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Rise Of Social Commerce Sector After Atmanirbhar Bharat initiative
Social commerce is helping businesses to smoothly integrate buyer-seller behaviour of offline retailers, further aiding them in getting access to supplies directly from manufacturers, instant credit services, and working capital.
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The outbreak of coronavirus might have caught the world off-guard, but people are learning to adapt to the situation, and derive opportunities in these unprecedented times as well. The countries are striving for economic and technological independence to prevent leaning on other nations. One such campaign India commenced to grow independent of other global connections is "VocalforLocal '' as the nation goes Aatmanirbhar. The time is ripe for the homegrown brands to come to the fore and promote themselves.
With 28% millennials purchasing products due to social media recommendations, and the remaining 63% staying updated on brands through social media, it is prominent that e-commerce is becoming the next-gen tool for Indian manufacturers. Adapting to the digitisation and embracing the social media platforms to reach out to the younger generation, the labels are making extensive efforts to establish an online presence. Aatmanirbhar Bharat initiative has not only been helping social commerce to grow regardless of the crisis, but also enabling the local manufacturers to change their narrative and witness a significant shift from in-store sales to delivering at one's doorstep, going virtual with their business. Bringing in technological advancement, the #VocalforLocal campaign is putting the country on maps and making it globally competitive, strengthening its global economic rapport simultaneously.
Helping users to shop instantly via AI-driven Brand-tagged User-generated content, the social commerce sector is retaining employment opportunities while creating more jobs for the people in the industry; making it a win-win for India. With around 200 million active social media users, which are anticipated to grow to 370 million by 2022, social commerce is seeing an upward spiral which is expected to leave a historic mark in time. Making the business-people tech-savvy, Aatmanirbhar Bharat has catered to the hopes of the local manufacturers and empowered them to build their base in social commerce, proliferating the sector and its overall gains. Furthermore, retailers and wholesalers are also seen adopting omnichannel models to meet the increasing demand of the market, and thus keep their boat afloat amidst these challenging times.
The campaign isn't only focusing on aggravating self-reliance to local brands but also helping them target the apt audience, and increase brand visibility. With manufacturers endeavouring to reach out to their customers directly, it has only instilled more faith and a reliable bond between the patrons, and the brands. Delivering on customer satisfaction and demand, social commerce is leading the way for financial growth and building a social community which is not leaning on any other external factors but themselves.
Social commerce is helping businesses to smoothly integrate buyer-seller behaviour of offline retailers, further aiding them in getting access to supplies directly from manufacturers, instant credit services, and working capital. Encouraging hyperlocal deliveries and strategising, keeping in mind the current circumstances and the targeted demographics, the sector has picked pace after the Aatmanirbhar Bharat initiative, further strengthening the spine of Indian economy and boosting the morale of local labels.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.