DUBLIN–(BUSINESS WIRE)–The “India Social Commerce Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
Social commerce industry in India is expected to grow by 34.1% on an annual basis to reach US$7.20 billion in 2024.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 28.9% during 2024-2029. The social commerce GMV in the country will increase from US$5.37 billion in 2023 to reach US$25.69 billion by 2029.
This report provides a detailed data centric analysis of the social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.
The rising smartphone and internet penetration is driving the growth of the social commerce market. The trend is projected to continue further over the medium term in the Indian market. Factors like increasing consumption and income levels will also support the market growth in 2024. To tap into the growing sector, social commerce platforms are expected to increase their marketing spending over the medium term.
Furthermore, firms are also expected to raise venture capital and private equity funding rounds to improve their offerings and create seamless shopping experiences for online buyers in India. In 2024, social commerce platforms are also projected to leverage artificial intelligence to drive business growth. Overall, the publisher maintains a positive growth outlook for the social commerce industry in India over the next three to four years.
Social commerce startups are raising capital rounds to further improve their platform and enter new product categories
Amid the strong growth in the sector and rising number of social commerce buyers, startups are raising funding to create a seamless shopping experience, while also expanding and entering into new verticals.
Woovly, for instance, announced that the firm had raised funding from investors like Sony Innovation Fund, ViNners, SOSV, and RTAF in November 2023. The firm, founded in 2020, has experienced strong growth in new user registration over the last few quarters. The startup, notably, claims that the user base has surged by 600% over the last 18 months, leading to November 2023. The growth has been attributed to micro and nano influencers. The short video content has also driven engagement on the platform, driving sales.
Going forward, the firm is planning to expand its reach to more markets in India, while also entering into new product categories such as fashion, home decor, and other lifestyle categories. In India, Woovly is competing with major e-commerce platforms such as Myntra, Flipkart, and Amazon. From the short to medium-term perspective, the publisher expects more such startups to raise venture capital and private equity funding, driving the competitive landscape in the sector.
Startups are leveraging artificial intelligence to gain market share in the fast-growing social commerce sector
To drive better shopping experiences for online buyers, an increasing number of platforms are expected to embrace new-age technologies such as artificial intelligence in India. This trend will further support the growth of the social commerce industry over the medium term in the Indian market.
Book My Makeup, an innovative social commerce startup, launched an AI-driven platform offering beauty services. Through new-age tech, the platform has introduced features like augmented reality makeup trials, customized beauty recommendations, and virtual consultations. These features are part of the firm’s strategy to make beauty services more engaging, personalized, and convenient for users.
Going forward, the publisher expects more such innovative startups to emerge in the Indian social commerce market. This will aid the competitive landscape in the sector, while also driving the growth of the industry over the next three to four years.
Global social commerce platforms are shutting operations in India amid growing competition in the sector
Although the market is poised to grow significantly over the next three to four years, competition in the sector has also surged substantially over the last 12 months. Consequently, global platforms are ceasing operations in India, while focusing more on their core markets.
Poshmark, the social commerce platform acquired by Naver, announced that the firm is ceasing operations in India in October 2023. This comes at a time when the competitive landscape is growing rapidly. Alongside India, the firm also shut operations in other international markets like Australia and the United Kingdom.
Poshmark revealed that it plans to focus on the core markets like the United States and Canada over the medium term. The firm, notably, expanded operations in India in 2021. The decision to exit the Indian and other markets is driven by the waning popularity, as the platform had less than 500,000 active users across these three international markets.
With rising competition, more such global providers might exit the Indian market over the medium term, while increasing their investment in the core markets over the next three to four years.
Reasons to buy
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $7.2 Billion |
| Forecasted Market Value (USD) by 2029 | $25.7 Billion |
| Compound Annual Growth Rate | 28.9% |
| Regions Covered | India |
Scope
India Ecommerce Industry Key Players
India Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
India Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2020-2029
India Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2020-2029
India Social Commerce Industry Market Size and Forecast by End Use Consumer Segment, 2020-2029
India Social Commerce Industry Market Size and Forecast by End Use Device, 2020-2029
India Social Commerce Industry Market Size and Forecast by Location, 2020-2029
India Social Commerce Industry Market Size and Forecast by Location, 2020-2029
India Social Commerce Industry Market Size and Forecast by Payment Method, 2020-2029
India Social Commerce Industry Market Size and Forecast by Platforms
India Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2023
For more information about this report visit https://www.researchandmarkets.com/r/h5ku9w
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