1. The trend towards avoidance of public transportation after COVID 19 and digitization of used vehicle sales/purchases will lead to higher demand for used two-wheelers in India.
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The advent of COVID-19 positively reinforced customers to avail digital medium for their daily purchases due to the restrictions on physical movements imposed. Revenue generated by social e-commerce market grew by 143% Y-o-Y in between FY’20 and FY’21.Coupled with that, “Digital India” initiative launched by the government of India in FY’15 to ensure improvement in online infrastructure and citizens digital literacy is contributing in the adaptation to social e-commerce platforms. One of the major determinant of the surging growth of social e-commerce market is attributed to the digital boom, backed by higher internet and smartphone penetration rate in India.
2. Women consumers contributed to the highest share of 66% on the basis of overall revenue generated by the social e-commerce market in India in FY’22.
The user base of social commerce platforms were vastly different from other online platforms such as Amazon and Flipkart as of FY’22. The target customer base for these social commerce platforms are majorly women from Tier 2 and Tier 3 cities.
Therefore, on the basis of gender, women consumers contributed to the highest revenue share of more than 60% in FY’22 from sales of products on social commerce platforms. Whereas, sales of products to male consumers through social e-commerce platforms only constituted ~35% share of the overall revenue generated by the industry in FY’22.
3. Integration of various domestic start-ups in the ecosystem coupled with government’s “Digital India” initiative is contributing in enhancing the demand of availing social commerce platforms.
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Realizing the massive potential of the social e-commerce market which is currently in the nascent phase, various home grown start-ups have ventured in the social commerce business to capitalize on this opportunity as of FY’22. Integration of these start-ups in the ecosystem opens up avenue for the sellers especially from Tier 2 and Tier 3 cities. Domestic start-ups could provide the required support to these sellers to transition in the digital world and offer unique customer insights.
In addition to this, the advent of COVID-19 positively reinforced customers to avail digital medium for their daily purchases due to the restrictions on physical movements imposed. Coupled with that, government strategy such as “Digital India” initiative along with increasing internet and smartphone penetration rate, which stood at 47% and 66% respectively in FY’22, are serving as the major catalysts for the adaptation of social e-commerce ecosystem by the consumers.
With the growing popularity of social commerce, international social media platforms such as Facebook have initiated the process of innovating and implementing new features to make it convenient for sellers and buyers to interact in order to integrate the social e-commerce space by utilizing their large customer base.
For more insights on the market intelligence, refer to the link below:-
India Social E-Commerce Market
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