The latest report by IMARC Group, titled “India Social Commerce Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the India social commerce market exhibits a CAGR of 35.70% during the forecast period (2022-2027). Social commerce refers to the use of social networking websites such as Facebook, Instagram, Pinterest, and Twitter as methods to promote and sell products and services. It involves worldwide and local marketplaces consisting of small and large enterprises selling their products to numerous social media users and individual buyers. Some of the most common business models where social commerce is used are business-to-customer (B2C), business-to-business (B2B), and customer-to-customer (C2C). This platform is widely utilized to deliver home products, apparel, health supplements, and personal and beauty care products. In India, social commerce has gained traction due to its various benefits such as higher search engine ranking, increased brand reach, improved profit margins, authentic engagement and traffic, and direct communication between the parties involved.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Social Commerce Market Trends:
One of the primary factors driving the market is the increasing digitalization in India. Additionally, the extensive utilization of smartphones, laptops and tablets, and rising penetration of high-speed internet have created a positive market outlook. Other than this, the changing consumer preferences of GenZ and millennials due to the rising cases of coronavirus disease (COVID-19) have increased the sales of various products via online shopping platforms. Besides this, social commerce enables organisations to conduct businesses with minimal communication, infrastructure, and overhead costs on account of the zero physical contact required. Along with this, numerous technological improvements, such as the integration of social commerce platforms with artificial intelligence (AI)- enabled voice assistants and chatbots aid in predicting customer behavior and improving the consumer experience. Other growth-inducing factors include extensive investments from numerous venture capital (VC) funds, individual investors, and private equity (PE); increasing disposable incomes; evolving lifestyles; and extensive promotional activities and brand endorsements on social media.
- Based on the business model, the market has been divided 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 segmented into laptops and PCs, mobiles, and others.
- Based on the product type, the market has been segmented into personal and beauty care, apparel, accessories, home products, health supplements, food and beverages, and others.
- Region-wise, the market has been classified into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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