DUBLIN, Feb. 16, 2024 (GLOBE NEWSWIRE) — “India Social Commerce Market Intelligence and Future Growth Dynamics Databook – Social Commerce Trends by End-Use Sector, Operational KPIs, Retail Product Dynamics, and 50+ KPIs on Consumer Demographics – Added “Q1 2024 Update” report ResearchAndMarkets.com Recruitment.
India's social commerce industry is expected to grow by 34.1% annually to reach USD 7.2 billion by 2024.
The social commerce industry is expected to grow steadily during the forecast period, registering a CAGR of 28.9% during 2024-2029. The country's social commerce GMV is expected to reach USD 25.69 billion by 2029, up from USD 5.37 billion in 2023.
This report provides a detailed data-centric analysis of the Social Commerce industry, covering market opportunities and risks. This report includes over 50 KPIs at the country level to provide a comprehensive understanding of Social Commerce market dynamics, market size and forecast, and market share statistics.
Rising penetration of smartphones and internet is driving the growth of the social commerce market. This trend is expected to continue further in the Indian market over the medium term. Factors such as rising consumption and income levels are also expected to support market growth in 2024. To capitalize on the growth area, social commerce platforms are expected to increase marketing spend in the medium term.
Additionally, companies are also expected to raise venture capital and private equity funding rounds to improve their services and create a seamless shopping experience for online buyers in India. In 2024, social commerce platforms are also expected to leverage artificial intelligence to drive business growth. Overall, the company maintains positive growth prospects for the Indian social commerce industry over the next 3-4 years.
Social commerce startup raises funding to further improve platform and enter new product categories
Amid the sector's strong growth and increasing number of social commerce buyers, startups are raising capital to create seamless shopping experiences while also expanding and entering new verticals.
For example, Woovly announced in November 2023 that the company raised funding from investors including Sony Innovation Fund, ViNners, SOSV, and RTAF. The company, founded in 2020, has seen a significant increase in new user registrations in recent quarters. Notably, the startup claims that its user base has surged 600% in the past 18 months ending in November 2023. This growth is believed to be due to micro-influencers and nano-influencers. Short video content also drove engagement on the platform and boosted sales.
The company plans to expand its reach to more markets in India and also enter new product categories such as fashion, home décor and other lifestyle categories. In India, Woovly competes with major e-commerce platforms such as Myntra, Flipkart, and Amazon. From a short to medium term perspective, the publisher expects more such startups to raise venture capital and private equity funding, fostering a competitive environment in the sector.
Startups are leveraging artificial intelligence to gain market share in the fast-growing social commerce space
India is expected to see more platforms adopting new-age technologies such as artificial intelligence to facilitate a better shopping experience for online buyers. This trend will further support the medium-term growth of the social commerce industry in the Indian market.
Innovative social commerce startup Book My Makeup has launched an AI-driven platform offering beauty services. Through new-age technology, the platform has introduced features such as augmented reality makeup trials, customized beauty recommendations, and virtual consultations. These features are part of the company's strategy to make beauty services more engaging, personalized and convenient for users.
The publisher expects more such innovative startups to emerge in the Indian social commerce market in the future. This will foster a competitive environment for the sector and at the same time drive industry growth over the next three to four years.
Global social commerce platforms suspend operations in India as competition intensifies in the sector
While the market is expected to grow significantly over the next three to four years, competition in this space has also increased significantly over the past 12 months. As a result, global platforms have ceased operations in India and are focusing more on their core markets.
Poshmark, the social commerce platform acquired by Naver, has announced that it will cease operations in India in October 2023. This took place at a time when the competitive environment was rapidly growing. In addition to India, the company has suspended operations in other international markets such as Australia and the United Kingdom.
Poshmark has announced plans to focus on core markets such as the United States and Canada in the medium term. Notably, the company expanded its operations in India in 2021. The decision to exit the Indian market and other markets was driven by declining popularity as the platform had less than 500,000 active users across these three international markets.
Due to increased competition, many of these global providers may exit the Indian market in the medium term, while increasing investments in their core markets over the next three to four years.
Reasons to buy
- Deep understanding of Social Commerce market dynamics: Understand market opportunities and key trends with forecasts (2020-2029).
- Insights into opportunities by end-use sectors – Gain market dynamics by end-use sectors and assess emerging opportunities across various end-use sectors.
- Develop a market-specific strategy: Identify growth segments and target specific opportunities to develop a social commerce strategy. Assess key market-specific trends, drivers, and industry risks.
Key attributes:
| report attributes | detail |
| number of pages | 70 |
| Forecast period | 2024-2029 |
| Estimated market value in 2024 (USD) | $7.2 billion |
| Projected market value to 2029 (USD) | $25.7 billion |
| compound annual growth rate | 28.9% |
| Target area | India |
range
Major players in the Indian e-commerce industry
- Misho
- shop sea
India E-commerce 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
Market size and forecast by retail product category for India social commerce industry, 2020-2029
- clothing and footwear
- beauty and personal care
- food and groceries
- Home appliances/electronic equipment
- home repair
- trip
- hospitality
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
- first class city
- 2nd class city
- 3rd class city
India social commerce industry market size and forecast by payment method, 2020-2029
- credit card
- debit card
- Bank transfer
- prepaid card
- Digital & Mobile Wallet
- Other digital payments
- cash
India social commerce industry market size and forecast by platform
- video commerce
- Social network-driven commerce
- social resale
- group purchase
- product review platform
India social commerce industry market size and forecast by consumer demographics and behavior, 2023
- By age
- By income level
- By gender
For more information on this report, please visit https://www.researchandmarkets.com/r/1sbemf.
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Indian social commerce market
