StartupTalky

Tag: social commerce

  • Navigating the Future: AI’s Impact on Quick Commerce and Emerging Tech Trends

    This article has been contributed by Akshat Saxena, Chief Executive Officer and Co-Founder, Froker.

    The commerce industry has always been at the forefront of adopting technological innovations to enhance customer experiences and operational efficiency. This ongoing evolution is reshaping the landscape of commerce through quick commerce, which is gradually revolutionizing shopping experiences. The Indian quick commerce sector presently boasts a market value of $700 million. It is on the cusp of substantial expansion, fueled by key technological trends. The integration of artificial intelligence (AI) and the emergence of social commerce are pivotal to this growth. They are not just changing the way businesses operate but also how a young, tech-savvy population interacts with the digital marketplace.

    Quick commerce is making the user experience more seamless, personalized, and altered as per the online world. This evolution, driven by increased smartphone penetration and AI’s transformative potential, is paving the way for a future where quick commerce is not just about quick transactions but about creating immersive, intuitive, and engaging consumer journeys. The government’s role in fostering such innovation is crucial, as it can provide the necessary support and framework for these technologies to thrive, ensuring a sustainable and efficient ecosystem for startups.

    Let’s look at some of the tech-driven trends that are transforming the quick commerce landscape.

    Social Commerce Is the New Frontier in Customer Engagement
    Personalization of Searches Through Generative AI
    AI Assistants to Enhance Customer Support and Interaction
    AI Content Moderation and Predictive Analytics
    Tech-Enabled Supply Chain Optimization
    The Emergence of Virtual Stores and AR Experiences

    Social Commerce Is the New Frontier in Customer Engagement

    Social commerce, the amalgamation of e-commerce with social media platforms, is revolutionizing the way consumers discover and purchase products. This trend is not just about selling through social media. It is about creating an entire shopping experience that is seamless, engaging, and personalized. Social commerce taps into the user’s social network, preferences, and online behaviour to offer a curated shopping experience that’s both intuitive and enjoyable.

    Personalization of Searches Through Generative AI

    Generative AI search is redefining how customers find products and services online. Unlike traditional search algorithms that rely on keyword matching, generative AI can easily understand and interpret user queries in a more human-like manner. This new-age technology can generate product recommendations and search results that are highly personalized as per the user’s past behaviour, preferences, and even current trends. The result is a more intuitive search experience that helps users discover products that they are more likely to purchase.

    AI Assistants to Enhance Customer Support and Interaction

    AI assistants, or AI buddies, are becoming integral to the commerce industry. These AI-powered tools can handle a range of tasks, from answering customer queries to providing personalized shopping advice. Unlike traditional chatbots, these AI assistants are capable of learning and evolving based on customer interactions, making them more efficient and effective over time. They can handle a high volume of queries simultaneously, ensuring that customer support is swift and efficient.

    10 Ways You Can Use ChatGPT in E-commerce
    ChatGPT, developed by OpenAI, can be a great tool when it comes to attracting more customers on an e-commerce platform.
    StartupTalkyAbira Dutta

    AI Content Moderation and Predictive Analytics

    AI-enabled content moderation is crucial in social commerce, where user-generated content plays a significant role. AI can quickly analyse vast amounts of data, flagging and removing inappropriate or harmful content, thus maintaining the integrity and safety of the platform. This technology is not only for protecting users but also for preserving the brand’s reputation. 

    At the same time, AI is being used by startups for predictive analytics, which is used to forecast trends, consumer behaviour, and potential market shifts with remarkable accuracy. This foresight allows for more targeted and effective marketing strategies, ensuring that companies are always a step ahead. Going ahead, the use of AI for protected user experiences and targeted marketing efforts will gain stronger ground in the world of commerce. 

    Tech-Enabled Supply Chain Optimization

    AI and other emerging technologies are rapidly transforming supply chains around the world, including in India. AI systems can analyze huge amounts of data to accurately forecast demand, automatically adjust inventory levels, and optimize delivery routes in real-time. This can contribute significantly to making their supply chains smarter and more efficient. According to a report by PwC, 54% of firms in India are now utilizing AI. With the ongoing technological adoption across industries, the use of tech-enabled supply chains will continue to expand. 

    Moreover, AI has the power to drive greater sustainability and introduce more ethical practices across quick commerce in India. AI-enabled systems can closely monitor production and distribution chains to detect areas for reducing waste, minimizing environmental impact, and addressing labour, safety, or diversity issues in operations. 

    The Emergence of Virtual Stores and AR Experiences

    The online shopping landscape in India is rapidly evolving with the emergence of immersive technologies like augmented reality (AR) and virtual stores. E-commerce players are integrating AR tools to allow customers to visually try on products and even place items in their actual living spaces before buying. This technology not only boosts customer engagement but also helps reduce return rates by providing a clearer idea of the product before purchase. 

    Conclusion

    The Indian quick commerce industry is poised to reach $5 billion in revenue by 2025, driven by the rapid adoption of advanced and futuristic technologies that are revolutionizing supply chain transparency, optimizing inventory, and elevating customer experiences. Here, government initiatives can enable a regulatory environment fostered through supportive digital infrastructure policies, public-private partnerships, and funding for emerging technology research.

    With a tech-empowered consumer base eager for faster deliveries, India can harness innovation responsibly to meet growth targets and establish global AI leadership. By combining commercial interests with ethics and social welfare through government vision and oversight, India can witness resilient tech-enabled advancement in commerce.

    What is Quick Commerce? | Features of Quick Commerce
    Quick commerce creates a better customer experience by helping businesses connect with their customers more quickly than the traditional methods.
    StartupTalkyBharat L. Vora

  • From Instagram to Investigation: I-T Department Issues Notices in Rs 10,000 Crore Tax Scandal

    The income tax (I-T) department has reportedly uncovered instances of tax evasion totaling around Rs 10,000 crore over three years, as per credible sources. The evasion is believed to have been perpetrated by online retailers marketing their products through social media channels like Instagram and Facebook. Notices have been issued to 45 brands operating nationwide, and it is anticipated that additional companies will receive similar notifications in the near future. These companies are alleged to have either neglected tax payments or provided inaccurate information regarding their incomes, according to insider information.

    A high-ranking official, discussing the issue, shared insights with a publication, declaring, “Beyond significant eCommerce entities, we are actively overseeing operations on Instagram and Facebook, revealing a suspected evasion amounting to roughly Rs 10,000 crore.” Notifications from the Income Tax (I-T) department were sent out from the final week of October to November 15, covering evaluation periods from 2020 to 2022.

    The report identifies the 45 companies involved in sectors such as apparel, jewelry, footwear, bags, and gift items. This roster comprises well-known retailers utilizing social media platforms for consumer outreach. Several of these companies, which received the I-T notices, were also involved in international product sales.

    India boasts over 230 million active Instagram users, the highest globally, and more than 314 million Facebook users. Government sources assert that the 45 entities in question exhibit significant turnovers. An official elaborated on the sales activities of these companies, revealing, “They operate small shops and warehouses, primarily selling through Instagram, with turnovers exceeding Rs 110 crore, while their reported income tax returns were only Rs 2 crore.”

    Following the impact of COVID-19, there was a noticeable upswing in the number of retailers utilizing these platforms, known for their substantial user engagement. The official noted that three Mumbai-based saree eTailers attracted the attention of the tax department after sponsoring a high-profile fashion show.

    Most of the transactions involving these online retailers were conducted through UPI, facilitating the I-T department’s ability to trace these financial activities. Despite the increasing trend of individuals leveraging social media for retail purposes, such income often goes unreported, leading to the non-payment of taxes.

    Social Commerce Surpasses Ecommerce Dominance in India

    In 2022, the projected market size for social commerce in India stands at seven billion U.S. dollars, with expectations of an increase to 84 billion U.S. dollars by 2030. eCommerce has dominated the market for over a decade, leading to a discernible shift towards social commerce, which is poised for significant advancement.

    Market Size of Social Commerce in India in 2019, With Forecasts From 2022 Until 2030
    Market Size of Social Commerce in India in 2019, With Forecasts From 2022 Until 2030

    Social commerce involves the direct selling and purchasing of products or services through social media platforms, encompassing every aspect from product discovery to the entire checkout process, shaping a holistic shopping experience for consumers.

    The prominence of social commerce is evident in the State of Social Media Investment Report, revealing that 77% of consumers are likely to favor enterprises offering a superior social media experience. Surprisingly, four-fifths of social media marketers anticipate consumers will increasingly buy directly from social apps rather than brand platforms or third-party eCommerce portals in 2023.

    While many companies engage in sales through both eCommerce sites and social media handles, in India, the bulk of social commerce transactions are propelled by new brands and first-time entrepreneurs. With the continuous surge in social media users, brands are innovating strategies to convert captive audiences into customers.

    Given that people spend an average of three hours daily online—engaging in activities such as posting, scrolling, viewing videos, and messaging—this presents a crucial window of opportunity for brands to target consumers through their marketing tools.

    Unlike transactional buy-and-sell models, social commerce focuses on building a dedicated community around a brand. Brand development hinges on loyal fans or followers who praise and promote the brand, contributing to a robust community or consumer base in a short period. Social commerce differentiates itself by leveraging influencers for product marketing, fostering community creation efficiently.

    The authenticity of feedback within social commerce is bolstered by a strong presence on social media and community connections, providing organic and genuine feedback. With its distinct advantages over traditional eCommerce methods, there is a growing global belief that social media represents the future of eCommerce.

    The trajectory of social commerce indicates sustained growth in the years to come, driven by approximately 70% of the nation’s population actively using social media. Presently valued at $2 billion, industry analysts anticipate the social commerce market in India to grow at a CAGR of around 50 to 60% over the next five years.

    In light of these statistics, it is evident that brands adept in social commerce are strategically investing time, money, and resources to enhance their success through this evolving platform. This increased success, however, has also attracted the attention of the income tax department.

    The Rise Of E-commerce Industry In India
    Ecommerce market share of India is approximately $88 billion in 2022. Read about the growth and future of the industry in India.
    StartupTalkyDevashish Shrivastava

  • Flipkart Dives Into Social Commerce Platform Via Refurbished Goods Platform 2GUD

    Flipkart has come up with the idea of launching social commerce on its 2GUD platform. 2GUD social commerce platform is owned by Flipkart where it sells all its refurbished goods. This new feature has been introduced to the users with a concept of uninterrupted video shopping.

    Influencers Playing An Important Role

    Under this feature, users can follow their favorite social media influencers and will be kept updated about all the latest fashion trends, gadget reviewing, latest make up or beauty tips and many more. it will contain a video feed consisting of all the influencers who will be promoting different brands and also reviewing the products. While the influencers will be reviewing some of the products users can even directly buy it through these videos.

    Influencers can play an important role
    2GUD Platform

    Amazon Pay Launches Smart Stores: Can Be A Life Saver For Local Shops
    Amazon Pay has launched a feature name Smart Stores on Friday where thecustomers who needs to buy products have just scan the QR code using theApplication and can explore all the products within the store which areavailable. Amazon Pay support system for local vendorsThis new feature is a ne…
    StartupTalkyYash Raj Srivastava

    A Variety of videos will be available through which the users can go through and select the product of their choice. Review videos will be available which will help the customer to go for the right choice. There will be a virtual store which will provide the customers wide variety of products.

    Currently Not Available For Mobile Site and Web Site

    After launching the feature on the 2GUD app, the company is also looking forward for becoming available for mobile site and website too. Having more than a million customers and spread around 15000 plus pin codes around India they offer around 600 plus refurbished products segments.

    Flipkart Statement

    Chanakya Gupta, Head of 2GUD gave a statement,“We want the next 200 million customers to be able to experience social commerce comfortably and build their trust on 2GUD as they come on to the platform for an engaging shopping experience. These consumers quite often face trust and style deficits. In a situation like this, recommendations from a person like yourself or an influencer play a critical role. Influencers are changing the landscape of online retail and bringing greater opportunities for social commerce platforms in India.”

    Social media has played a very important role in changing the way that the users are shopping now. Influencers are creating a great impact on the new market. With the growing of influencers in the non metro cities too it has created a larger impact in the market. Due to this, people have started to feel a personal connection which has also created a good impact.

    Google Launched Shopping Tab to direct users to E-commerce platforms
    Google India [/tag/google/] has launched ‘Shopping’ tab to enable users to flipthrough the products and direct them to the merchant websites or e-commerceplatforms when searching for products to buy. Similar to the News and Image tabon Google, the shopping tab allows users to seamlessly control t…
    StartupTalkyShubham Kumar

    Lately, people have gained a lot of interest in this type of shopping concept. The younger generation is also getting attracted and becoming a smart shopper. While clothing, accessories, gadgets etc are being mostly bought online for a while now, so mixing up with this concept can be a unique way to promote the brands.

    2Gud is owned by Flipkart
    2GUD was launched in 2018

    Prospecting Concept

    This concept is gaining popularity among users and does have a great prospect. Influencers promoting these products is also helping in gaining the trust of the users. A good future can be expected and with more users and influencers trying to fit in.

    Flipkart said that social commerce has already made inroads and accounts for 15-20% of the online retail market today, which is expected to hit the $70 billion mark in the coming decade, according to industry reports.

    With the market now moving from celebrity influencers to the small home grown influencers, people will be able to develop a trust quite easily. With the involvement of Instagram, Youtube these influencers has been an inspiration for the newer generation. So, Flipkart can actually play a great role with the help of this concept.

    Will 2GUD only provide refurbished products?

    No, 2GUD has been into offering new products for the quality conscious customers in the small cities since August 2019.

    Is this safe?

    Yes, this site is 100% safe as it is a counterpart of the ecommerce giant Flipkart only.

  • Digital Marketing Business Ideas | Online Business in 2021

    Digital marketing is gaining immense popularity among entrepreneurs, marketers and consumers. While entrepreneurs and marketers use digital marketing to reach out to a large target audience, consumers life has also become easier as they can explore and buy products and services easily. As a result, there is high scope for success in digital marketing business ideas you can start online like SEO agency and web/app development.

    So here, we have compiled a list of best digital marketing business ideas, which are popular and profitable too. You can start them all online.

    Best digital Marketing Business Ideas to start Online:

    Blogging Agency

    Blogs are the arteries carrying the weight of digital marketing. Existing from the time the internet was introduced in the 90s, blogs are an effective way of marketing products and services on the internet, mobile phones and other mediums. The quality and influencing capability of these write-ups are defined by the minds that produce them. Hence, there’s a dire need of professional content writers comfortable in delivering content over an array of topics.

    So if you have flair for quality content creation, then a blogging agency is a suitable startup plan for you. You can later diversify your income plan when you have a good amount of audience.

    SEO Agency

    A lot of companies proclaim being experts in SEO and thus there’s a lot of competition in this domain. But if you’ve worked on real-time SEO projects and have enjoyed success, then optimization can be one of the best business ideas to make money. In in the SEO industry, success depends only on two factors – prior experience and conversion rate i.e. increase in incoming traffic.

    Social Media Agency

    Virtual presence on social media platforms such as Facebook and Twitter is imperative in bolstering brand identity and awareness among people. Every business irrespective of the size and area of operation must be present across different social media platforms to attract target customers. Managing social media accounts in different platforms, and keeping these accounts updated is an exhaustive task. In this scenario starting a social media agency is a profitable business idea. Along with that, if you learn a few things about Social Media marketing and the paid ads on social media, then you can build a good clientele. Many small businesses which are coming online don’t know how to use the social media and its ads effectively. So, you can approach them easily generate a lead.

    Additionally, If you are a social media enthusiast, you can also earn money by selling products to your friends and followers on social media platforms. You do not even need to keep a stock of products to sell online. There are many Dropshipping apps available like Meesho, Shop 101 etc. You just have to download the app and share the products shown in your social media accounts, and you earn commission on every product sold.

    You can also promote affiliate links and make money whenever someone buys from your affiliate link. Almost all the ecommerce companies provide affiliate links. Today, social media is one of the best business and there are various possibilities of making money through it.

    Mobile and Web Application
    Development:

    Organizations want to expand their market reach beyond the realms of laptops and computers. This implies transporting an entire website to a mobile screen, with no delay and failure in rendering.

    As such,mobile/web app development can be a successful digital marketing business plan. The USP is to distinguish oneself from the numerous companies already involved in app development. An example is creating applications that don’t breach the privacy of the smartphone user. This is slowly becoming a necessary feature in the light of various data breach incidents that have occurred in recent times.

    Also, there are many businesses which need to get online to expand their business. According to a study (2018) 6 out of 10 small businesses do not have a website. In fact, 35% of those business owners think their business is too small to be online. You can easily target those business and tell them how easy and profitable it is to be online.

    Video Marketing

    Static images as advertisements are gradually being replaced by short video clips. And it makes sense as well since people are prone to be enticed by a 10-second ad when compared to an image trying to convey the same message, promotion or idea. According to a study, organic traffic improves by up to 157% with added video content. So, if you can form a team that has innovative digital marketing ideas and specializes in creating amazing videos for promoting clients, then video marketing consultancy is your niche to launch a startup.

    PPC Strategist

    What a PPC strategist do is to come up with the best keywords for the PPC campaign. Pay-per-Click campaigns are expensive and can quickly burn through the budget if not implemented carefully. So, companies need highly experienced strategist who can do deep research and come up with the best keyword for the PPC campaign. If you can convert a $2 fee paid to a search engine for PPC into a $100 lead, then you should lend your expertise to others by conjuring a PPC strategy company. Companies pay the PPC strategist their quoted prices.

    Cloud Consultancy

    Cloud services offered by providers such as Amazon, Microsoft etc. have made life easier. Whether large storage or high-performance virtual machine is needed, cloud computing satisfies all kinds of requirements. And as more and more companies shift their entire operations online on a cloud platform (especially startups), cloud consultancy is the need of the hour. With a large number of vendors to choose from, companies may not be able to make the right choice and need professional guidance for cloud computing. In such a case, starting a cloud consultancy can be a profitable startup idea.

    However to rise up in ranks as a consultant, one needs to have the latest certifications and skills, and above all, the desire to learn and improve daily since cloud computing is making tremendous progress and innovations with each passing day.

    Web Analytics Company

    Analysis of data obtained through incoming traffic on a website can reveal surprising and useful patterns. Using the power of AI, ML and business analytics experts in these domains can help websites boost productivity, income and effectiveness. If you’re an analytics expert or can assemble a team which specializes in same, you can create a startup providing web analytics services and solutions.

    Websites, blogs, and similar platforms often fall prey to copyright and infringement suits due to plagiarizing content for digital marketing. For example, bloggers tend to copy answers from forums like Quora, without giving the actual writer due credits and recognition. Situations like these open up an entire money making domain to legal experts dealing with copyright and trademarks and thus makes a good digital startup.

    As such if you are one such ‘cyber lawyer’, then use your skills to start a business in saving website owners from unnecessary copyright violations!

    This was our list of top digital marketing business ideas. Comment below if you have any of the listed startup. If not, which kind of Digital Marketing Startup are you most interested in and why?