Indian live commerce market to reach $4-5 bn by 2025: Mansi Jain

In a conversation with Adgully, Mansi Jain, SVP and GM, Roposo, shared how the live commerce market is predicted to be reaching a massive GMV of $4 to 5 billion within the year 2025 with fashion being a dominant player, according to a Redseer report. In the year 2024, live commerce will go through an important change because of the evolving customer behaviour, newer market trends and technological advancements. She further shared that at Roposo, the relationship between the platform and the 1000+ creators, has developed into a symbiotic one promoting growth through effective networking probabilities, training programmes and other streams of revenue. . As per a KPMG analysis, social commerce in India is expected to grow at an astounding 31% CAGR and reach $37 billion by 2025. Over 64% of Indian social media users directly make purchases through these platforms, indicating a fundamental shift in shopping behaviour.

 How do you anticipate the live commerce and landscape evolving in 2024, and what factors contribute to this forecast? Consider technological advancements, user behaviour, and market trends ?

 In 2024, live commerce in India is expected to undergo a radical change due to a combination of new market trends, evolving customer behaviour, and technology breakthroughs. With the surge in internet-based consumption and increased smartphone penetration, we anticipate a significant rise in mobile and video-first discovery commerce, particularly in untapped tier I and II cities, creating unprecedented opportunities. As highlighted by a Redseer report, the Indian live commerce market is projected to reach a substantial GMV of $4 to 5 billion by 2025, with fashion dominating a significant portion. The evolving preferences of Gen Z and millennials, gravitating towards impulse-driven shopping experiences, are redefining the retail landscape. Artificial Intelligence will play a pivotal role in this evolution, introducing extraordinary consumer engagement and call to action experiences. As a shoppertainment platform, Roposo aims to utilise AI more deeply to enhance the end-to-end consumer shopping journey, from discovery to delivery.

 Looking back at 2023, what were the most significant trends and developments in the creator economy? How did creators adapt to new platforms, and what role did emerging technologies play in shaping this landscape? What are the projections for 2024?

 Reflecting on 2023, the creator economy witnessed a profound transformation, empowering content creators across diverse fields. Short video and live commerce platforms served as catalysts for creators, enabling infinite possibilities. At Roposo, the relationship between the platform and its 1000+ creators developed into a symbiotic one that promoted growth via effective networking possibilities, training programmes, and other revenue streams. With great excitement, creators embraced new platforms and expanded their sources of income by partnering on branded content, offering memberships to exclusive material, and hosting virtual events. With a relentless focus on revenue, creators are ready to experiment with new features and channels as we move into 2024. Roposo sees creators as "creator-preneurs," promoting steady business streams via creative revenue-sharing schemes. The trajectory suggests more brand partnerships, more immersive content, and an increasing need on creative AI integration.

 In 2023, social commerce experienced notable growth. Can you provide an analysis of the impact of social commerce on traditional retail and e-commerce during this period? What are your forecasts for 2024?

 In 2023, social commerce experienced exponential growth that permanently altered traditional retail and e-commerce. According to a KPMG analysis, social commerce in India is expected to grow at an astounding 31% CAGR and reach $37 billion by 2025. Over 64% of Indian social media users directly make purchases through these platforms, indicating a fundamental shift in shopping behaviour. It is anticipated that social networking and commerce will continue to combine, opening up new growth opportunities for e-commerce platforms and businesses. Roposo users benefit from all the key drivers of social commerce such as discovery, live, curated, and trending commerce. Since social commerce is predicted to be the main factor influencing sales conversion, marketers must take advantage of this development to efficiently target relevant customers.

 How do you foresee live commerce platforms innovating in 2024 to enhance user engagement and drive sales? Are there specific technologies or features that are likely to become focal points in the coming year?

 In 2024, live commerce platforms are poised for significant innovation, ushering in enhanced user engagement and sales. Roposo creators have gone through intense training and sensitization as they adapt to the nascent live commerce industry. The integration of modern and seamless AI technologies will introduce intricate layers of personalization and interactivity, creating unparalleled value for users. Leveraging data analytics and AI, platforms will tailor experiences based on individual preferences, fostering heightened customer satisfaction and loyalty. To produce more interesting and sales-boosting content, creators and influencers will look for bigger brand collaborations, celebrity interventions, and improved recommendation criteria in response to the expanding live commerce sector. 

 Considering the collaborative nature of the creator economy, what types of partnerships and collaborations among creators, brands, and platforms do you expect to see in 2024? How might these collaborations shape the content landscape and monetization strategies for creators?

 Within the vibrant framework of the creator economy, 2024 promises a flourishing landscape marked by dynamic partnerships and collaborations. Creators and brands are poised to embark on innovative commerce opportunities to produce content forms, with platforms like Roposo playing a pivotal role in fostering this change. The creator ecosystem's growth, projected to encompass 580 million individuals by 2025, underlines the tremendous potential for different avenues of commerce and monetization. Creators will strategically align with brands to maximize earnings through revenue-sharing models, tapping into diverse audience sets through inventive collaboration approaches. Authenticity and relatability will remain paramount, cultivating a sense of shared success and forging deeper connections with audiences and fellow creators. We anticipate that many gifted nano and micro creators will take the lead in facilitating real transactions since, although operating on a smaller scale, they possess a high degree of impact which is on par or at times better than some of the mega creators. The integration of Generative AI tools will be a game-changer, streamlining content creation processes and unlocking possibilities for innovation. Roposo, at the forefront of building a robust creator community, envisions a future marked by created and curated content, live product launches, and collaborative transactions, setting the stage for a new era in the creator economy.