Social commerce expected to reach market size of $16-20 billion in India by 2025: Talkwalker and Khoros report

In India, from FY 20-25, social commerce is expected to grow at 55-60% CAGR, taking the current market size from $ 1.5-2 billion to $ 16-20 billion, as per the Social Media Trends 2023 report by Talkwalker and Khoros.

Talkwalker, the consumer intelligence and deep listening company, and Khoros, the digital-first customer engagement software and services, have released their annual Social Media Trends 2023 report.

The report follows the announcement of the companies’ strategic partnership to seamlessly deliver deep listening and social media management through a unified experience.

The Social Media Trends 2023 Report, titled ‘From insights to action: how to disrupt a disruptive consumer’, highlights the social media trends that matter most for brands, marketers, and PR professionals to watch in the coming year.

The report leveraged Talkwalker’s social listening and AI-enabled analytics capabilities to uncover the 10 most impactful social media trends to expect in 2023 and demonstrate how consumers are driving these trends.

The insights behind each trend are further supported with industry-specific social engagement actions marketers can take from Khoros’s Strategic Services team. This report also features contributions from industry experts such as Smita Murarka from Duroflex, Samit Malkani from Google, and Aurnob Godinho from Bombay Shaving Company.

Some of the key trends identified in this report include: 

● Customer experience will get even more social – 75% of consumers say the pandemic has driven long-term changes in their behaviors and preferences, including a bigger focus on urgency. Brands must prioritise customer experience by providing support, information, or solutions as fast as possible. In 2023, expect more brands to leverage social media as dedicated support channels, enabling a fast, efficient response no matter which platform consumers use to get in touch. 

● Social commerce will rise and fall – Large increases in post-pandemic digital growth and rising costs of living are driving increased demand for affordability. Soon, consumers will be more willing to explore new shopping channels such as social. However, some countries are more ready to adopt social commerce than others. In India, from FY 20-25, social commerce is expected to grow at 55-60% CAGR, taking the current market size from $1.5-2 billion to $16-20 billion.

● Brands will place emphasis on communities rather than personas – 66% of branded communities say that their community has led to increased loyalty. Brands will focus on gaining deeper knowledge of their consumer ecosystems to understand who is driving and sharing brand-focused conversations. Influencers, employee advocates, and consumers will be engaged within brand communities to generate authentic connections and consumer-led content.

“We all know the digital ecosphere has disrupted how marketers engage with consumers,” said David Low, Talkwalker CMO. “In this new environment, marketers must focus on forging symbiotic relationships through a better understanding of online conversations and taking quicker action. It’s this new understanding that will help brands create meaningful experiences and become closer to their consumers.”

"As marketers, we know the value of data and the importance of listening to our customers. But we need to be more action-oriented and use those insights more effectively,” said Dillon Nugent, Khoros CMO. “Consumers’ comfort level for doing things online—shopping, researching, socializing—is not slowing down as the world opens up. They also care more about their communities—global, local, IRL, and online. Marketers need to tap into these trends and behaviors more deeply to personalise customers’ experiences and create more impactful strategies that empower your brand to stay connected to customers and grow your presence in the market.”

The full Social Media Trends report can be downloaded by clicking here.

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