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Brazil Social Commerce Market Intelligence Report 2022: Market is Expected to Grow by 44.9% to Teach $2,218.6 Million in 2022 - Forecast to 2028 - ResearchAndMarkets.comThe "Brazil 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 2022 Update" report has been added to ResearchAndMarkets.com's offering. Social commerce industry in Brazil is expected to grow by 44.9% on annual basis to reach US$2,218.6 million in 2022. The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 39.7% during 2022-2028. The social commerce GMV in the country will increase from US$2,218.6 million in 2022 to reach US$15,901.7 million by 2028. Social commerce has gained widespread popularity among consumers globally, including in Latin American countries such as Brazil. According to the publisher, purchasing products through social media platforms such as Facebook and Instagram is expected to grow faster than other traditional channels in the next six to eight quarters. According to the Global Social Commerce Market Survey, more than half of the Brazilian consumers have made a social commerce purchase in the last four to six quarters. The growing internet and smartphone penetration rate among consumers is supporting the growth of the social commerce market in Brazil. Moreover, the shift towards digital channels has also resulted in an increased social buyer penetration rate in Brazil. According to the publisher, Brazil is projected to achieve a social buyer penetration rate of nearly 40%, which is the highest among all of the Latin American countries. For social commerce shoppers in Brazil, features that help them discover and evaluate potential purchases play a much more important role as compared to pricing and discounts. Consequently, it is crucial for social commerce platforms to emphasize their user interface to make shopping more convenient for shoppers in the country. Online influencers are assisting the growth of the social commerce industry in Brazil In Brazil, online influencers are also driving the growth of the social commerce industry. Online influencers are playing an important role in getting consumers to buy products through social media platforms such as Facebook and Instagram. According to publisher's recent survey, more than 60% of the consumers have made purchases through these platforms without leaving the applications. As of August 2021, nearly 26.5% of the consumers made purchases on social commerce live streams. With the credibilit of influencers reaching more than 75% in Brazil, the publisher expects online influencers to keep driving social commerce sales through live streams and promotional campaigns over the next four to eight quarters. This will subsequently assist the growth of the overall social commerce industry in Brazil from the short to medium-term perspective. Short video apps are partnering with retailers to launch live shopping services in Brazil With social commerce gaining rapid traction among shoppers in the country, short video app services through strategic partnerships with retailers are looking to tap into the social commerce market.
Social commerce platforms are recording strong growth as the business model gains widespread traction among consumers in Brazil With the social commerce business model gaining widespread popularity among consumers and shoppers, firms have recorded strong growth over the last four quarters in Brazil.
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