MAM
Video commerce to grow exponentially at 47% in 2022 over 2020: WATInsights report
Mumbai: The e-commerce market in India has been witnessing an evolution in recent years with the emergence of newer formats like video and social commerce. The video commerce segment is already on its way to being the next big thing in digital commerce with video content consumption gaining traction on social media platforms. According to the latest report released by WATInsights in its digital commerce series, the number of video commerce users is expected to touch 216 million by the end of 2022 from 146 million users in 2020, indicating an exponential growth of 47 per cent.
WATConsult, the Isobar India group digital agency from dentsu India has unveiled its third report of WATInsights ‘Digital Commerce in India – Video Commerce.’ The report by Recogn, the agency’s research division, shares insights on the scope of the futuristic channel of advertising and captures consumer sentiments towards using this platform for shopping.
According to the report, currently, there are around 146 million video commerce shoppers in India who have purchased and transacted on video commerce platforms. Today, the total is nearly 49 per cent of all e-commerce users in India. With the number of video commerce shoppers expected to reach 216 million this year, the format promises the immense potential for brands to connect directly with their consumers.
As per the report, when it comes to the video content format, most customers prefer explainer content videos followed by customer testimonials and product demonstrations. While product videos add a different dimension to the online shopping experience, video content with a duration of 15 seconds to a minute can make users stay longer on the platform. Also, if they like the videos, they share them with their circle of friends and family, further increasing the reach of the content.
Live streaming commerce in India is gaining traction and it can help brands, retailers, and marketplaces to accelerate conversion, improve the brand appeal and create differentiation, says the report. More than half of the customers state their affinity towards shopping online during live streaming on social media and shopping apps. Amongst the platforms used for video commerce, YouTube led the pack with 53 per cent of users, followed by Instagram and Facebook at 39 per cent and 38 per cent respectively.
“Video commerce has become popular with more Indians moving online and discovering new ways of shopping through video platforms,” remarked Isobar India group CEO Heeru Dingra. “When it comes to buying products, customers are interested and want to see what they are getting. It offers businesses and marketers a higher rate of conversion and is the most powerful instrument in today’s age.
“There is a huge opportunity to capture the video-based social commerce market, especially live-stream-based e-commerce while the market matures. Consumers today are frequently looking out to streamline and enhance their experience, they prefer instantaneous results. Brands can use this format to streamline their sales. I believe this latest issue of WATInsights will be an invaluable resource for anyone who intends to demystify video commerce in India,” Dingra further said.
“The world has moved towards dynamic content and is driving commerce through video,” stated WATConsult managing partner Sahil Shah. “The true power of video-led marketing on digital will come into play when it can have a direct impact on the bottom-funnel metrics as well. On top of that, if one can get creative with the many formats available then it is the ultimate icing on the cake.”
Brands
Primus Partners appoints Akasa Air co-founder Neelu Khatri as independent director
Veteran aviation and defence professional joins as independent director
NEW DELHI: Primus Partners has appointed Neelu Khatri, a founding member of Akasa Air, as an independent director, strengthening the consulting firm’s board as it prepares for its next phase of growth.
Khatri brings more than three decades of experience across defence, aviation, aerospace technology and consulting. She was part of the core team that helped build Akasa Air from concept to launch, contributing to what has been widely described as one of the fastest airline scale ups in recent aviation history.
At Primus Partners, she will provide strategic guidance on corporate governance and help steer the firm’s long term growth plans. Her experience of building a start up into a full scale organisation is expected to support the consulting firm as it expands its footprint.
Primus Partners co-founder and chairperson Davinder Sandhu, said the appointment brings valuable expertise to the board. “Neelu’s journey across defence, aviation and consulting brings a rare blend of operational insight and strategic thinking. Her experience in rapidly scaling Akasa Air will be invaluable as we continue to grow while maintaining a strong focus on corporate governance,” he said.
Primus Partners, an India headquartered management consulting and solutions firm, has emphasised governance and board oversight since its early days. The company has also taken an unconventional approach by inviting its Gen Z employees to attend board meetings so that younger perspectives can contribute to discussions.
Speaking on her appointment, Khatri said the consulting sector is entering a transformative period shaped by emerging technologies. “The industry is evolving rapidly with the rise of AI. This is an exciting moment for an Indian origin consulting firm like Primus Partners to expand its product offerings and strengthen its presence globally,” she said.
She added that as the firm pursues ambitious expansion plans, her focus will be on ensuring strong governance frameworks and effective risk management as the organisation scales.
