Summary

According to PayNXT360, social commerce industry in India is expected to grow by 34.1% on annual basis to reach US$7,207.97 million in 2024.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 28.9% during 2024-2029. The social commerce GMV in the country will increase from US$5,375.32 million in 2023 to reach US$25,693.06 million by 2029.

The rising smartphone and internet penetration is driving the growth of the social commerce market. The trend is projected to continue further over the medium term in the Indian market. Factors like increasing consumption and income levels will also support the market growth in 2024. To tap into the growing sector, social commerce platforms are expected to increase their marketing spending over the medium term.

Furthermore, firms are also expected to raise venture capital and private equity funding rounds to improve their offerings and create seamless shopping experiences for online buyers in India. In 2024, social commerce platforms are also projected to leverage artificial intelligence to drive business growth. Overall, PayNXT360 maintains a positive growth outlook for the social commerce industry in India over the next three to four years.

Social commerce startups are raising capital rounds to further improve their platform and enter new product categories

Amid the strong growth in the sector and rising number of social commerce buyers, startups are raising funding to create seamless shopping experience, while also expanding and entering into new verticals.

• Woovly, for instance, announced that the firm had raised funding from investors like Sony Innovation Fund, ViNners, SOSV, and RTAF in November 2023. The firm, founded in 2020, has experienced strong growth in new user registration over the last few quarters. The startup, notably, claims that the user base has surged by 600% over the last 18 months, leading to November 2023. The growth has been attributed to micro and nano influencers. The short video content has also driven engagement on the platform, driving sales.

Going forward, the firm is planning to expand its reach to more markets in India, while also entering into new product categories such as fashion, home décor, and other lifestyle categories. In India, Woovly is competing with major e-commerce platforms such as Myntra, Flipkart, and Amazon. From the short to medium-term perspective, PayNXT360 expects more such startups to raise venture capital and private equity funding, driving the competitive landscape in the sector.

Startups are leveraging artificial intelligence to gain market share in the fast-growing social commerce sector

To drive better shopping experiences for online buyers, an increasing number of platforms are expected to embrace new-age technologies such as artificial intelligence in India. This trend will further support the growth of the social commerce industry over the medium term in the Indian market.

• Book My Makeup, an innovative social commerce startup, launched an AI-driven platform offering beauty services. Through new-age tech, the platform has introduced features like augmented reality makeup trials, customized beauty recommendations, and virtual consultations. These features are part of the firm’s strategy to make beauty services more engaging, personalized, and convenient for users.

Going forward, PayNXT360 expects more such innovative startups to emerge in the Indian social commerce market. This will aid the competitive landscape in the sector, while also driving the growth of the industry over the next three to four years.

Global social commerce platforms are shutting operations in India amid growing competition in the sector

Although the market is poised to grow significantly over the next three to four years, competition in the sector has also surged substantially over the last 12 months. Consequently, global platforms are ceasing operations in India, while focusing more on their core markets.

• Poshmark, the social commerce platform acquired by Naver, announced that the firm is ceasing operations in India in October 2023. This comes at a time when the competitive landscape is growing rapidly. Alongside India, the firm also shut operations in other international markets like Australia and the United Kingdom.

• Poshmark revealed that it plans to focus on the core markets like the United States and Canada over the medium term. The firm, notably, expanded operations in India in 2021. The decision to exit the Indian and other markets is driven by the waning popularity, as the platform had less than 500,000 active users across these three international markets.

With rising competition, more such global providers might exit the Indian market over the medium term, while increasing their investment in the core markets over the next three to four years.

This report provides a detailed data centric analysis of social commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of social commerce market dynamics, market size and forecast, and market share statistics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.

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Table of Contents

1. About this Report
1.1. Summary
1.2. Methodology
1.3. Social Commerce Definitions
1.4. Disclaimer

2. India Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
2.1. India Ecommerce – Gross Merchandise Value Trend Analysis, 2020-2029
2.2. India Ecommerce – Average Value Per Transaction Trend Analysis, 2020-2029
2.3. India Ecommerce – Transaction Volume Trend Analysis, 2020-2029

3. India Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
3.1. India Social Commerce – Gross Merchandise Value Trend Analysis, 2020-2029
3.2. India Social Commerce – Average Value Per Transaction Trend Analysis, 2020-2029
3.3. India Social Commerce – Transaction Volume Trend Analysis, 2020-2029
3.4. India Social Commerce Market Share Analysis by Key Players, 2023

4. India Social Commerce Industry Market Size and Forecast by Location
4.1. India Social Commerce Market Share by Location (%), 2023
4.2. India Social Commerce by Cross Border – Gross Merchandise Value Trend Analysis, 2020-2029
4.3. India Social Commerce by Domestic – Gross Merchandise Value Trend Analysis, 2020-2029

5. India Social Commerce Industry Market Size and Forecast by Product Categories
5.1. India Social Commerce Market Share by Product Categories (%), 2023
5.2. India Social Commerce Clothing & Footwear – Gross Merchandise Value Trend Analysis, 2020-2029
5.3. India Social Commerce Beauty and Personal Care – Gross Merchandise Value Trend Analysis, 2020-2029
5.4. India Social Commerce Food & Grocery – Gross Merchandise Value Trend Analysis, 2020-2029
5.5. India Social Commerce Appliances and Electronics – Gross Merchandise Value Trend Analysis, 2020-2029
5.6. India Social Commerce Home Improvement – Gross Merchandise Value Trend Analysis, 2020-2029
5.7. India Social Commerce Travel – Gross Merchandise Value Trend Analysis, 2020-2029
5.8. India Social Commerce Accommodation – Gross Merchandise Value Trend Analysis, 2020-2029

6. India Social Commerce Industry Market Size and Forecast by End Use Consumer Segment
6.1. India Social Commerce Market Share by End Use Segment (%), 2023
6.2. India Social Commerce B2C Segment – Gross Merchandise Value Trend Analysis, 2020-2029
6.3. India Social Commerce B2B Segment – Gross Merchandise Value Trend Analysis, 2020-2029
6.4. India Social Commerce C2C Segment – Gross Merchandise Value Trend Analysis, 2020-2029

7. India Social Commerce Industry Market Size and Forecast by End Use Device
7.1. India Social Commerce Market Share by End Use Device (%), 2023
7.2. India Social Commerce by Mobile – Gross Merchandise Value Trend Analysis, 2020-2029
7.3. India Social Commerce by Desktop – Gross Merchandise Value Trend Analysis, 2020-2029

8. India Social Commerce Industry Market Size and Forecast by Cities
8.1. India Social Commerce Market Share by Cities (%), 2023
8.2. India Social Commerce by Tier-1 Cities – Gross Merchandise Value Trend Analysis, 2020-2029
8.3. India Social Commerce by Tier-2 Cities – Gross Merchandise Value Trend Analysis, 2020-2029
8.4. India Social Commerce by Tier-3 Cities – Gross Merchandise Value Trend Analysis, 2020-2029

9. India Social Commerce Industry Market Size and Forecast by Payment Method
9.1. India Social Commerce Market Share by Payment Method (%), 2023
9.2. India Social Commerce Payment by Credit Card – Gross Merchandise Value Trend Analysis, 2020-2029
9.3. India Social Commerce Payment by Debit Card – Gross Merchandise Value Trend Analysis, 2020-2029
9.4. India Social Commerce Payment by Bank Transfer – Gross Merchandise Value Trend Analysis, 2020-2029
9.5. India Social Commerce Payment by Prepaid Card – Gross Merchandise Value Trend Analysis, 2020-2029
9.6. India Social Commerce Payment by Digital & Mobile Wallet – Gross Merchandise Value Trend Analysis, 2020-2029
9.7. India Social Commerce Payment by Other Digital Payment – Gross Merchandise Value Trend Analysis, 2020-2029
9.8. India Social Commerce Payment by Cash – Gross Merchandise Value Trend Analysis, 2020-2029

10. India Social Commerce Industry Market Size and Forecast by Platforms
10.1. India Social Commerce Market Share by Platforms Method (%), 2023
10.2. India Social Commerce Platforms by Video Commerce (Live Stream + Prerecorded) – Gross Merchandise Value Trend Analysis, 2020-2029
10.3. India Social Commerce Platforms by Social Network-Led Commerce – Gross Merchandise Value Trend Analysis, 2020-2029
10.4. India Social Commerce Platforms by Social Reselling – Gross Merchandise Value Trend Analysis, 2020-2029
10.5. India Social Commerce Platforms by Group Buying – Gross Merchandise Value Trend Analysis, 2020-2029
10.6. India Social Commerce Platforms by Product Review Platforms – Gross Merchandise Value Trend Analysis, 2020-2029

11. India Social Commerce Industry Market Size and Forecast by Contents
11.1. India Social Commerce Market Share by Contents (%), 2023
11.2. India Social Commerce Contents by Live Streamers – Gross Merchandise Value Trend Analysis, 2020-2029
11.3. India Social Commerce Contents by Gaming Streamers – Gross Merchandise Value Trend Analysis, 2020-2029
11.4. India Social Commerce Contents by Reels – Gross Merchandise Value Trend Analysis, 2020-2029
11.5. India Social Commerce Contents by Influencers – Gross Merchandise Value Trend Analysis, 2020-2029
11.6. India Social Commerce Contents by Stories – Gross Merchandise Value Trend Analysis, 2020-2029

12. India Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour
12.1. India Social Commerce Spend Share by Age Group, 2023
12.2. India Social Commerce by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis, 2020-2029
12.3. India Social Commerce by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis, 2020-2029
12.4. India Social Commerce by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis, 2020-2029
12.5. India Social Commerce by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis, 2020-2029
12.6. India Social Commerce Share by Income Level, 2023
12.7. India Social Commerce Share by Gender, 2023

13. Further Reading
13.1. About PayNXT360
13.2. Related Research

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List of Tables/Graphs

Table 1: India Ecommerce – Gross Merchandise Value (US$ Million), 2020-2029
Table 2: India Ecommerce – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 3: India Ecommerce – Transaction Volume (Million), 2020-2029
Table 4: India Social Commerce – Gross Merchandise Value (US$ Million), 2020-2029
Table 5: India Social Commerce – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 6: India Social Commerce – Transaction Volume (Million), 2020-2029
Table 7: India Social Commerce by Cross Border – Gross Merchandise Value (US$ Million), 2020-2029
Table 8: India Social Commerce by Domestic – Gross Merchandise Value (US$ Million), 2020-2029
Table 9: India Social Commerce Clothing & Footwear – Gross Merchandise Value (US$ Million), 2020-2029
Table 10: India Social Commerce Beauty and Personal Care – Gross Merchandise Value (US$ Million), 2020-2029
Table 11: India Social Commerce Food & Grocery – Gross Merchandise Value (US$ Million), 2020-2029
Table 12: India Social Commerce Appliances and Electronics – Gross Merchandise Value (US$ Million), 2020-2029
Table 13: India Social Commerce Home Improvement – Gross Merchandise Value (US$ Million), 2020-2029
Table 14: India Social Commerce Travel – Gross Merchandise Value (US$ Million), 2020-2029
Table 15: India Social Commerce Accommodation – Gross Merchandise Value (US$ Million), 2020-2029
Table 16: India Social Commerce B2C Segment – Gross Merchandise Value (US$ Million), 2020-2029
Table 17: India Social Commerce B2B Segment – Gross Merchandise Value (US$ Million), 2020-2029
Table 18: India Social Commerce C2C Segment – Gross Merchandise Value (US$ Million), 2020-2029
Table 19: India Social Commerce by Mobile – Gross Merchandise Value (US$ Million), 2020-2029
Table 20: India Social Commerce by Desktop – Gross Merchandise Value (US$ Million), 2020-2029
Table 21: India Social Commerce by Tier-1 Cities – Gross Merchandise Value (US$ Million), 2020-2029
Table 22: India Social Commerce by Tier-2 Cities – Gross Merchandise Value (US$ Million), 2020-2029
Table 23: India Social Commerce by Tier-3 Cities – Gross Merchandise Value (US$ Million), 2020-2029
Table 24: India Social Commerce Payment by Credit Card – Gross Merchandise Value (US$ Million), 2020-2029
Table 25: India Social Commerce Payment by Debit Card – Gross Merchandise Value (US$ Million), 2020-2029
Table 26: India Social Commerce Payment by Bank Transfer – Gross Merchandise Value (US$ Million), 2020-2029
Table 27: India Social Commerce Payment by Prepaid Card – Gross Merchandise Value (US$ Million), 2020-2029
Table 28: India Social Commerce Payment by Digital & Mobile Wallet – Gross Merchandise Value (US$ Million), 2020-2029
Table 29: India Social Commerce Payment by Other Digital Payment – Gross Merchandise Value (US$ Million), 2020-2029
Table 30: India Social Commerce Payment by Cash – Gross Merchandise Value (US$ Million), 2020-2029
Table 31: India Social Commerce Platforms by Video Commerce (Live Stream + Prerecorded) – Gross Merchandise Value (US$ Million), 2020-2029
Table 32: India Social Commerce Platforms by Social Network-Led Commerce – Gross Merchandise Value (US$ Million), 2020-2029
Table 33: India Social Commerce Platforms by Social Reselling – Gross Merchandise Value (US$ Million), 2020-2029
Table 34: India Social Commerce Platforms by Group Buying – Gross Merchandise Value (US$ Million), 2020-2029
Table 35: India Social Commerce Platforms by Product Review Platforms – Gross Merchandise Value (US$ Million), 2020-2029
Table 36: India Social Commerce Contents by Live Streamers – Gross Merchandise Value (US$ Million), 2020-2029
Table 37: India Social Commerce Contents by Gaming Streamers – Gross Merchandise Value (US$ Million), 2020-2029
Table 38: India Social Commerce Contents by Reels – Gross Merchandise Value (US$ Million), 2020-2029
Table 39: India Social Commerce Contents by Influencers – Gross Merchandise Value (US$ Million), 2020-2029
Table 40: India Social Commerce Contents by Stories – Gross Merchandise Value (US$ Million), 2020-2029
Table 41: India Social Commerce by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 42: India Social Commerce by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 43: India Social Commerce by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 44: India Social Commerce by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029