A social marketplace community is a platform that combines the features of a traditional online marketplace with those of a social networking site. It allows users to buy and sell goods and services, as well as connect with one another and engage in discussions about products, services, and other topics of interest.
Social marketplace communities have become an increasingly popular way for people to buy and sell goods and services online. These platforms combine the functionality of a traditional online marketplace with the social aspect of a networking site, creating a unique and engaging shopping experience for users.
One of the key benefits of social marketplace communities is the sense of community that they foster. In addition to being able to browse and purchase items from a wide range of sellers, users can also connect with one another and engage in discussions about products, services, and other topics of interest. This creates a more personalized shopping experience and can help users feel more connected to the brands and sellers that they support.
Another advantage of social marketplace communities is the ability for users to review and rate products and sellers. This can help other users make informed purchasing decisions and build trust in the platform. It can also encourage sellers to offer high-quality products and good customer service, as they know that their reputation is on the line.
Overall, social marketplace communities offer a unique and convenient way for people to buy and sell goods and services online. Whether you're looking to purchase a one-of-a-kind handmade item or sell your own products and services, these platforms provide a supportive and engaged community of buyers and sellers.
In 2020, the global social commerce market was valued at $30.8 billion and is expected to reach $95.2 billion by 2025, growing at a compound annual growth rate of 26.5%.
As of 2021, Etsy, a social marketplace community focused on handmade and vintage goods, had over 60 million active buyers and 2.7 million active sellers.
In the third quarter of 2020, eBay, a global social marketplace community, had 182 million active buyers and 25 million active sellers.