Social commerce in India is expected rise ten fold to touch $16-20 billion in gross merchandise value (GMV) over the next five years from the existing $1.5-2 billion, according to a joint report by Bain and Co. and Sequoia India. Social commerce, wherein consumers use a host of social media platforms and reselling apps to buy and sell products, is emerging as a key medium for businesses. In India, such businesses market their ware through Facebook-backed WhatsApp, Instagram, and Facebook itself, underscoring the social media platform’s appeal among internet users in India.
By 2030, social commerce will touch $60-70 billion, the report said. “In short, India’s social commerce sector will be two times the size of the current e-commerce market within 10 years.” E-commerce is estimated at $30 billion in GMV.
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