Netcore Cloud, a martech and customer experience company, has unveiled its study, “Ecommerce Mindscape India 2024”.
Leveraging research and insights from Bluestone, Snapdeal, and Zivame, the report is understood to provide a framework for understanding the strategies fueling e-commerce success. From what it’s understood, Netcore’s report details how marketers are investing in generative AI, hyper-personalisation, immersive experiences, cross-channel integration, and the development of third storefronts such as social media shops.
According to the report, the Indian e-commerce market is projected to reach $350 billion by 2030 from $99 billion as of 2024, propelled by platforms such as Flipkart, Amazon, and Myntra, and the growth of direct-to-consumer (D2C) brands focusing on specialised and personalised products. Other findings from the report are tier-2 and tier-3 cities leading the online shopping surge, with nine out of 10 Indian consumers making online purchases, 60% of shoppers preferring no more than three weekly touchpoints, indicating the importance of cutting out excessive brand communication, irrelevant product recommendations, and lack of personalisation, 70% of CEOs ramping up investments in generative AI, enhancing data collection, analysis, prediction, security, and content creation capabilities to foster growth and innovation, and marketers prioritising retention and repeat purchase strategies for sustained, profitable growth amid rising CAC to enhance profitability. Moreover, introducing diverse payment methods and appealing e-wallet promotions is expected to attract many shoppers from non-urban areas.
“I believe consumers, today, seek convenience and distinctive offerings, leading to a competitive landscape. With the Indian ecommerce market projected to reach $350 billion by 2030, although marketplaces dominate, D2C brands are making inroads with 3X growth. I think this report is, therefore, essential for marketers as it highlights key strategies to navigate this market and capitalise on opportunities,” Mahesh Narayanan, chief marketing growth officer, Netcore Cloud, commented.
