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<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, Overall ad spending in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is estimated to reach $16-17 billion in FY24, growing at 6 per cent in the fiscal year, a report showed on Thursday. <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">Digital</keyword> advertising which accounts for 55 per cent of total spending is set to grow at 6-7 per cent in FY24, according to the report by market research firm Redseer <keyword id="20257965" type="General" weightage="20" keywordseo="strategy-consultants" source="keywords">Strategy Consultants</keyword>. With consumption set to rebound in the next 4 or 5 years, advertising spend is projected to grow at 9-10 per cent Compound Annual Growth Rate (CAGR) over the course of next 4 years, with digital advertising growing at 11-12 per cent in the same period, the report mentioned. "As digital natives shape consumption patterns across the nation, brands have a never-before opportunity to address a much-larger and diverse consumer pool through advertising," said <keyword id="19923640" type="General" weightage="20" keywordseo="mukesh-kumar" source="keywords">Mukesh Kumar</keyword>, Associate Partner at Redseer. "It will be fascinating to witness cutting-edge creative strategies take shape across platforms especially with the possibilities that programmatic advertising and GenAI can offer for the sector," Kumar added. The growth in advertising spend in FY24 is impacted by the slowdown in consumption over the past 5 or 6 quarters and a dip in private equity/venture capitalist funding. According to the report, most consumer sectors have optimised their ad spending and the e-commerce sector is the only sector to see ad spending increase by 15 per cent in FY24. Despite slowdown in ad spending, advertisers increased their ad spending on platforms like retail media (ecommerce, quick-commerce etc.), and content platforms (OTT audio) owing to high conversion potential and wider reach among Tier-2 audiences, respectively.

Ad spending in India to reach $17 bn in FY24, consumption to rebound: Redseer

New Delhi, Consumer demand is expected to stay low over the coming quarters, as inflation continues to rise, creating a further slowdown phase for the startups in the country, a new report has said. There is an ongoing risk of further escalation in the war on Ukraine and the current wheat crop being impacted by hot weather conditions, according to market research firm <keyword id="3359665" type="General" weightage="20" keywordseo="redseer" source="Orion">Redseer</keyword> <keyword id="9903214" type="General" weightage="80" keywordseo="strategy-consultants" source="Orion">Strategy Consultants</keyword>. Consumer perception of the general economic condition continues to be pessimistic as per the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s <keyword id="1961413" type="General" weightage="80" keywordseo="consumer-confidence-survey" source="Orion">Consumer Confidence Survey</keyword> of January 2023, where more than 50 per cent of consumers reported it to have worsened. This comes at a difficult time for startups. They currently have limited ability to drive growth through discounts and other levers, which worked well during an easier funding environment. "Therefore, startups must focus on efficient unit economics and improving profitability by sticking to their core offerings," the report said. One strategy that has worked for FMCG players in the face of shrinkflation has been the push towards smaller stock-keeping units (SKUs). "Bharat-focused startups, too, need to look at revamping their <keyword id="6625639" type="General" weightage="80" keywordseo="sku" source="Orion">SKU</keyword> strategy to fit the tighter wallets of the mass-market consumers. The second strategy is to double down on the premium categories, which have lower price elasticity and have performed well against market pressures across sectors," the findings showed. The market disruption by the Covid-19 pandemic created phases of growth and slowdowns for startups. As a result, most businesses experienced a net growth that spanned two pandemic waves. However, in 2022, global inflationary pressures severely impacted consumer demand. The revenue increase was driven by higher prices, as volumes remained low across the urban and rural sectors. "With the macroenvironment challenges expected to continue, consumer demand is likely to remain subdued for the foreseeable future," the report said. "We expect consumer demand over the near future to continue staying subdued, with high inflation, unemployment in the urban organised sector and falling real wages in the rural areas," it added. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-13-pro-vs-oneplus-11-price-specs-and-features-compared/slidelist/98264176.cms">Xiaomi 13 Pro vs OnePlus 11 – price, specs and features compared</a> <a href="https://www.businessinsider.in/tech/gadgets/news/noise-and-fire-boltt-entered-in-top-five-in-global-smartwatch-shipments/articleshow/98171390.cms">These two Indian brands have together sold more smartwatches than Samsung in 2022</a> <a href="https://www.businessinsider.in/tech/gadgets/news/four-out-of-five-wireless-earbuds-sold-in-india-in-2022-were-from-an-indian-company/articleshow/98141414.cms">Four out of five wireless earbuds sold in India in 2022 were from an Indian company</a>

Tough times for Indian startups as consumer demand expected to stay low: Redseer

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s <keyword id="15391148" type="General" weightage="20" keywordseo="e-logistics" source="Orion">e-logistics</keyword> sector has become one of the largest and fastest growing logistics markets globally and is all set to reach the $9 billion industry, with a compound annual growth rate of 35 per cent, a report showed on Monday. The number of e-commerce logistics shipments is expected to grow by four times in the next five years. "Thanks to new-age tech-enabled players who have entered India's logistics arena, it is now easier for small- and medium-sized businesses to transport goods, and there is a drastic increase in the speed and efficiency in which parcels are delivered," says the report by Bengaluru-based <keyword id="13724596" type="General" weightage="50" keywordseo="redseer-strategy-consultants" source="Orion">Redseer Strategy Consultants</keyword>. Among such players, Delhivery is well positioned at the cross-section of the various logistics sector growth drivers including infrastructure, offline commerce, digital consumption, and adoption of technology and data sciences. The e-commerce logistics sphere has contributed to the overall growth of India's logistics sector and enabled the e-retail boom in India. The proliferation of smartphones and localisation of the internet in non-English languages is drawing in new consumers from non-metro locations into the internet economy and creating new demand for online commerce, thus paving the need for disruption in logistics. According to the report, the availability of multiple payment options such as <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>, no-cost <keyword id="6357050" type="General" weightage="50" keywordseo="emi" source="Orion">EMI</keyword>, BNPL (buy now, pay later) etc. are further driving the adoption of digital commerce by more consumers, thereby creating a need for e-commerce logistics. "Multiple segments in the India logistics market are addressable by full-stack-tech-enabled logistics service providers. There seems to be great headroom for growth as tech-enabled logistics players venture into adjacent segments such as hyperlocal delivery, express delivery, trucking, and more," the report mentioned. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-15-paise-to-82-32-against-us-dollar/articleshow/95193584.cms">Rupee gains 15 paise to 82.32 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suvs-in-india-in-november-2022/slidelist/95194572.cms">Upcoming cars launching in India in November 2022</a>

India e-logistics industry set to touch $9 bn with e-commerce boom

As companies from <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword> to Amazon put their top dollar in serving <keyword id="9999588" type="UNKNOWN" weightage="20" keywordseo="daily-grocery">daily grocery</keyword> at your doorstep, a new report said on Friday that online grocery is going to be the next battleground for growth, expanding to over $18 billion by 2024. According to a joint report by a joint initiative by Bengaluru-based <keyword id="9999587" type="UNKNOWN" weightage="20" keywordseo="market-consulting-firm-redseer">market consulting firm RedSeer</keyword> and <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">Bigbasket</keyword> (Brand Intelligence), driven by the significant rise in organic adoption during Covid-19, <keyword id="8289993" type="COMPANY" weightage="20" keywordseo="egrocery">eGrocery</keyword> has been on a surge with clocking 1.7 times in gross merchandise value (GMV) in June this year as compared to January. Online grocery will remain steady for the rest of the year to reach more than $3 billion, the report mentioned. "The industry has seen more than 70 per cent ARR (annual recurring revenue) jumps in the last quarter across categories. This brings the opportunity to serve a larger set of customers, and some challenges with it," said Hari Menon, co-founder and CEO of BigBasket. The report found that demand for comfort foods like noodles and cookies, immunity boosters like lemon and hygiene products like sanitizers picked up after the pandemic while essentials remained strong. Snacks and branded foods grew by 5 per cent quarterly pre-Covid, however growth jumped to 75 per cent in the June quarter. Within snacks and branded foods, biscuits and cookies was the largest sub-category and grew the most in Q2. Beverages grew by 2 per cent quarterly pre-Covid, however growth jumped to 50 per cent in Q2. "Personal Care grew by 5 per cert quarterly pre-Covid but jumped to 24 per cent in Q2 due to Covid. "We have observed that traditional brands which pivoted quickly to be digitally ready brands have seen 2x+ jump in sales compared to offline brands. We are excited to have this opportunity to serve the ecosystem," said Anil Kumar, founder and CEO of consulting firm RedSeer. Home utilities grew by 6 per cent quarterly pre-Covid but jumped to 11 per cent in Q2. Within home utilities, detergents and dishwash were the largest sub-category but grew the least in the last quarter. According to the report, home utilities were not severely affected by the pandemic. SEE ALSO: <a href="https://www.businessinsider.in/science/news/the-best-wildlife-photos-taken-this-year-reveal-a-pair-of-puffins-fighting-foxes-and-a-perfectly-camouflaged-hippo/slidelist/78297252.cms" data-type="tilCustomLink">The best wildlife photos taken this year reveal a pair of puffins, fighting foxes, and a perfectly camouflaged hippo</a> <a href="https://www.businessinsider.in/tech/news/the-senate-plans-to-subpoena-the-ceos-of-facebook-google-and-twitter-to-testify-before-congress-next-month/articleshow/78302874.cms">The Senate plans to subpoena the CEOs of Facebook, Google, and Twitter to testify before Congress next month</a>

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Ad spending in India to reach $17 bn in FY24, consumption to rebound: Redseer

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Tough times for Indian startups as consumer demand expected to stay low: Redseer

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India e-logistics industry set to touch $9 bn with e-commerce boom

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RIL and Amazon are looking at India's $18 billion online grocery market to be their next battleground

IANS

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