With the extensive use of smartphones, social media marketing is expecting a boom in India
The emergence of social media has given birth to multiple opportunities for brands to generate consumer interest. A shift in market strategies and the rapid use of social media is helping enterprises to earn more revenues. Social media marketing is now a path-breaking tool for brands to expand their consumer base across the world. A Mckinsey & Company report states that two hours of live shopping events on TikTok bring in sales worth a week in the flagship stores. Also, an interactive and shoppable live stream on Instagram gathers 40,000 comments.
The big players in the international markets have already welcomed this form of trading. In China, social commerce marketing has gained immense popularity. Slowly, in the United States, this segment is gathering steam as well. A few numbers can be useful here to understand the impact of social media marketing in the US.
In 2021, $37 billion in goods and services were brought through social commerce channels. Experts are hoping that the numbers will increase to $80 billion by 2025 in the US. Globally, the numbers can hit $2 trillion, A report by Mckinsey & Company points out.
With the extensive use of smartphones, social media marketing is expecting a boom in India as well. The brutal effects of the covid-19 pandemic have put the commerce sector under challenge. Increasing operation costs in post-pandemic India are compelling investors or businessmen to go forward with digital advertisements or campaigns.
India holds the record of being the home to the second-largest online population. A report by the Deccan Herald states that the number of internet users in the country is projected to reach 666 million by 2023. Big enterprises, entrepreneurs, and start-ups are seeking to play with the numbers by putting more money into digital advertisements or campaigns. Since covid, the spending on digital campaigns has increased and restructuring of budgets is now being considered by large corporations.