Social commerce industry in Japan is expected to grow by 12.1% on annual basis to reach US$15 Billion in 2023. The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 9.8% during 2022–2028. The social commerce GMV in the country will increase from US$15290.4 million in 2023 to reach US$26736.4 million by 2028.
Companies such as Rakuten, Amazon Japan, and Yahoo! Japan are leading the way in benefiting from this rise in social commerce. Payment methods such as cash on delivery and credit card payments are commonly used in social commerce transactions in Japan. Additionally, social media platforms such as Line have integrated social commerce features into their platforms, further driving the industry’s growth. The increased usage of mobile devices and screen time is also contributing to the rise in social commerce.
However, with the rise of social commerce comes the risk of fraudulent activities. To address this issue, blockchain technology has emerged as a promising solution. Blockchain technology enables a secure and transparent transaction process by creating a trustable environment. By implementing blockchain technology in social commerce, businesses can prevent fraudulent activities and increase trust between buyers and sellers.
QGlobe’s SocialFi platform is one such example of leveraging blockchain technology to create a trustable social commerce ecosystem. The platform is developing a SuperApp that combines traditional and industry-leading technologies to create a seamless and secure user experience. The SocialFi platform aims to eliminate the middleman by enabling peer-to-peer transactions and allowing users to earn rewards for social interactions. Additionally, the platform’s use of blockchain technology ensures secure transactions and protects users from fraudulent activities.
In conclusion, Japan’s social commerce industry has experienced tremendous growth in recent years and is expected to continue to do so in the future. As the industry grows, the need for secure and trustworthy transaction processes becomes increasingly important. Blockchain technology has emerged as a promising solution, and companies like QGlobe are using this technology to create a trustable and secure social commerce ecosystem. It will be exciting to see how innovations in technology will continue to shape the future of social commerce in Japan and beyond.