With the advent of the internet, the scope of commerce has broadened significantly. As we are now getting privy to social commerce it does not stop at e-commerce only. social media becoming increasingly relevant with a deep internet penetration over the past decade in India. People from all walks of life are using social media platforms because of the availability of low-cost data packages and as a result, these platforms are not only capable of providing visibility to brands, but also providing an opportunity for sale.
Brands across all categories, where social media platforms play a crucial role (right from product discovery to making a purchase) are getting increasingly important for brands and customers. Consumers feel engaged when they directly interact with the brands and it became possible for them through social commerce. industry-insiders in India said the social commerce market is estimated at $2 billion at present and will grow 50-60% in the next 5 years. These are surprising because more and more people are joining social media with each passing year.
These brands including fashion and lifestyle, beauty, and personal care were the early adopters of social commerce and have been growing steadily. Food and beverages, and travel brands also started using social commerce in a significant way. 70 percent of social commerce is led by brands in India, which includes conversational commerce too. To hasten the customer journey from inspiration to buying, and address any communication barriers around consideration are the primary reason for brands to use social commerce. another reason is to tap and influence new customers in non-metro markets of India.
Brands are spending a major budget on creating ads for social commerce because most customers are active on major social media platforms and hence converting them into potential buyer is became easy for brands. Social proofing like reviews and feedback etc. helps future customers because nowadays customers are going through product reviews and feedback before making the final purchase. Today’s consumers are very aware about every brand and product.
spending on social commerce getting beneficial for brands because many consumers/customers are using smartphones for their shopping rather than going out of the home. as increase of the internet after the pandemic many brands go online and they are seeing growth online as well that is why today many brands are likely to spend their more on social commerce to attract new consumers and satisfy consumer who is already their loyal consumers.
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