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India Social Commerce Market Intelligence Report 2023: Market is Expected to Grow by 39.8%to Reach $5.498 Billion in 2023 - Forecasts to 2028

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Indian Social Commerce Market

Indian Social Commerce Market
Indian Social Commerce Market

Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- 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 2023 Update" report has been added to ResearchAndMarkets.com's offering.

Social commerce industry in India is expected to grow by 39.8% on annual basis to reach US$5498.0 million in 2023.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 23.8% during 2022-2028. The social commerce GMV in the country will increase from US$5498.0 million in 2023 to reach US$19834.0 million by 2028.

The advent of social commerce has changed the way micro, small, and medium-sized enterprises (MSMEs) are doing business in India. Millions of individuals and MSMEs across the country are leveraging the strong network of social media platforms to generate income and grow their businesses. For many MSMEs, reselling and social commerce platforms such as Meesho, Shopsy, and Shop101, have brought in incremental revenue.

Flexibility in operations, low upfront investment, and wider reach among consumers have led to the growth of the social commerce business model in the country. Amid the growing influence of digital information on consumers, the publisher also expects direct-to-consumer brands to increase their presence in the social commerce sector, as it has the potential to influence the purchase behavior of customers.

Indian social commerce firms are seeking to strengthen their regional foothold in the country

The growing digitalization is expected to introduce millions of new consumers to the world of online shopping in India. Consequently, to tap into the new and potential customer base, social commerce firms are adding support for more regional languages to their mobile applications.

In December 2022, Shopsy, the social commerce platform launched by Flipkart, announced that the firm had introduced app interfaces in Tamil and Telugu languages. This is part of the firm's strategy to further reach more consumers in the above regions, as it seeks to strengthen its foothold in the market. From the short to medium-term perspective, the firm is planning to add support for more regional languages.

In August 2022, Meesho, another player in the social commerce sector, announced that the firm is adding support for eight Indian languages to tap into more customers ahead of the festive season. The strategy of strengthening its regional foothold by offering support for regional languages had played out well for Meesho. In December 2022, the firm announced that it had processed 910 million orders in 2022, achieving a year-over-year growth of 135%.

Meesho, which initially invested significantly in its social commerce offering, is now focusing more on the direct-to-customer model. In 2022, the firm reported that 75% of its revenue has come from the D2C segment, compared to 25% from resellers. This shift in strategy from major players like Meesho can impact the growth rate of the social commerce sector in India.

Social commerce firms are launching private brand products to drive topline growth in India

The competitive landscape has grown significantly in the Indian social commerce space. With new players entering the market and the projected growth over the next few years, the industry is expected to become even more competitive. Consequently, firms are launching their private brand products to drive topline growth.

In November 2022, DealShare, a leading social commerce firm, announced the launch of private brand products on the platform. The launch of new products is part of its strategy to gain further share in the growing social commerce market, while also driving the growth of its topline.

As of November 2022, the firm launched 52 products across categories, including home cleaning, male grooming, and more. Over the next two to three years, the firm is planning to further launch more private brand products in its portfolio and has dedicated an investment of INR 5 billion during the period.

In FY 2022, the firm reported a revenue of INR 19.33 billion, representing a growth of 8.2 times compared to FY 2021. In FY 2023, the firm is expected to further report strong growth in its revenue.

Meta is seeking to drive the social commerce growth wave in India through more JioMart-like alliances with WhatsApp

Meta and Reliance entered into a strategic collaboration earlier in 2022, thereby allowing Indian consumers to shop for grocery products directly from WhatsApp. With millions of active daily users on the chat application, the strategic collaboration sent shock waves among leading e-commerce players such as Amazon and Flipkart. The two firms launched the social commerce service in September 2022, allowing consumers to place their grocery orders on JioMart and make payments directly through WhatsApp.

With more than two million merchant partners on the JioMart platform, Meta is aiming to build a strong presence in the social commerce sector through WhatsApp. Other players are also keenly watching the tie-up between Meta and Reliance and the impact it can have on their businesses.

Consequently, going forward, more businesses can partner with Meta to sell products and services through WhatsApp. On the other hand, Meta can leverage its strong user base and active monthly users on WhatsApp to forge alliances and push its growth in the social commerce industry over the next three to four years.

Key Attributes:

Report Attribute

Details

No. of Pages

70

Forecast Period

2023 - 2028

Estimated Market Value (USD) in 2023

$5498 Million

Forecasted Market Value (USD) by 2028

$19834 Million

Compound Annual Growth Rate

29.3%

Regions Covered

India

Scope

India Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

India Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

India Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028

  • Clothing & Footwear

  • Beauty and Personal Care

  • Food & Grocery

  • Appliances and Electronics

  • Home Improvement

  • Travel

  • Hospitality

India Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028

  • B2B

  • B2C

  • C2C

India Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028

  • Mobile

  • Desktop

India Social Commerce Industry Market Size and Forecast by Location, 2019-2028

  • Domestic

  • Cross Border

India Social Commerce Industry Market Size and Forecast by Location, 2019-2028

  • Tier-1 Cities

  • Tier-2 Cities

  • Tier-3 Cities

India Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028

  • Credit Card

  • Debit Card

  • Bank Transfer

  • Prepaid Card

  • Digital & Mobile Wallet

  • Other Digital Payment

  • Cash

India Social Commerce Industry Market Size and Forecast by Platforms

  • Video Commerce

  • Social Network-Led Commerce

  • Social Reselling

  • Group Buying

  • Product Review Platforms

India Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2022

  • By Age

  • By Income Level

  • By Gender

For more information about this report visit https://www.researchandmarkets.com/r/7md26s

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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