MUMBAI, INDIA – WATConsult, an Isobar Company & the globally awarded hybrid digital agency from dentsu India, has released ‘Digital Commerce in India – Video Commerce’, the 3rd report of WATInsights – Digital commerce series. The report by Recogn, WATConsult’s research division, shares insights on the scope of the futuristic channel of advertising and captures consumer sentiments towards using this platform for shopping.
Today, India has one of the highest per capita consumptions of Internet data, heavily skewed towards video content consumption. This, along with the rapid growth of the Indian e-commerce market, has given rise to a new format called video commerce. Currently, there are around 146 million video commerce shoppers in India who have purchased & transacted on video commerce platforms. The total is nearly 49% of all e-commerce users in India, today. The number of video commerce shoppers is expected to reach 216 million by the end of 2022, growing at a rate of 47%. Thus, the format has 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 & 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 & create differentiation. More than half of the customers state their affinity towards shopping online during live streaming on social media and shopping apps.
Commenting on the latest issue of WATInsights – Digital Commerce in India – Video commerce, Heeru Dingra, CEO, Isobar India group said, “Video commerce has become popular with more Indians moving online and discovering new ways of shopping through video platforms. 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.”
Sahil Shah, Managing Partner, WATConsult added, “The world has moved towards dynamic content and is driving commerce through video. This is the next big leap! I think 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. This fantastic report made by our research division will give you a lot of data backed learnings & insights to activate the next phase of growth for your brand’s commerce through the use of video. I hope everyone enjoys reading the report as much as we did, making it.”
For the record, WATInsights are periodically published reports based on primary research conducted by Recogn, the agency’s research division that provides consumer and business insights to its audience. WATInsights delve into the different aspects of the digital industry, consumer behaviour and more. Additionally, the research also covers some relevant topics like Instagram in India – users’ perspective, voice technology in India and the usage of the internet in the local language.
WATConsult’s research vertical, Recogn, in the past, has published many detailed and comprehensive pieces of research such as ‘Digital Diverse and Multilingual India’, ‘Voice Technology in India: Now & Future’ and ‘Instagram in India’, to name a few.
