The second-largest contributor to India’s advertising budget is e-commerce. It has grown from Rs 3,000 crore to Rs 6,000 crore in the last year, according to the Pitch Madison Annual Report (PMAR) 2022.
Many more people have become comfortable with the idea of shopping online in recent years. Growing B2C (business to customer) demand has been a logical evolution with increasing internet penetration, smartphone use, and mobile technology advancement.
According to Kumar, Meesho’s indirect to platform (customer) orders grew by 1,600 per cent year over year in 2021, with just 216 million active internet users transacting online, and the access gap in underprivileged communities being closed by Meesho’s network of 15 million entrepreneurs.
After consumers figured out how to use marketplaces like Amazon, Flipkart, Myntra, and Snapdeal, it became clear to businesses that the next great growth opportunity is in developing a D2C business, according to Joshua. D2C is already proving to be the most significant e-revolution in India, with more than 800 D2C brands presently in operation and a predicted 10,000 by 2026.
The D2C (direct to customer) approach enables marketers to communicate with customers across channels and assist them in purchasing customised content while participating in specialised loyalty programmes. According to experts, it also allows firms to keep their clients for longer periods of time.
Social Commerce will also drive personalised engagement experiences based on a buyer’s social media likes and behaviours. This results in more consistent brand experiences across channels, enhancing customer lifetime value and driving deeper loyalty.
E-commerce is more beneficial to categories with high digital features but low physical attributes. Consumer packaged goods, electronics, financial services, and fast-moving fashion, according to industry experts, will be the main benefactors of this expansion.
Shopping is a social experience, according to Gitanjali Saxena, Business Head – Global Luxury, Tata CLiQ Luxury, and Social Commerce brings together social connections and e-commerce transactions on a single platform, making it an appealing proposition.
It is a channel that allows for the discovery, consideration, and two-way communication of products and brands, hence increasing brand visibility and sales. It is establishing itself as the next big thing in the e-commerce business by further democratising e-retail.
According to Saxena, Tata CLiQ Luxury continually integrates information and commerce through a variety of projects and events to deliver a holistic experience for consumers.
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