1,447% of product conversations stem from the creator economy: Tonic Worldwide report
54% of product searches take place on Amazon
Oct 05, 2021 08:59:00 AM | Article | Campaign India Team Share -
Tonic Worldwide's insight division GIPSI, has unveiled a report titled 'The rise and rise of e-commerce in India.'
It suggests how the pandemic has led to the creator economy phenomenon.
Due to social media creators' product reviews and recommendations, there are more positive product conversations on e-commerce platforms, according to the study. It also states an increase of 1,447% in conversations around products and reviews due to the creator economy.
The data sources map consumer interests and product searches, coupled with HI+AI (human intelligence and artificial intelligence) perspectives.
The report records the consumer data from January to July 2021.
There is a rise in categories like social commerce, conversation commerce, homegrown small commerce, delivery commerce, video commerce, sustainable commerce, thrift commerce, gift commerce, and creator commerce. The digital audience of India today is approximately 620+ million, comprising fans, friends, followers, subscribers, and passive surfers.
There are 1,103 most used e-commerce apps in India and shopping apps have captured the mobile home screens. E-commerce apps have made it to the top four categories in the list of most used mobile apps in India, in 2021.
Approximately 620K searches take place for social commerce and keep increasing month-on-month. An average Indian spends about 2.25 hours on social media every day.
About 54% of product searches take place on Amazon, as compared to the use of a search engine.
There is a 79% of increase in industry-led conversations on decoding conversational commerce, and the technologies involved, with conversational AI platforms seeing steady growth.
Shopping destinations are competing with social media networks and OTTs, due to a rise in the consumer time spent. This experience will replicate malls with the option to watch movies, shop and order food.
Visual platforms are seeing a surge across all platforms, with a preference for Instagram shopping, followed by Facebook, Youtube and Pinterest, which has seen a growth of 799%.
E-commerce reviews are being determined by social media creators’ reviews and recommendations on digital. Along with the 1,447% increase in conversations, there are 25K conversations specifically on reviews and recommendations on e-commerce destinations.
Small commerce has seen growth with creators, home businesses and local stores, which have taken their consumer experience completely online, with over a 155% of increase in adopting WhatsApp catalogues and over 46% of increase in Shopify app downloads.
There have been 1.5 million searches on topics related to building/setting up e-commerce websites, free tools and related queries. Further, there has also been a growth of over 73% in monthly active users of hyperlocal delivery players from the beginning of 2021 to the present date.
Over 50% of surge in conversations around ecommerce and 833K conversations on eco-friendly and sustainable packaging is on the rise.
Anjali Malthankar, national strategy director, Tonic Worldwide, said, “With abundant data, there is no looking back on the reasons to adopt commerce on digital. Trends are available to all but brands that identify undercurrents will have an advantage. Our GIPSI report is for anyone who is riding, considering or fearing the rise and rise of e-commerce”.
Unmisha Bhatt, chief strategy officer and director - India and MENA region, Tonic Worldwide, added, "In the last year and a half, e-commerce and digitisation has been a game-changer for multiple companies of all sizes. To accelerate their business, GIPSI's e-commerce insights report focuses on ways and means to see higher growth by adopting best practices. By making this report accessible to other brands and businesses beyond tonic, we look forward to contributing to the larger growth story for marketers."