Over the years, the amalgamation of e-commerce and social media has altered the manner in which consumers and companies participate in the retail sector, revolutionising our shopping habits and interactions.
The ever-changing e-commerce platforms in India are progressively merging with major social media networks such as Facebook, Twitter, Instagram, and WhatsApp. Aman Jain, Co-founder, and CEO, of Doodhvale, explains that users may now explore and buy things directly via their favourite social networking platforms. Shopping elements are being added to such networks, allowing consumers to mark up and purchase things straight via posts. "This trend may be seen in Instagram's "Shop Now" and "Checkout" features. Users were able to carry out purchases immediately through social media thanks to smooth banking integration with major digital payment systems such as UPI and mobile wallets," he said.
Micro and nano influencers (those with smaller yet highly engaged followings) are gaining importance in addition to famous influencers for their capacity to connect with specific audiences and generate sales.
Raghunandan Saraf, Founder & CEO, Saraf Furniture explained how e-commerce platforms are making investments in artificial intelligence and machine learning to deliver personalised product suggestions based on consumers' social media activities and interests.
He elaborated that this enhanced the entire buying experience. For selling items on social commerce platforms, user-generated content started to become more and more important. Consumers expressing their feedback and recommendations helped to establish trust and influence purchase decisions. This shift towards user-generated content played a pivotal role in shaping the landscape of online commerce, fostering a sense of community and reliability among consumers, ultimately revolutionizing the way products are marketed and sold in the digital age.
Social commerce is giving small and medium-sized organisations (SMEs) and local firms a lifeline by allowing them to reach a larger client base without the need for expensive e-commerce infrastructure. Nidhi Aggarwal, Founder, SpaceMantra added that in India, the social commerce industry has been growing more competitive, with both domestic and foreign businesses contending for market dominance. This competition may result in industry consolidation and strategic collaborations.
