According to the latest report by IMARC Group, titled “India Social Commerce Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the India social commerce market size reached US$ 3.3 Billion in 2022. Social commerce refers to the fusion of social media and e-commerce, where online shopping experiences are integrated into social media platforms. It encompasses the use of social networks to facilitate buying and selling of products and services. It leverages the power of social connections and user-generated content to drive purchasing decisions. It provides a seamless shopping experience, allowing users to discover products, interact with sellers, and make purchases without leaving the platform. It enables businesses to engage directly with their customers, build brand loyalty, and gather valuable customer insights. It also allows users to check product reviews and recommendations from their friends or influencers they follow, which can significantly influence their purchasing decisions.
India Social Commerce Market Trends:
Rapid digitalization is driving the market in India. This is primarily attributed to the widespread availability of affordable and high-speed internet services, providing marketers with a new avenue to connect with their target audiences. Moreover, continuous advancements in technologies, such as artificial intelligence (AI), big data, and blockchain, are enhancing customer loyalty and retention, thus creating a positive market outlook. Additionally, major companies are heavily investing in emerging technologies, including chatbots, machine learning, and augmented reality, to enhance the customer experience, further augmenting the market demand. Besides, the integration of content sharing, shopping, payment, and messaging features is positively impacting the market. Furthermore, the rising adoption of digital services in business processes and evolving market trends are encouraging the utilization of social commerce for business-to-business (B2B) transactions. Other factors, such as the growth of e-commerce, the increasing significance of cross-border commerce, evolving consumer lifestyles, and the rise of live-stream shopping trends, are also influencing the market across India. Looking forward, the market value is projected to reach US$ 18.2 Billion by 2028, expanding at a CAGR of 32.7% during 2023-2028.
- Based on the business model, the market has been segmented into business to consumer (B2C), business to business (B2B), and consumer to consumer (C2C).
- On the basis of the device type, the market has been divided into laptops and PCs, mobiles, and others.
- Based on the product type, the market has been bifurcated into personal and beauty care, apparels, accessories, home products, health supplements, food and beverages, and others.
- Region-wise, the market has been segmented into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Business Model, Device Type, Product Type, Region
||North India, West and Central India, South India, East India
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