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Social Commerce Market size is set to grow by USD 8.88 trillion from 2024-2028, Personalized shopping experience and diverse product portfolios on social commerce platforms to boost the market growth, Technavio

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NEW YORK, Aug. 15, 2024 /PRNewswire/ — The global social commerce market  size is estimated to grow by USD 8.88 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 41.53%  during the forecast period.  Personalized shopping experience and diverse product portfolios on social commerce platforms is driving market growth, with a trend towards technological advances in social media. However, efforts required for customer engagement and retention  poses a challenge. Key market players include Advance, Alibaba Group Holding Ltd., Automattic Inc., ByteDance Ltd., Charlton Media Group, Etsy Inc., Eventbrite Inc., Fashnear Technologies Pvt. Ltd., iQIYI Inc., Meta Platforms Inc., Microsoft Corp., One97 Communications Ltd., PayPal Holdings Inc., PDD Holdings, Renren Inc., Shopify Inc., SINA Corp., Tencent Holdings Ltd., Twitter Inc., and Verizon Communications Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Device (Laptops and PCs, Mobiles, Tablets, and Others), Business Segment (Business to consumer, Business to business, and Consumer to consumer), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

Advance, Alibaba Group Holding Ltd., Automattic Inc., ByteDance Ltd., Charlton Media Group, Etsy Inc., Eventbrite Inc., Fashnear Technologies Pvt. Ltd., iQIYI Inc., Meta Platforms Inc., Microsoft Corp., One97 Communications Ltd., PayPal Holdings Inc., PDD Holdings, Renren Inc., Shopify Inc., SINA Corp., Tencent Holdings Ltd., Twitter Inc., and Verizon Communications Inc.

Key Market Trends Fueling Growth

Social media platforms have evolved from simple interaction tools to dynamic marketplaces, with innovations like chatbots driving the global social commerce market. Snapchat, for instance, is a user-friendly social media platform that facilitates shopping and information sharing. Chatbots, which use artificial intelligence for conversational interactions, engage audiences in self-initiated tasks, making marketing more effective and efficient. These technological advancements will continue to shape the social commerce landscape during the forecast period. 

Social Commerce is a trending business strategy that combines social media and e-commerce. It’s all about making the shopping process more engaging and convenient for customers. One key trend is the importance of secure payment methods and user data protection. Changing consumer preferences prioritize user experience, and user-generated content and product recommendations are becoming essential. Social influence also plays a significant role, with brands and sellers leveraging social media platforms for brand awareness and customer engagement. Multichannel retailing is another trend, with businesses using the latest technology like artificial intelligence and augmented reality to enhance product discovery and checkout. Consumer behavior and preferences continue to shape this market, with millennials leading the way in content shopping, sharing, and messaging features. Small businesses are also jumping on board to increase conversion rates and reach new customers in virtual environments. 

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Market Challenges

In the social commerce market, customer engagement is a significant challenge for vendors. Unlike traditional retail stores where sales associates assist customers in making purchases and influence buying decisions, social commerce platforms give consumers full control over their purchases. If a vendor’s webpage or mobile application fails to captivate and engage customers, they may explore other shopping sites or visit physical stores, limiting growth opportunities for the vendor during the forecast period. Therefore, creating an appealing and interactive online shopping experience is crucial for retaining customers and driving sales in the social commerce industry.Social Commerce Market: A New Frontier for Businesses The Social Commerce market is revolutionizing the way businesses connect with customers. In this virtual environment, shopping is no longer a solitary activity. Instead, it’s a social experience. Customers discover products through content shopping on social media platforms. Interested buyers engage with brands and sellers, share their finds, and make purchases directly. Messaging features facilitate immediate communication, providing excellent customer service. Millennials and younger generations are driving this trend. Brands and small businesses, as well as individuals, are leveraging social media to increase brand awareness. Consumer preference for personalized shopping experiences is met through mobile technology and modern technologies like Video Commerce and livestream shopping. However, challenges persist. Security concerns, regulatory compliance, privacy issues, and cyberattacks are major concerns. Brands must collect data responsibly and ensure information exchange is secure. Marketing tools like influencer collaborations, shoppable posts, and personalized customer interactions are essential to stand out in this competitive landscape. In the Social Commerce market, the internet-savvy population is the new consumer base. Large players and smaller niche providers must adapt to this modern shopping experience to stay relevant.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This social commerce market report extensively covers market segmentation by

Device 1.1 Laptops and PCs1.2 Mobiles1.3 Tablets1.4 OthersBusiness Segment2.1 Business to consumer2.2 Business to business2.3 Consumer to consumerGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Laptops and PCs-  The social commerce market is a significant business sector where companies sell products directly to consumers through social media platforms. Brands engage with customers by sharing product information, promotions, and user-generated content. This approach offers convenience, personalization, and real-time interaction, leading to increased sales and customer loyalty. Social media’s vast user base allows businesses to reach a broader audience and target specific demographics effectively. By leveraging social media’s unique features, companies can build strong online communities and foster long-term relationships with their customers.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global e-commerce market continues its robust growth, driven by technological advancements and increasing consumer preference for online shopping. Southeast Asia’s e-commerce logistics market is also on an upward trajectory, fueled by rising internet penetration and digital payments. These trends underscore the growing significance of digital retail and logistics across key regions.

Research Analysis

The Social Commerce Market is revolutionizing the shopping experience by merging virtual environments with the customers’ favorite social media platforms. In this innovative shopping process, product discovery happens through content shopping and interested buyers can engage directly with brands and sellers. Social media platforms have transformed into marketplaces, allowing users to make purchases without leaving the app. Messaging features facilitate seamless communication between buyers and sellers. Millennials, small businesses, individuals, and even large players are leveraging modern technologies to reach an internet-savvy population. Brands and sellers increase brand awareness through influencer collaborations and shoppable posts. Consumer purchase behavior is influenced by personalized shopping recommendations and changing preferences. Electronics, home decor, and various niche products can be discovered and purchased in these virtual marketplaces. However, privacy concerns and regulatory compliance are crucial considerations for both buyers and sellers. Secure payment methods and user data protection are essential to ensure a safe shopping experience. User-generated content and product recommendations contribute to the overall user experience. The market caters to both large players and smaller niche providers, offering a diverse range of products and services. As the market continues to evolve, it’s essential to adapt to the latest consumer preferences and technologies to stay competitive.

Market Research Overview

The Social Commerce Market is revolutionizing the shopping experience by merging virtual environments and social media platforms. Customers can discover products through content shopping and sharing, leading to interested buyers engaging with brands and sellers. The shopping process is streamlined with checkout features, messaging, and secure payments. Millennials and younger generations are driving this trend, seeking immediate communication and personalized customer experiences. Modern technologies like Video Commerce, livestream shopping, and shoppable posts are transforming consumer purchase behavior in sectors like personal and beauty, electronics, home decor, and more. Brands and small businesses benefit from increased brand awareness and consumer preference. However, concerns around cyberattacks, data collection, privacy, and regulatory compliance persist. Businesses must adopt secure payment methods, user data protection, and changing consumer preferences to ensure a positive buyer experience. Marketing tools like personalized shopping, social influence, and user-generated content are essential for engagement and conversion rates. The future of retail lies in multichannel retailing, leveraging the latest technology, artificial intelligence, and augmented reality to enhance consumer experiences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeviceLaptops And PCsMobilesTabletsOthersBusiness SegmentBusiness To ConsumerBusiness To BusinessConsumer To ConsumerGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Science and Technology Daily: Tech with Heart AI for Good AI with a Human Touch

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BEIJING, Dec. 29, 2024 /PRNewswire/ — In 1949, pioneering computer scientist Edmund Callis Berkeley envisioned a future filled with thinking machines in his book Giant Brains, or Machines That Think. Decades later, his vision has become a reality with artificial intelligence (AI) reshaping industries, societies and daily lives.

 

The progress however, is far from straightforward. While AI excites people with its potential, it also raises questions about ethics, safety and its impact on human life.

Recently, Science and Technology Daily hosted a panel discussion, “Tech with Heart, AI for Good”, on how AI empowers life and bridges human limitations but also needs guard rails to ensure it remains under control.

Omnipresent AI

AI is reshaping the way we live, work and interact with the world. For Zeng Yi, a professor at the Institute of Automation, Chinese Academy of Sciences and an expert of the United Nations’ high-level advisory body on AI, the motivation to advance AI technology lies in its potential to liberate humans from repetitive and labor-intensive tasks.

“Combining AI with robotics allows us to redirect human energy toward more creative and meaningful pursuits,” Zeng said. He highlighted how AI-powered robots are stepping into hazardous fields such as firefighting, disaster relief and space exploration. Lunar rovers equipped with advanced AI capabilities are conducting complex analyses on the moon’s surface — tasks too risky for human scientists.

Besides industrial applications, AI is making a significant impact on environmental conservation such as tracking wildlife.

AI’s potential extends into our everyday lives as well. Gao Shaolin, an expert at Peking University Law and Artificial Intelligence Research Center, mentioned a recent road trip during which he drove 3,000 kilometers on highways without coming across a single traffic accident.

“This is extraordinary,” Gao said, attributing the improvement to advancements in AI-driven safety features in modern vehicles.

From fatigue-monitoring systems in trucks to self-driving technologies in electric cars, these innovations are drastically reducing the likelihood of accidents.

However, both Zeng and Gao agreed that AI should not aim to replace humans but rather enhance human expertise and efficiency. AI can amplify human capacity, leaving room for creativity and innovation.

Responsible AI

As AI continues to evolve, responsibility becomes a critical issue. Zeng quoted Berkeley, who wrote, “It is often easier for scientists to create a device than to guide it well afterward.” Berkeley urged innovators to think beyond breakthroughs and address potential risks.

The question of accountability becomes central. Who will be responsible for any problem caused by AI? “AI is not an independent legal entity,” Gao emphasized, pointing out that current AI systems are tools rather than autonomous entities. The responsibility for their actions lies squarely with their developers, service providers and users.

“AI should be as intelligent as necessary, but it must remain under human control,” Gao stressed. As Zeng put it, “The key is ensuring AI coexists harmoniously with humans, not as a competitor but as a collaborator.”

Wu Baojun, executive deputy secretary-general of the Association for Science and Technology of the University of Chinese Academy of Sciences, said the rapid advancement of AI must be accompanied by efforts to ensure its reliability and safety within ethical frameworks.

“Our research in AI,” Wu said, “aims to explore unknown territories, eliminate human fears and make AI more reliable.”

Reliable AI

China has consistently demonstrated a forward-thinking approach to AI development, balancing technological innovation with social and ethical considerations.

As Matt Sheehan from the Carnegie Endowment for International Peace wrote in an article, “China is in the midst of rolling out some of the world’s earliest and most detailed regulations governing artificial intelligence.”

In 2017, China released the Next Generation Artificial Intelligence Development Plan to encourage diverse AI methodologies, such as deep learning, knowledge-based reasoning and large-scale modeling. The plan also emphasized ethical governance, with over a dozen references to social and legal challenges.

In May 2019, it was followed by the Beijing AI Principles, which set out clear guidelines for AI research and development, advocating respect for privacy, human dignity and human rights.

These visions were strengthened in July 2024 when the 78th UN General Assembly unanimously adopted a resolution proposed by China and co-sponsored by over 140 countries. The resolution emphasized the human-centered development of AI, international cooperation, and promotion of AI to benefit humanity as a whole.

Zeng said China’s AI strategy reflects a responsible and inclusive approach: “China’s AI development strategy is not limited to promoting domestic economic growth. They aim to empower humanity and promote sustainable development goals.”

Shared AI principles

AI governance has become a global priority with nations striving to ensure that technology develops responsibly and inclusively.

“We analyzed global AI ethics guidelines and found that 95 percent of the topics are consistent across countries. Concepts like human-centered development, transparency, fairness, safety and privacy protection are widely endorsed,” Zeng said, adding that nations worldwide largely agree on the foundational principles for AI ethics and governance.

In 2023, the Bletchley Declaration on AI safety was signed by 28 countries and the European Union. This marked the first broad agreement on the importance of AI safety as a global issue. In 2024, the UNESCO Recommendation on the Ethics of Artificial Intelligence was adopted unanimously by all member states, which is another example of the global consensus.

China is playing an active role in promoting international cooperation on AI governance. “AI must empower all nations, not just the technologically advanced ones. We should guide AI for good with collective efforts and shared responsibilities,” Gao said.

Executive Producers: Wang Junming, He Yi

Producer: Fang Linlin

Reporters: Long Yun, Zhong Jianli, Gong Qian

Subtitle Proofreaders: Wang Jing, Cen Yingjie

Video Editing Instructor: Wang Xiaolong

AI Technology Advisor: Liu Yang

Cameramen: Liu Xiao, Li Huitao, Li Tianji

Video Editor: Zhang Shunping

Reviewer: Fang Linlin

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SOURCE Science and Technology Daily

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ZT Mining Pioneers Innovative Solutions in the Cloud Mining Industry

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ZT Mining launches user-friendly cloud mining services with free options, renewable energy integration, and educational resources, promoting sustainable cryptocurrency mining.

READING, England, Dec. 28, 2024 /PRNewswire-PRWeb/ — As the cryptocurrency industry grows, the demand for accessible and efficient mining solutions has never been higher. ZT Mining, a leading innovator in cloud mining, announces a new range of services designed to democratize access to cryptocurrency mining while addressing environmental concerns.

free cloud mining site, best cloud mining, crypto mining

Cloud Mining Made Simple

ZT Mining provides a platform for users to mine Bitcoin and other cryptocurrencies without the need for specialized hardware or technical expertise. By simplifying the process, the company caters to a broad audience, from crypto enthusiasts to first-time investors. Its streamlined registration and user-friendly interface allow participants to start mining in minutes.

Free Cloud Mining Option for Starters

The platform introduces free cloud mining opportunities, enabling users to begin their mining journey without upfront costs. This initiative lowers barriers to entry, making it easier for individuals to explore the cryptocurrency space.

Sustainability at the Core

Recognizing the environmental impact of traditional mining, ZT Mining incorporates renewable energy into its operations. By leveraging green energy sources, the company reduces its carbon footprint, aligning with global sustainability goals.

A Trusted Name in Cloud Mining

ZT Mining emphasizes transparency and reliability. Contracts come with clear terms, competitive rates, and no hidden fees. The platform also offers robust security measures, ensuring user data and funds remain protected.

Empowering Users Through Education

To support informed decision-making, ZT Mining provides educational resources on cryptocurrency and cloud mining. Users can access guides and insights to better understand mining profitability and industry trends.

Industry Recognition

ZT Mining’s innovative approach has positioned it as one of the best cloud mining platforms in the industry. With endorsements from leading crypto analysts and positive user feedback, the company is quickly becoming a trusted name for mining solutions.

Looking Ahead

ZT Mining continues to innovate, aiming to provide even more opportunities for users to benefit from cloud mining. With plans to expand its renewable energy partnerships and introduce advanced mining algorithms, the company is setting the standard for sustainable and user-friendly cryptocurrency mining.

For more information, visit ZT Mining’s official website.

Media Contact

Nancy Delia, ZT CLOUD SERVICES LIMITED, 44 7301463290, nancy.delia@ztmining.com, https://ztmining.com

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SOURCE ZT CLOUD SERVICES LIMITED

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UBHOME Collaborates with Qualcomm to Release the Smart Lawn Mower, Co-Creating a New Era of Smart Life

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The 2025 CES in the United States is about to unveil a brand-new chapter in the future intelligent home gardening

LAS VEGAS, Dec. 28, 2024 /PRNewswire/ — UBHOME, a sub-brand of UBTECH Robotics, announced an intelligent service robot in collaboration with Qualcomm Technologies, Inc. The Robotic Mower M10 is a revolutionary smart lawn mower announced at the 2025 International Consumer Electronics Show (CES) in the United States. This product is powered by the Qualcomm® RB1 Robotics Platform, showcases UBHOME’s rich experience in robot research and development, and focuses on solving the pain points of traditional lawn-mowing equipment, providing users with a worry-free and labor-saving smart gardening experience, and creates a new model of gardening intelligence.

User-Oriented: The All-New Convenience Brought by the Smart Lawn Mower to Life

The Robotic Mower M10 is not only a high performance tool but also an upgrade of the smart lifestyle. In response to the pain points of users when using traditional lawn-mowing equipment, this product offers a series of practical functions, bringing brand-new convenience to home gardening:

Wireless and Borderless Mowing: There is no need for cumbersome boundary wire installation anymore. The device relies on accurate environmental perception and navigation technology to independently plan the work area, allowing users to use it right out of the box, saving installation time and energy.

Automatic Mowing, Saving Time and Effort: The device can automatically complete the lawn mowing work according to the preset schedule or real-time instructions, enabling users to manage the lawn care through delegation to the mower.

Wide Coverage and Stable Signal: It supports a large-scale signal connection of up to 130,000 square meters. Even for extremely large courtyards, stable operation can be ensured, and there is no need to worry about signal loss.

Real-time Online, in-control Anytime: Through APP remote control and real-time monitoring, users can adjust the mowing plan or check the device status at any time, managing the courtyard work as they like.

The combination of these functions not only greatly simplifies the complexity of mowing work but also liberates users from repetitive physical labor, allowing them to focus on enjoying the wonderful moments of life.

UBHOME: In-depth Layout in Smart Home

UBHOME is a brand under UBTECH Robotics that focuses on providing smart solutions for families. As a world-leading robot enterprise, UBTECH, with its strong R&D strength and technological accumulation, has successfully launched Walker, China’s first commercial bipedal human-sized humanoid robot. The launch of the Robotic Mower M10 by UBHOME this time is an important step in its layout in the smart home field.

Relying on UBTECH’s technological accumulation in robots and its in-depth understanding of user needs, the Robotic Mower M10 achieves the best mowing effect through environmental recognition and dynamic adjustment. Whether it is complex terrain, steep slopes, or high requirements for fine mowing, it can perform perfectly, demonstrating its excellent technical capabilities and brand commitment.

Powered by Qualcomm Technologies, Facilitating Intelligent Upgrading

As a global leader in wireless technology and edge intelligence, Qualcomm Technologies provides cutting-edge technical support for the Robotic Mower M10, including intelligent edge computing platforms, dynamic path planning, and environmental perception technologies. These technologies ensure that the device can operate efficiently in various environments, providing users with a precise and efficient smart experience. The Robotic Mower M10 utilizes the Qualcomm RB1 Robotics Platform to ensure the superior operation of the Robotic Mower M10 in large-scale courtyards, laying a solid foundation for realizing smart life.

Industry Significance and Trend: Promoting the Development of Gardening Intelligence

With the continuous increase in the demand for home intelligence, the market for smart gardening equipment is in a period of rapid development. As a typical representative of this trend, the smart lawn mower not only meets consumers’ pursuit of a convenient lifestyle but also provides a direction for the transformation of the gardening industry from tool manufacturing to smart services.

The product released by UBHOME not only fills the gap in the high-performance lawn-mowing equipment market but also sets a new industry benchmark. Through the multiple advantages of wireless, real-time connection, and fully automated operation, it endows home gardening with new value, making users no longer regard mowing as a burden but feel the convenience and fun brought by technology.

Innovation Hand in Hand, Co-creating Smart Life

The collaboration between UBHOME and Qualcomm Technologies showcases a strong collaboration of technology and innovation. Both parties are committed to bringing more convenient and efficient life experiences to consumers through technological innovation.

At the 2025 CES, UBHOME and Qualcomm Technologies will showcase the innovative functions and application scenarios of this Robotic Mower M10.

About UBHOME 

UBHOME is a brand under UBTECH Robotics, focusing on providing smart solutions for families. UBTECH is a world-leading robot enterprise dedicated to the research and development and application of artificial intelligence and robot technology and has successfully served more than 900 enterprise-level customers in more than 50 countries around the world.

Media Contact Information
For more information, please contact:
UBHOME Brand Team: mbu-sales@ubtrobot.com 

Qualcomm is a trademark or registered trademark of Qualcomm Incorporated. Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries.  

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SOURCE UBTECH ROBOTICS CORP LTD

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