📲Escrow Service
The market size of the social commerce industry is projected to grow significantly in the coming years. As of 2024, it is estimated at approximately USD 1.18 trillion and is expected to reach USD 4.14 trillion by 2029, with a compound annual growth rate (CAGR) of 28.53% (Mordor Intelligence). This growth is driven by the increasing use of social media platforms like Facebook, Instagram, and TikTok for shopping, as they provide a convenient and interactive shopping experience.
The integration of social media with e-commerce has led to a surge in impulse buying, especially among younger demographics such as Gen Z and millennials. This trend is further bolstered by advancements in technology, such as AI and blockchain, which enhance user experience and security.
Given this robust growth, the demand for secure payment solutions, including escrow services, within the social commerce sector is likely to rise. As more transactions occur through these platforms, the need for reliable mechanisms to protect against fraud and ensure the safety of funds becomes increasingly critical. This presents a substantial opportunity for businesses offering such services to tap into a rapidly expanding market.
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