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
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
