Every state has its well-known brands that have risen in popularity through time. These hyperlocal firms are now reaching a wider market thanks to the rapid expansion of social commerce.
Social commerce has evolved into a vital tool for reaching the masses, allowing individuals to interact not only with one another but also with services. Emami, for example, is bringing Kesh King, a prominent Punjabi singer, to numerous states across the country.
According to a new Accenture report, the social commerce market is expected to grow to $1.2 trillion in the next three years, more than doubling its present size of $492 billion.
“Social commerce has created a new spike in market growth since it is predicted to grow three times as fast as traditional e-commerce,” Rajiv Kumar Aggarwal, Founder, and CEO, StoreHippo, stated. The emergence of social commerce in India is a testament to the power of individuals and communities, driven by mobile-first consumer preferences and the advent of new hyperlocal social commerce platforms.”
Social commerce is an important instrument for reaching out to the public, and it has not only assisted people in connecting, but also in connecting with services. Similarly, social media has aided in the expansion of hyperlocal brand usage. In the country, the twenty-first century is an era of hyperlocal services, which serve as a link between resources and consumers. The hyperlocal success of Zomato, Swiggy, Paytm, Milkbasket, as well as e-commerce giants like Amazon and Flipkart, is being emulated.
“This is absolutely a sector that will take on a major part of the market in the future years,” says Vinay Bansal, Founder CEO of Inflection Point Ventures, one of India’s leading angel platforms.
A co-existential setting would be perfect because many of these hyperlocal brands function as intermediaries between the source and the consumer. In addition, as these dependent businesses grow, so will the connected hyperlocal delivery brands, which will receive an occasional boost.”
“Logistically, hyperlocal companies have a lot more to gain than other brands,” Kartik Johari, VP, Marketing & Commerce, Nobel Hygiene, explained. Their supply chain is more compact. They can immediately fulfill their local environment if they’re a volumetric product.
However, these are only temporary solutions. No brand or corporation will be developed solely on the basis of short-term gains. Such benefits are only beneficial to organizations that offer a superior product.
The bottom line is to concentrate on the product. You will thrive if you have a good product; else, you will become one of the multitudes.”