Innovations in the product mix with special focus towards sustainability will help in growing the market with a positive CAGR of >30%, says a report by Ken Research
1. Increased Number of Users and Time Spent on Social Media Accounts Amidst Lockdown Led to Demand For Social Ecommerce.
Recent Developments in Industry due to Growth Driver
In the first week of lockdown, Indians spent >4 hours every day on social media that is a 87% increase from a week before lockdown and on an avg 280 mins per day which was 150 mins before the lockdown period. The survey mentioned that 75% people were spending more time on Facebook, Twitter and WhatsApp compared to the week before lockdown and as a result were more proactive on whatsapp groups.
Example: Meesho joined the grocery delivery space to increase the reach of retailers selling essential products and ensure a continuous supply chain, considering it to be a long term growth segment.
2. Growth driving factors such as Internet Connectivity & Digital Adoption is driving demand in market.
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- Being major growth drivers in the country, ~840 Mn people would have access to the internet & about 60% of the Indian population would own smart phones by 2022
- Shifting of preference from Facebook towards other platforms for short form video content, such as YouTube, TikTok & Instagram wherein 92% internet users of age 16-64 watch online videos each month.
- Shifting of preference from Facebook towards other platforms for short form video content, such as YouTube, TikTok & Instagram wherein 92% Internet Users of age 16-64 watch online videos each month.
- Increasing number of people through the most traditional form of advertising e., word of mouth, enabling rising social media interactions on Facebook & WhatsApp.
3. Funding Wave in Indian Social E-Commerce Start-Ups driving demand for market.
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- Facebook made investment of ₹ 176 Cr. in Meesho, the only indian company that has secured no. 14 spot on fast company 2020 global mic list.
- Highest funding raised in August 2019, Meesho raised ₹ 880 Cr in a Series D round from Naspers.
- In Oct 2019, Deal Share raised ₹ 77.44 Cr. from Matrix Partners and Falcon Edge Capital, with participation from Omidyar Network, and DST Global.
- Glow Road in May 2019, the start-up raised USD 11.5 Mn in a Series B round. The investment is raised from Korea Investment Partners & Singapore-based Vertex Ventures wherein it plans to utilise the capital in expanding its seller network and crossing 100K transactions per day.
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