of social commerce features. This, in turn, will support the growth of the industry over the next three to four years in Brazil.
Innovative startups are entering the fast-growing social commerce market in Latin America
From grocery to travel, social channels are driving sales across industry verticals due to their influencing power. Amid the growing trend of social buying, innovative startups have emerged in the sector and the trend is projected to continue further in Latin America in 2024.
Blink Trip, an innovative social commerce platform in the travel sector, is focusing on Gen Z and millennial travelers. The platform seeks to garner 50% of the market segment, especially the 28% who make travel decisions based on recommendations from travel influencers. Blink Trip aims to create a travel catalog that spans multiple countries instead of focusing on just one. The firm's goal is to expand quickly by involving communities from various countries, enriching the catalog with diverse perspectives and experiences.
This title is a bundled offering provides detailed 5 reports, covering regional insights along with data centric analysis at regional and country level:
- Latin America Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Argentina Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Brazil Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Colombia Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Mexico Social Commerce Market Intelligence and Future Growth Dynamics (Databook)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 350 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $10.7 Billion |
| Forecasted Market Value (USD) by 2029 | $31.2 Billion |
| Compound Annual Growth Rate | 24.0% |
| Regions Covered | Latin America |
Scope for Each Report
Ecommerce Industry Key Players
- YouTube
- Facily
- Zoop Brasil
- LTK
- ESCAPESwithYOU
- Chile 360
- Fantastic
- Elenas
- Valienta
- Sav.com
- Truekeo.com
Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2020-2029
- Clothing & Footwear
- Beauty and Personal Care
- Food & Grocery
- Appliances and Electronics
- Home Improvement
- Travel
- Hospitality
Social Commerce Industry Market Size and Forecast by End Use Consumer Segment, 2020-2029
- B2B
- B2C
- C2C
Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029
- Mobile
- Desktop
Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Domestic
- Cross Border
Social Commerce Industry Market Size and Forecast by Location, 2020-2029
- Tier-1 Cities
- Tier-2 Cities
- Tier-3 Cities
Social Commerce Industry Market Size and Forecast by Payment Method, 2020-2029
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- Other Digital Payment
- Cash
Social Commerce Industry Market Size and Forecast by Platforms
- Video Commerce
- Social Network-Led Commerce
- Social Reselling
- Group Buying
- Product Review Platforms
Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2023
- By Age
- By Income Level
- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/z6zc59
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240319515205/en/
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