Social and video commerce is going mainstream in India, and it has received over $1 billion in funding in 2021, as per the latest report by Redseer.
The report highlights the key changes that have been brought about in the recent times in the country owing to the technological advancements and shifting expectations of the consumers.
Some of the key highlights of the report are:
1. India’s retail and commerce landscape is growing in leaps and bounds, leading to an unprecedented need for digital-first brands and avenues.
The current B2C retail landscape is evolving rapidly with the emergence of new consumer behaviors and expectations.
2. Supported by over $1 Bn funding in 2021, social and video commerce is going mainstream.
This growth is being powered by the increasing adoption of smartphones, which are becoming the mobile commerce platform of choice for consumers in Tier 2 and 3 cities.
3. With rising traditional players’ interest and multiple models to serve, video commerce has massive opportunity in India. China’s case study is a testimony to that.
This is because consumers are increasingly turning to video to learn about new products, compare products, and share experiences. Video commerce enables brands to tell their story in a whole new way, in a way that is engaging and entertaining. It further helps them to build a relationship with the consumer, which ultimately strengthens the brand.
The rise of new retail channels, particularly video and social commerce, is further changing the way consumers shop and what they expect from brands. As a result, digital-first brands are finding it increasingly rewarding to engage with consumers in these channels and offer them a seamless, omnichannel experience. The success of such brands will depend on how effectively they leverage these new retail channels and how they innovate on the digital front to offer a superior omnichannel experience.