Social Commerce In India, 2023
India’s internet and smartphone population is growing. Shopping, conducting business, and entertainment are becoming more accessible with the growing presence of social media platforms like WhatsApp, Facebook, and YouTube.
New brands, entrepreneurs selling products for the first time, and small retailers are all beginning to use this method to sell their products online. Experts estimate that India’s social commerce market will grow at a double-digit rate through 2025!
Online shopping in India
In the past few years online shopping has become a more popular way to purchase groceries, electronics, and other products in India. It’s been growing steadily since then and is expected to continue in 2023.
The e-retail market of the country is estimated to grow at 25%-30% annually till 2026 when it will touch $120-140 billion. Meanwhile, small towns, women shoppers, older shoppers are increasing their online shopping habits.
It has become a mission-critical tool for millions of Indian shoppers driving ubiquitous access and heightened convenience. They have also empowered Bharat’s small sellers and micro-entrepreneurs who can now break go-to-market barriers posed by incumbent brands or physical retail outlets so far as e-commerce is concerned!
Remote Jobs
The popularity of remote jobs in India has grown because people want to work from home so they can strike a better work-life balance. There are many benefits that come from working remotely which include having a more flexible lifestyle as well as being healthier.
A survey showed that over half (52%) of Indian employees work from home at least one day per week. The survey also found that nearly six out of ten (58%) millennials sought out a job where they could work remotely.
The Indian government is taking steps to put itself on the map as an AI powerhouse by 2023. It hopes to create a National Centre for AI that will be sector-agnostic and will help identify and deploy AI solutions that can really transform society. To ensure these solutions are spread far and wide, the government has pledged to deploy them throughout India.
Social Media
Social commerce is an e-commerce model that lets buyers make purchases without ever leaving their favorite social media platforms. They can do everything from product research to payment all on one app or website.
This way of selling products could boost revenue and cut costs for businesses because they don’t have to spend money on a physical store space. Additionally, they won’t have the extra expenses of warehousing or maintenance.
The global social commerce market is set to grow at an alarmingly fast pace in 2023, thanks in part to increased use of social media worldwide. Brands should definitely include it in their digital strategy if they want to reach new customers effectively. That’s especially true if those customers are Millennials or Gen Zers who love “window shopping” online.
Final Words
India’s tech advances are gaining attention all over the world — and for good reason! As time goes on, it’ll continue leading the charge when it comes to technology. Most people use social media every single day, whether they’re working, shopping or just having fun. So no matter what happens with future tech developments, it’s safe to say that India’s social platforms alone will always be impressive. Now we just have to wait and see what leaders across the country do with social commerce!
