Industry stakeholders are of the view that the personalised and interactive nature of social commerce is fast reshaping consumer behaviour, providing a more engaging and convenient shopping experience. Besides, it’s also helping MSMEs reach out to a new customer base.
Pooja Sodhi, Co-Founder & CEO, Combonation, says that social commerce platforms can streamline the receivables of MSMEs through various digital payment modes.
“Combonation, for example, empowers MSMEs by offering tailored solutions that level the playing field in a market dominated by larger brands in the e-commerce landscape. Through efficient technology integration, personalised user experiences and cost-effective strategies, Combonation enables MSMEs to enhance their competitiveness. We boost MSMEs’ online visibility by implementing strategic digital marketing initiatives,” adds Sodhi.
There is also a view that businesses can engage with customers via social media in more personal ways, making the shopping experience more interactive and dynamic.Prateek Sachdev, Managing Partner of Mobikasa, says, “Customers can effortlessly find and buy products within their social networks, creating a more convenient and integrated online shopping experience. Social commerce is revolutionising the way Indians engage in and perceive e-commerce, introducing an unprecedented degree of convenience and connectedness to the online marketplace.”Sachdev also explains how his company provides MSMEs with the tools they need to compete effectively through tailored digital platforms that provide enhanced user experiences, efficient inventory management and seamless transactions. “As a result, smaller companies can exhibit their goods and services with the same technological prowess as their larger competitors, levelling the playing field. By bridging the gap, our solutions enable MSMEs to grow their reach, compete online, and prosper in the digital economy alongside more established brands,” he adds.
The social commerce industry is expected to grow steadily, recording a CAGR of 23.8% during 2022-2028, according to a report by Research And Markets. The social commerce GMV in the country will rise from $5,498 million in 2023 to $19,834 million by 2028, it adds.
Industry stakeholders say the outlook for social commerce in India is promising. As more consumers turn to social media for product discovery and recommendations, the integration of commerce features within these platforms will continue to evolve, they add.
Social commerce will become a dominant force and influence purchasing decisions and reshape the traditional e-commerce model, says Sodhi. Increasing digital literacy, growing smartphone penetration and a dynamic social media culture position social commerce as a key driver of e-commerce growth in India.
Sachdev says social networking sites are no longer just communication tools; they are now powerful sales platforms. Social commerce will give e-commerce companies new opportunities to interact with a growing customer base. It offers businesses “previously unheard-of chances” to engage with consumers. “By the time 2024 rolls in, social media and e-commerce will have merged, changing the face of online trade.”