Presenting groundbreaking insights into the evolving dynamics of Indian ecommerce, leading global MarTech and customer experience company Netcore Cloud has unveiled its comprehensive study, “Ecommerce Mindscape India 2024.” Leveraging extensive research and insights from industry leaders such as Bluestone, Snapdeal, and Zivame, the report provides a detailed framework for understanding the strategies fueling ecommerce success.
As the Indian ecommerce sector experiences significant transformations, Netcore’s report details how marketers are increasingly investing in Generative AI, hyper-personalisation, immersive experiences, seamless cross-channel integration, and the development of third storefronts like social media shops.
Key insights from the report:
-The Indian ecommerce market is projected to reach $350 billion by 2030 from $99 billion as of 2024, propelled by major platforms like Flipkart, Amazon, and Myntra and the growth of Direct-to-Consumer (D2C) brands focusing on specialised and personalised products.
-Tier 2 and Tier 3 cities are leading the online shopping surge, with 9 out of 10 Indian consumers making online purchases.
-60% of shoppers prefer no more than 3 weekly touchpoints, indicating the importance of cutting out excessive brand communication, irrelevant product recommendations, and lack of personalisation.
-70% of CEOs are ramping up investments in Generative AI, enhancing data collection, analysis, prediction, security, and content creation capabilities to foster growth and innovation.
-Marketers are prioritising retention and repeat purchase strategies for sustained, profitable growth amid rising CAC to enhance profitability.
-Introducing diverse payment methods and appealing e-wallet promotions is expected to attract many shoppers from non-urban areas.
Mahesh Narayanan, Chief Marketing Growth Officer at Netcore Cloud, commented on the market dynamics: “Consumers today seek convenience and distinctive offerings, leading to a highly competitive landscape. With the Indian ecommerce market projected to reach $350 billion by 2030, although marketplaces dominate, D2C brands are making significant inroads with impressive 3X growth. This report is, therefore, essential for marketers as it highlights key strategies to navigate this evolving market and capitalize on emerging opportunities.”