Ecommerce Mindscape India 2024 Report

The Indian e-commerce sector is currently undergoing a significant transformation, with the market projected to reach $350 billion by 2030. Major platforms like Flipkart, Amazon, and Myntra, along with the rise of direct-to-consumer (D2C) brands offering specialized and personalized products, are driving this growth.

One of the key findings from Netcore Cloud's report, "Ecommerce Mindscape India 2024," is that Tier 2 and Tier 3 cities are leading the surge in online shopping. In fact, 9 out of 10 Indian consumers now make purchases online, highlighting the growing importance of e-commerce in these regions.

The report also reveals that consumers prefer no more than three weekly touchpoints when engaging with brands online. This indicates the need for marketers to streamline their communication strategies and focus on providing relevant content and personalized recommendations to customers.

In response to these changing dynamics, CEOs are increasing their investments in generative AI technology. By leveraging AI for data collection, analysis, prediction, security, and content creation capabilities, companies can drive growth and innovation in a highly competitive market.

Retention and repeat purchase strategies are also becoming increasingly important for marketers looking to achieve sustained profitability amid rising customer acquisition costs (CAC). By focusing on building long-term relationships with customers through personalized experiences and targeted promotions, brands can enhance customer loyalty and drive revenue growth.

Another key insight from the report is the importance of offering diverse payment methods and attractive e-wallet promotions to attract shoppers from non-urban areas. As more consumers across India gain access to smartphones and internet connectivity, it is essential for e-commerce platforms to cater to a wide range of payment preferences in order to capture this growing market segment.

Mahesh Narayanan highlighted how crucial it is for marketers to understand these evolving market dynamics: "Consumers today seek convenience and distinctive offerings in an increasingly competitive landscape. With D2C brands experiencing impressive growth rates compared to traditional marketplaces, this report provides valuable insights into key strategies that marketers can implement."

Netcore Cloud's full-stack marketing platform enables B2C brands to create highly personalized digital experiences at every touchpoint along a customer's journey. By providing actionable analytics, real-time reporting, and scalable solutions across channels, brands using Netcore Cloud can optimize the user experience while gaining a unified view of their customers.

Netcore Cloud is headquartered in Mumbai and has offices around the world. It serves over 6500+ customers globally. With its track record of delivering billions of emails each month and tracking hundreds of billions of marketing events, Netcore Cloud has established itself as a trusted partner among industries including finance, retail, entertainment, travel, hospitality, food, and beverage. Leading global brands, such as MaxLife Insurance, have relied on Netcore Cloud. ICICI Bank Standard Chartered Flipkart Myntra, Miss Amara Airtel Disney Hotstar Canon Puma Tobi, EaseMyTrip, PizzaHut, and McDonalds have all benefited from Netcore's innovative solutions.

For more information about how your brand can leverage cutting-edge MarTech solutions, visit https://netcorecloud.com/.