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Europe Social Commerce Business Intelligence Report 2024: TikTok to Increase their Investments, Klarna Seeks to Expand its Creator Shops Functionality

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DUBLIN, Feb. 23, 2024 /PRNewswire/ — The “Europe 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 Europe is expected to grow by 24.4% on annual basis to reach US$92.11 billion in 2024.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 20.1% during 2024-2029. The social commerce GMV in the region will increase from US$74.06 billion in 2023 to reach US$230.50 billion by 2029.

The social commerce market is poised to grow at a steady pace over the medium term in Europe. Instagram is a top choice among young generation social buyers, especially in markets like the United States. Going forward, the publisher expects other players such as TikTok to increase their investment in the European social commerce market, driving the competitive landscape in the sector.

Global players are also seen expanding their presence in the European market to tap into the growth industry. This trend is projected to continue further over the medium term, aiding innovation and the competitive landscape in the market. Overall, the publisher maintains a positive growth outlook for the social commerce market in Europe from the short to medium-term perspective.

Young generation consumers are leading the trend of social buying in the United Kingdom

While the United Kingdom is leading the social buying trend across the European region, there is still plenty of growth opportunity in the sector. Social commerce penetration is low in the country compared to other markets like the United States and China. Young generation consumers, Gen Z, and millennials, are projected to lead the trend of social buying over the medium term in the United Kingdom.

According to a report from eMarketer, Instagram is a top choice for social buying among young generation consumers, with 37.3% of the respondents preferring the channel for purchases. This is followed by TikTok at 36.1% and Facebook at 34.3%. This shows that while Meta is dominating the social commerce market in the United Kingdom, TikTok is gaining ground rapidly among social buyers. As the market continues to mature, the publisher expects TikTok to further increase its investment in the United Kingdom’s social commerce industry over the next three to four years.

Global players are launching social commerce platforms in the European region amid sector growth

With the industry projected to grow at a steady pace over the next three to four years in Europe, global firms are expanding their geographical footprint in the region to build a strong presence.

SHOPLINE, one of the leading social commerce platforms in Asia, announced global expansion in 2023. The firm, initially, is planning to expand operations in the European markets. With a strong presence globally, SHOPLINE has partnered with more than 500,000 brands, emerging as a leader in cross-border selling, payments, and logistics.

SHOPLINE has collaborations with major platforms like Meta (Facebook and Instagram), Google, TikTok, and Amazon to offer merchants a smooth and unified experience for both shopping and advertising. With advanced influencer collaboration and dynamic customer segmentation features, SHOPLINE provides a powerful toolkit for brands. Additionally, its architecture is designed with an API-first approach, ensuring flexibility and easy integration into the SHOPLINE platform.

Going forward, the publisher expects more global social commerce platforms to expand its presence in the European markets. This will support a competitive landscape and market growth over the next three to four years.

Klarna seeks to expand its Creator Shops functionality in European markets to aid business growth

Klarna has been moving beyond its buy now pay later business model aggressively. To accelerate revenue growth, the firm has entered into various business verticals, including social buying and commerce. The firm, with its Creator Shops capabilities, has achieved strong traction in the United States. Klarna now is planning to expand the Creator Shops feature in the European markets.

Through the Creators Shops feature, the firm is providing more than 500,000 creators the opportunity to create their own online stores on Klarna.com. Creators will have tools to ensure a seamless shopping experience for users, allowing them to discover and purchase the products recommended by their favorite creators all in one place. This platform enables creators to suggest items from a wide range of retailers, share interactive videos and photos for shopping, and promote their stores on social media. This not only benefits creators but also opens up new revenue possibilities for retailers.

In the United States, the Creator Platform has grown five times year on year, highlighting the value offered by Klarna. The launch, in the United Kingdom and other markets, will also drive more creators to the platform. This will subsequently support the growth of the regional social commerce industry over the next three to four years.

This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.

The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.

Bundled Research with 1 Regional Report and 15 Country Reports

Europe Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Austria Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Belgium Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Denmark Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Finland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)France Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Germany Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Greece Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Ireland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Italy Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Netherlands Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Poland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Russia Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Spain Social Commerce Market Intelligence and Future Growth Dynamics (Databook)Switzerland Social Commerce Market Intelligence and Future Growth Dynamics (Databook)United Kingdom Social Commerce Market Intelligence and Future Growth Dynamics (Databook)

Scope for Each Report

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 & FootwearBeauty and Personal CareFood & GroceryAppliances and ElectronicsHome ImprovementTravelHospitality

Social Commerce Industry Market Size and Forecast by End Use Consumer Segment, 2020-2029

B2BB2CC2C

Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029

MobileDesktop

Social Commerce Industry Market Size and Forecast by Location, 2020-2029

DomesticCross Border

Social Commerce Industry Market Size and Forecast by Location, 2020-2029

Tier-1 CitiesTier-2 CitiesTier-3 Cities

Social Commerce Industry Market Size and Forecast by Payment Method, 2020-2029

Credit CardDebit CardBank TransferPrepaid CardDigital & Mobile WalletOther Digital PaymentCash

Social Commerce Industry Market Size and Forecast by Platforms

Video CommerceSocial Network-Led CommerceSocial ResellingGroup BuyingProduct Review Platforms

 Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2023

By AgeBy Income LevelBy Gender

Companies Mentioned

FacebookInstagramShopify AustriaRefurbedwikifoliokyddosnooopitKazidomiMy Social BookmyShopiLokkalEarnielandUnisportMy SkateProFlauntinApprlStyleDoublerSwappieRue du CommerceSmiirlSephoramobile.deZalandoidealoTomigoGreeks.SocialBroombidsPopdeemIrish BrandsBantoaGreenApesComehomeeBayOrderchampProductpineBrainlyGanymede SP. Z.o.o.VkontakteYoulaShoppilotPlaytomic21ButtonsMoodyoYouTubeSHEINImmoScout24InyovaLOOKKDepopAGORACompany Shop

For more information about this report visit https://www.researchandmarkets.com/r/ja65r8

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Entigrity Merges with MYCPE — Launches MYCPE ONE to Enhance Opportunities for India’s Accounting Workforce

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By expanding the current landscape of services, MYCPE ONE aims to create career opportunities for Indian talent while addressing the evolving needs of the accounting industry.

AHMEDABAD, India, Nov. 14, 2024 /PRNewswire/ — Entigrity, a global leader in outsourcing solutions, and MYCPE, a renowned provider of Continuing Professional Education (CPE) services, announced their merger to create MYCPE ONE.

This strategic merger goes beyond simply combining the services; it’s aimed at building an integrated ecosystem that delivers a comprehensive suite of solutions to CPAs and accounting firms. The unified suite of services will include Staffing, CPE, Learning & Development, Digital Marketing — all in one place.

This will significantly enhance career opportunities for Indian accounting professionals, by providing them with access to the global accounting industry and state-of-the-art learning resources. 

With this mission, MYCPE ONE is also committed to growing its presence in India. With the recent opening of offices in Udaipur and GIFT City, Gandhinagar, MYCPE ONE plans to scale operations across various delivery centres in India.

Today, MYCPE ONE has a team of 40+ delivery centres across 17 cities in India and one in Philippines. MYCPE ONE has partnered with state governments to establish delivery centres in Tier 2 and 3 cities. These initiatives are designed to provide Indian professionals with the opportunities they need to pave their career pathways, spanning from entry-level roles to senior positions. 

“This merger positions MYCPE ONE as a pivotal force in the industry, evolving from an outsourcing provider to a comprehensive tech and services leader for the accounting sector,” said Shawn Parikh, CEO and Co-founder of MYCPE ONE. “Through this merger, we are thrilled to provide Indian professionals with unmatched opportunities to advance their careers and gain valuable international exposure,” he added. 

“Our aim is to build a resilient business model that adapts to market dynamics and reinforces our standing in the global accounting space. By leveraging our deep expertise, we remain committed to serving the accounting sector,” said Valay Parikh, COO and Co-Founder of MYCPE ONE. 

About Entigrity 

Entigrity is a trusted provider of outsourcing solutions, partnering with over 1,000 CPAs and accounting firms & businesses across the U.S. and Canada. With delivery centres in 17 cities across India and one in the Philippines, we are further expanding our presence into additional Tier 2 and Tier 3 cities in India, as well as exploring growth opportunities in the Philippines, South Africa, and South America.

About MYCPE ONE 

MYCPE ONE is a comprehensive ecosystem designed to empower accounting firms and professionals with a unified suite of essential services. As a strategic platform, MYCPE ONE offers integrated solutions in outsourcing, education, training, marketing, advisory, and industry insights — all in one place.

Contact Information 

Patrick Ross 
Content and Media Manager 
MYCPE ONE 
Patrick@my-cpe.com
6468274348 

Logo: https://mma.prnewswire.com/media/2557901/MYCPE_ONE_Logo.jpg

 

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transcosmos wins 2024 [Golden Headset] Excellent Outsourcing Services of the Year Top 10

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Recognized for outstanding digital service performance in the contact center industry

TOKYO, Nov. 14, 2024 /PRNewswire-PRWeb/ — transcosmos inc. is proud to announce that the company received 2024 [Golden Headset] Annual Excellent Outsourcing Services of the Year Top 10 at the “CCMW 2024 Annual Conference & the 20th [Golden Headset] The Best Customer Center Award Ceremony” held in Beijing, China on October 15, 2024.

The Golden Headset Award is recognized as a leading performance indicator in the customer service center industry. Following the international evaluation standard CC-CMM (Capability Maturity Model)/DO-CMM, CCMW performed performance indicator analysis.

Started in 2005, this year marked the 20th anniversary of the [Golden Headset Award Digital Services and Operations Benchmarking Competition], a competition to determine China’s best customer center, organized by the prestigious institution in the Chinese contact center industry called Customer Care & Management World (CCMW). The Golden Headset Award is recognized as a leading performance indicator in the customer service center industry. Following the international evaluation standard CC-CMM (Capability Maturity Model)/DO-CMM, CCMW performed performance indicator analysis. After receiving applications, CCMW asked for experts’ nominations and went through a rigorous screening process that includes mystery calls, data gathering, benchmarking, on-site assessment, and assessment by a review committee. Ultimately, CCMW chose the award winners based on a comprehensive evaluation on all candidates including their outsourcing service capabilities as well as the number of workstations. Highly recognized for its proven record in contact center digital services, transcosmos was awarded the 2024 [Golden Headset] Annual Excellent Outsourcing Services of the Year Top 10.

As the internet and intelligence technologies continue to evolve, customer service centers are transforming into digital, intelligent and multifunctional contact centers, shifting from the traditional services via phones, emails, and online channels. Against this backdrop, transcosmos has developed “transCxLink,” its proprietary platform built on the company’s unique omnichannel contact centers. “transCxLink” not only creates a seamless process between companies, consumers, and customer service representatives by connecting all kinds of communication channels such as e-commerce platforms, social platforms, voice calls, and online chat, but also comes with abundant features including CRM, intelligent services, marketing systems, speech recognition, auto-reporting, and business insights. With all these features, “transCxLink” meets the needs of companies across all industries. In addition, with the power of large language models, “transCxLink” delivers auto-translation features, enabling businesses to provide multilingual AI-powered customer services without the need for bilingual customer service agents.

As business processes become increasingly complex and highly standardized in every industry, transcosmos enhances CX at every channel by transforming traditional contact centers into digital with the power of “transCxLink,” thereby evolving the centers to ones that reduce costs, boost productivity, and expand sales, generating value for clients.

Invited to the conference, Joseph Wong, VP of Global Business Development, transcosmos delivered speech on the theme of “How Chinese companies can unlock global business opportunities with its digital economy,” representing the company. In his speech, Joseph presented in-depth analysis on the rapid shift to intelligent services and solutions in the contact center and e-commerce industries, and encouraged Chinese local brands to aggressively develop international markets and find new routes for growth. Joseph also introduced transcosmos’s success cases in its global services, giving inspiration to many of the audience.

As a digital transformation partner for clients, transcosmos will drive its efforts for enhancing services in the BPO industry with its innovative solutions and service systems.

■transcosmos history in China
transcosmos entered the Chinese market and launched its offshore services business in 1995. In 2006, the company opened its first call center in Shanghai and started to provide call center services for the Chinese market. Today, transcosmos has its bases and subsidiaries across 24 cities in China including Shanghai, Beijing, Tianjin, Hefei, Xi’an, Changsha, Wuhan, Neijiang, Kunshan, Zhengzhou, Rizhao, Suzhou, Taipei and more. The company offers extensive services such as business process outsourcing (BPO) including contact centers, e-commerce one-stop, customer experience, digital marketing, and system development for both Chinese and global brands.

transcosmos is a trademark or registered trademark of transcosmos inc. in Japan and other countries.Other company names and product or service names used here are trademarks or registered trademarks of respective companies.

About transcosmos inc.
transcosmos launched its operations in 1966. Since then, we have combined superior “people” with up-to-date “technology” to enhance the competitive strength of our clients by providing them with superior and valuable services. transcosmos currently offers services that support clients’ business processes focusing on both sales expansion and cost optimization through our 183 bases across 35 countries/regions with a focus on Asia, while continuously pursuing Operational Excellence. Furthermore, following the expansion of e-commerce market on the global scale, transcosmos provides a comprehensive One-Stop Global E-Commerce Services to deliver our clients’ excellent products and services to consumers in 46 countries/regions around the globe. transcosmos aims to be the “Global Digital Transformation Partner” of our clients, supporting the clients’ transformation by leveraging digital technology, responding to the ever-changing business environment. Visit us here https://www.trans-cosmos.co.jp/english/

Media Contact

transcosmos inc., transcosmos inc., +81-3-6709-2251, pressroom@trans-cosmos.co.jp, https://www.trans-cosmos.co.jp/english/

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Nota AI® Partners with Alliance Traffic Systems for Strategic Middle East Expansion

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SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — Nota AI, a leader in hardware-aware AI optimization and on-device AI solutions, has taken a significant step toward establishing its presence in the Middle East by signing a Memorandum of Understanding (MoU) with Alliance Traffic Systems (ATS). This strategic partnership aims to bring Nota AI’s cutting-edge Intelligent Transportation Systems (ITS) solutions to the region, aligning with its broader vision of expanding technological impact across the Middle East.

 

Alliance Traffic Systems, a key player in the Gulf Cooperation Council (GCC) region, holds particular influence in the UAE’s traffic enforcement infrastructure sector. Since 2008, ATS has managed major traffic projects in Abu Dhabi Emirate, solidifying its role as a leader in providing total traffic management solutions. This extensive track record makes ATS an invaluable partner as Nota AI launches into the Middle Eastern market. Leveraging ATS’s established network, Nota AI will initiate a Proof of Concept (PoC) project with Dubai‘s Road and Transport Authority (RTA), deploying its generative AI and Vision Language Model (VLM)-based ITS solutions. This project will demonstrate Nota AI’s on-device AI capabilities, setting the stage for solutions to urban mobility challenges across the Middle East.

The PoC project’s core ITS solution integrates Vision Language Model (VLM) and multimodal capabilities to process diverse data sources, enabling precise traffic analysis. Powered by Nota AI’s optimized on-device AI technology, this advanced traffic analysis solution can be deployed efficiently across various traffic-related devices, promising substantial improvements in traffic management and bringing meaningful changes to regional conditions in the Middle East.

Myungsu Chae, CEO of Nota AI, remarked, “This PoC project offers a unique opportunity to validate our VLM-based on-device AI solution, delivering real-time traffic analysis in the Middle East. It marks an important milestone in showcasing our global technological and business potential.” Mohammad Al Abbadi, CEO of ATS, added, “This MoU aims to leverage Nota AI’s on-device AI technology to reduce traffic congestion across the Middle East, offering a cost-effective solution for road management.”

Nota AI’s steady expansion in the Middle East has included recent participation in high-profile events such as Expand North Star 2024 and the ITS World Congress 2024. With its strategic partnership with ATS, Nota AI has secured a strong entry point into the Middle Eastern market, drawing on ATS’s extensive expertise in traffic management and infrastructure. This collaboration allows Nota AI to deliver tailored solutions that address the region’s unique transportation needs. Furthermore, through ATS’s established networks with key authorities in Abu Dhabi and Dubai, Nota AI is well-positioned to extend its reach across the Gulf Cooperation Council (GCC) region, laying the foundation for sustainable, long-term growth.

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