Rise of Social Commerce is Fueling the Market

Social networking is increasingly being used on mobile devices and has emerged as a valuable tool for mobile commerce. Instagram, Facebook, and TikTok have emerged as major e-commerce hubs. Shoppable posts and in-app shopping capabilities enable users to discover and purchase things from within social media apps, encouraging impulsive buying. Instagram added a shopping feature in 2016, but social buying has increased as the pandemic-driven e-commerce boom has made customers more comfortable purchasing online. People are spending more and more time on social media platforms, which are introducing features that make shoppable postings useful for both brands and customers.

The American Psychological Association reports that U.S. teens spend an average of several hours daily on seven popular social media apps, with YouTube, TikTok, and Instagram comprising 87% of their social media usage. Notably, 37% of teens admit to spending five or more hours per day on these platforms. Influencers are a crucial element in social commerce’s success. Their ability to engage large, loyal followings and provide authentic product endorsements has made them invaluable in promoting products and driving sales through social media.

Mobile Payments Market: By Type of Payments: Remote Payments, Proximity Payments, By Transaction Mode: NFC/Smart card, Direct mobile billing, Mobile web/WAP payments, SMS, STK/USSD, Mobile apps, IVRS, QR codes, Others (Wi-Fi, Bluetooth). By Payment Nature: Person to Person (P2P), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B), By Application: Money transfers, Bill Payments, Airtime Transfer and Top-Ups, Travel and Ticketing, Merchandise and Coupons, By Industry Vertical: BFSI, Telecom and IT, Media and entertainment, Healthcare, Retail, Travel and hospitality, Transportation and logistics, energy and utilities, Others, By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).

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