Presenting groundbreaking insights into the evolving dynamics of Indian ecommerce, leading global MarTech and customer experience company Netcore Cloud has unveiled its comprehensive study, "Ecommerce Mindscape India 2024." Leveraging extensive research and insights from industry leaders such as Bluestone, Snapdeal, and Zivame, the report provides a detailed framework for understanding the strategies fueling ecommerce success.
As the Indian ecommerce sector experiences significant transformation, Netcore's report details how marketers are increasingly investing in ecommerce marketing platforms offering Generative AI, hyper-personalization, immersive experiences, seamless cross-channel integration, and the development of third storefronts like social media shops.
Key Insights from the Report:
The Indian ecommerce market is projected to reach $350 billion by 2030 from $99 billion as of 2024, propelled by major platforms like Flipkart, Amazon, and Myntra and the growth of Direct-to-Consumer (D2C) brands focusing on specialized and personalized products.
Tier 2 and Tier 3 cities are leading the online shopping surge, with 9 out of 10 Indian consumers making online purchases.
60% of shoppers prefer no more than 3 weekly touchpoints, indicating the importance of cutting out excessive brand communication, irrelevant product recommendations, and lack of personalization.
70% of CEOs are ramping up investments in Generative AI, enhancing data collection, analysis, prediction, security, and content creation capabilities to foster growth and innovation.
Marketers are prioritizing retention and repeat purchase strategies for sustained, profitable growth amid rising CAC to enhance profitability.
Introducing diverse payment methods and appealing e-wallet promotions is expected to attract many shoppers from non-urban areas.
Mahesh Narayanan, Chief Marketing Growth Officer at Netcore Cloud, commented on the market dynamics: "Consumers today seek convenience and distinctive offerings, leading to a highly competitive landscape. With the Indian ecommerce market projected to reach $350 billion by 2030, although marketplaces dominate, D2C brands are making significant inroads with impressive 3X growth. This report is, therefore, essential for marketers as it highlights key strategies to navigate this evolving market and capitalize on emerging opportunities."
To access the full 'Ecommerce Mindscape India 2024' report, click here
About Netcore Cloud
Netcore Cloud is a bootstrapped SaaS company that helps B2C brands and marketers create AI-powered new-age customer experiences at every touchpoint of a customer's journey. Netcore Cloud's full-stack marketing platform enables highly personalized digital experiences that are easily scalable and provide actionable analytics, real-time reporting, and quick-to-implement solutions across channels. Brands using Netcore Cloud can have a unified view of their customers and optimize their user experience.
Headquartered in Mumbai, India, with 11 offices across the USA, Singapore, Malaysia, Nigeria, Indonesia, UAE, UK, and Germany, Netcore Cloud serves 6500+ customers across the globe. It delivers 35+ bn emails and tracks 100+ billion marketing events every month. Netcore Cloud is a trusted partner across industries with some of the most respected brands like MaxLife Insurance, ICICI Bank, Standard Chartered, Flipkart, Myntra, Miss Amara, Airtel, Disney Hotstar, Canon, Puma, Tobi, EaseMyTrip, PizzaHut and McDonald's. For more information, visit https://netcorecloud.com/
