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<ul class="summary-list"><li>TikTok just hosted its first summit for its US e-commerce partners.</li><li>The company spent much of the event pushing TikTok Shop partners to test out live selling.</li></ul>TikTok is gearing up for the holiday season on its e-commerce platform <a target="_blank" class="" href="https://www.businessinsider.com/how-to-sell-on-tiktok-shop">TikTok Shop.</a>A couple of weeks ago, around the first anniversary of the product's US launch, <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-is-betting-its-future-on-e-commerce-should-it-2024-7">TikTok</a> gathered roughly 300 Shop partners across 200 agencies in a hotel near its Culver City office for its first invite-only partner summit.The group attended panels, participated in feedback sessions with <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-bytedance-salaries-jobs-careers-data-product-engineering">TikTok staffers</a>, and shared ideas on influencer affiliate marketing and paid and earned media tactics. But live selling was the clear focus of the event, five partners who attended told Business Insider. Across sessions, TikTok staffers and agency partners talked about how to find studio space for livestreams, as well as what was needed to build up a live selling operation."Probably 60% to 70% of the discussion was around livestream," said Jake Bjorseth, founder of the marketing firm Trndsttrs, who attended the summit.A second partner who attended the event described its content as "live, live, live." This person, as well as several others, were granted anonymity to protect their business relationships with TikTok. Their identities are known to BI.Why was TikTok so focused on <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-shopping-livestream-career-change-income-essay-2023-12">livestreams</a> at its first US Shop partner summit?Well, for one, TikTok has had a string of blockbuster live-selling events in the US and UK this year, during which companies like beauty brand P.Louise and Stormi Steele's Canvas Beauty sold more than $1 million in goods in a single stream, according to TikTok.The invite list for the summit may have also played a role in focusing the discussion around live selling. Several of the attendees were partners who had expertise selling on TikTok's China-based sister app Douyin, which generates <a target="_blank" href="https://affiliate.insider.com?h=e54b484532789f314b635c6d0830451432638ce3089beed16d5b0b23d8dfe87c&amp;postID=66fd4dc9d8616474985bae44&amp;postSlug=tiktok-shop-us-partner-summit-live-shopping-and-douyin-ruled-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftiktok-parent-bytedances-e-commerce-volume-surged-in-2022-internal-data-show">hundreds of billions</a> in sales each year, primarily through influencer livestreams. These partners offered advice on what's worked well for social shopping in Asia, and discussed potential cross-border partnership opportunities, three Shop partners in attendance told BI.A TikTok spokesperson declined to comment for this story.<h2 id="edfdcf23-8819-4c48-80e0-5a19879826a2">What works on Douyin won't necessarily take off on TikTok Shop</h2>Strategies that are successful on Douyin often <a target="_blank" class="" href="https://www.businessinsider.com/whats-next-for-tiktok-look-at-china-douyin-2022-1">end up on TikTok next</a>, and the two companies, which operate independently under parent company ByteDance, have been sharing ideas a lot lately.Last month, Douyin and ByteDance invited TikTok Shop partners to visit the Chinese cities Shanghai and Hangzhou to meet regional social-commerce partners and see the studios they use to film shopping content. Digital ad firm adQuadrant was among a handful of companies selected for the visit, according to its CEO Warren Jolly, who spoke at TikTok's US partner summit.Of course, live-selling tactics on Douyin won't necessarily translate well to TikTok in the US. Social shopping has been sluggish to take off in North America compared to Asia, as <a target="_blank" class="" href="https://www.businessinsider.com/startups-bringing-social-shopping-into-mainstream-in-the-us-2023-11">bringing consumer shopping behaviors</a> across borders can be difficult."If you've lived in China, you're Chinese origin, you've built this business over the last seven years focused on live shopping and social commerce," Jolly said. But that expertise selling in China may not help US sellers facing a much different e-commerce reality, he added. "Yes, live shopping is important. We understand that it's going to become pervasive in the Western world and the US market. But it's not going to be at the same modality of what's happening in China."Other TikTok Shop partners who spoke with BI agreed that the emphasis on livestreams and comparisons to the Asian market at the event weren't particularly useful when a lot of their TikTok Shop sales currently come from influencer videos rather than livestreams."I can tell you that we walked out of that [summit] and said, 'Oh, that's a cool opportunity in livestream,' but the actual financials don't make sense for most agencies," Bjorseth said.TikTok's ability to replicate Douyin's live-shopping success in the US may be tough, even as the company has been gaining on its e-commerce competitors in <a target="_blank" class="" href="https://www.businessinsider.com/how-to-sell-on-tiktok-shop">sales and repeat purchases</a> in recent months. E-commerce in the US is dominated by non-social-media players like <a target="_blank" class="" href="https://www.businessinsider.com/top-selling-products-during-prime-day-for-amazon-influencers-2023-7">Amazon</a> and Walmart, both of which work with influencers on livestreams or affiliate programs but predominantly drive sales through other means.Still, there are some signs that livestream shopping is on the rise outside of Asia. Whatnot, a live-shopping platform in North America and Europe, said in an October report that it's crossed $2 billion in gross merchandise volume from livestream sales conducted in 2024.Ultimately, TikTok's e-commerce momentum may be abruptly cut short, however. A US divest-or-ban law passed in April could force a sale or ban of TikTok's app in the US. TikTok is currently <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-justice-department-federal-appeals-court-law-ban-expert-2024-9">challenging the law</a> in court. Several attendees said the prospect of a ban wasn't brought up at the company's TikTok Shop partner summit.

TikTok is training its e-commerce partners on what's worked in China as it doubles down on live selling

Issues related to data privacy and rising <keyword id="20127272" type="General" weightage="20" keywordseo="online-frauds" source="keywords">online frauds</keyword> are emerging as significant hurdles in the growth of e-commerce in India, said the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross USD 350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms. "The rise of e-commerce is constrained by inadequate skills required for online selling, such as cataloguing. <keyword id="22505774" type="General" weightage="20" keywordseo="data-privacy-issues" source="keywords">Data privacy issues</keyword> and increasing online fraud have turned out to be the most significant hurdle in the growth of e-commerce in India. It becomes imperative to educate users on the safe use of e-commerce platforms," the survey said. The survey mentioned that India's e-commerce market has gained significant momentum during the past few years, owing to technological advancements, evolving new-age business models coupled with government initiatives like the Digital India program, UPI, One District - One Product (ODOP), Open Network for Digital Commerce (ONDC), new foreign trade policy, easing of FDI limits and Consumer Protection (E-Commerce) (Amendment) Rules 2021. It has identified data privacy and <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> as critical concerns in the <keyword id="22505776" type="General" weightage="20" keywordseo="digitisation-of-services" source="keywords">digitisation of services</keyword> in the country and called for adopting strong security measures, compliance with privacy regulations, and innovation, among others. "Data privacy and cybersecurity have become critical concerns with the increasing digitisation of services," according to the survey. It said that the government is spearheading data protection laws and cybersecurity policies to safeguard consumer data and strengthen cybersecurity measures in the services sector. "To further embrace technology with confidence, ensuring the adoption of strong security measures, compliance with privacy regulations, and fostering innovation in security technologies are essential," the survey noted. It said the future of e-commerce is built on the enhanced <keyword id="20290101" type="General" weightage="20" keywordseo="user-experience" source="keywords">user experience</keyword> through <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>, seamless <keyword id="21332958" type="General" weightage="20" keywordseo="digital-payment-methods" source="keywords">digital payment methods</keyword>, innovations like UPI, and business engineering data analytics for business operations and enhancements. The survey mentioned that the buyer ecosystem in India is evolving at a very sharp rate, and business models will need to innovate to serve the needs of a diverse shopper base regarding service expectations, price sensitivity and language requirements. "Local language platforms are needed as the shopper base expands to tier-2 and tier-3 cities. Growing startups and innovative social media platforms provide an opportunity to test unique business models that might be targeted to specific demographic cohorts," the survey said.

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Eco Survey

<ul class="summary-list"><li>Fast-moving fashion micro-trends on social media can drive impulsive spending.</li><li>Keeping up can also harm people's mental health and the environment, and mess with their style.</li></ul>In the fast-moving world of TikTok and Instagram, it can feel like there's a new fashion trend every time you swipe.A novel aesthetic or "-core" circulates on social media every few weeks, prompting consumers to buy in.Sometimes, it's a dress; other times, it's a top, a skirt, or a pair of boots. If an item is on the expensive side, there will be dupe options for less.But what fits into the "<a target="_blank" class="" href="https://www.businessinsider.com/gen-z-clothing-office-siren-business-casual-fashion-2024-8">office siren,</a>" "mob wife," or "<a target="_blank" class="" href="https://www.businessinsider.com/roundup-tiktok-style-trends-barbiecore-goblincore-2022-12#still-trending-normcore-is-around-for-the-long-haul-2">normcore</a>" aesthetic one minute is soon outdated, and it's time to buy whatever's next. These things that go out of fashion just as soon as they come in are known as micro-trends."It's not sustainable for your money, it's not sustainable for your mental health, and it's not sustainable for our environment," Ylva Baeckström, a psychotherapist and senior lecturer in finance at King's Business School in London, told Business Insider."It all adds up, and it becomes extremely stressful."<h2 id="4ec37053-21a8-4502-8907-7fa409b94078">'The perfect profitability storm'</h2>Fast fashion, social media, and retailers like Shein have together created "the perfect profitability storm for the businesses and influencers using them," said Anthony Miyazaki, a marketing professor at Florida International University."It's like watching a natural symbiosis where fast fashion producers drop the products, influencers create the buzz, TikTok and Instagram facilitate the sales, and the buyers swarm the marketplace," Miyazaki said.TikTok and Instagram did not respond to requests for comment.<a target="_blank" class="" href="https://www.businessinsider.com/how-to-sell-on-tiktok-shop">TikTok Shop,</a> the app's e-commerce platform, has grown to more than 500,000 US-based sellers in eight months since launching, <a target="_blank" href="https://www.tiktok.com/transparency/en-us/shop-safety-2023-2/">according to the company's Safety Report</a> released in April. It has around 15 million sellers worldwide.On average, <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-is-betting-its-future-on-e-commerce-should-it-2024-7">US users who made TikTok Shop purchases</a> spent about $67 between mid-June and mid-July, compared to around $54 over a four-week period in January, per <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-shop-better-at-keeping-customers-than-temu-shein-2024-4">data</a> from Earnest Analytics, a research firm that tracks credit-card and debit-card transactions.TikTok takes a 2% commission plus 30 cents on every TikTok Shop transaction, and is planning to increase its cut to 8%, <a target="_blank" class="" href="https://www.tubefilter.com/2024/01/05/tiktok-shop-ecommerce-revenue-commission-price-hike/">Tubefilter reported</a>. The company does not disclose how much it has earned from its shopping platform, but individual sellers have been reported to have made <a target="_blank" class="" href="https://cosmeticsbusiness.com/made-by-mitchell-on-making-one-million-on-tik-tok-shop">over $1 million in a single day</a>.Sites like TikTok Shop often promote micro-trends to consumers. That has benefited the likes of the Chinese company Shein, which adds thousands of items to its store each day. It was valued at $66 billion in its latest fundraising round — an <a target="_blank" class="" href="https://www.businessofapps.com/data/shein-statistics/">increase from $5 billion</a> in 2019. (Shein also did not respond to a comment request.)The power of influencers and algorithms on spending is huge. Elysia Berman, a content creator who makes videos about fashion, told BI she is paying off a large amount of credit card debt which she built up due to a shopping addiction fueled by social media.At the start of this year, Berman owed close to $48,000 and has cut that almost in half thanks to her commitment to the "no buy year" — a trend focused on reducing spending.Berman said she believes the cycle of micro-trends is a big problem, saying she spent a lot on clothes she didn't even like or wear."Micro-trends are meaningless without an understanding of your personal style," Berman said. "If you do not know yourself and your style, you are at risk of being caught up in the endless pursuit of trendiness and overspending."<h2 id="5d5c31f2-aa71-4fd0-a913-c6e69c3e5c01">Doom-spend or save?</h2>Along with social media algorithms, micro-trends are being fueled by the cycle of<a target="_blank" class="" href="https://www.businessinsider.com/shoppers-are-doom-spending-to-cope-with-financial-stress-2023-11"> doom spending:</a> buying unnecessary stuff to feel better.<a target="_blank" class="" href="https://newsroom.transunion.com/q2-2024-ciir/">Per an analysis from the credit reporting agency TransUnion</a>, the average debt per borrower in Q2 of 2024 in the US is $6,329 — an increase from $5,947 in Q2 last year.<a target="_blank" class="" href="https://www.federalreserve.gov/econres/notes/feds-notes/a-better-way-of-understanding-the-u-s-consumer-decomposing-retail-spending-by-household-income-20241011.html">Economists at the Federal Reserve</a> earlier this month found that inflation-adjusted spending on retail goods was up across the board compared to 2018.Baeckström, the finance lecturer, said impulse buying is all about feeling control "when everything else is out of control.""You might as well splash out on something that makes you feel better right now because it's hard to think about the long term when things are feeling a bit hopeless," she said.Dan Pallesen, a licensed clinical psychologist and financial advisor, told BI that following trends is part of being human."For our ancestors, keeping up with trends was a matter of life or death," he said. This was because not being part of the in-group put us at risk of rejection and thus in danger to the elements and predators."Fast forward to today, most of us are not in physical danger if we are not part of the in-group, but we still carry the same brain above our shoulders as those ancestors," Pallesen said.<h2 id="5c649480-8542-454e-bf5f-d4055e821462">A growing problem</h2>Most people can afford a few trendy pieces. But repeated, unconscious spending can soon snowball.Bill Ryze, a certified chartered financial consultant and a board advisor at the financial-services platform Fiona, told BI that frequent impulsive purchases can lead to maxed-out credit cards and high-interest debt."Continuous spending can lead to accumulating debt that can become overwhelming," Ryze said, "which could impact mental health and overall well-being."Julie Guntrip, the head of financial wellness at <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/jenius-bank-review">Jenius Bank</a>, said young people are particularly susceptible, especially when they follow influencers who make a living getting others to buy things."While it's easy to get caught up in what others are doing, it's important to remember that not everything is as it seems on social media," she said.Guntrip recommended making a budget and developing a "<a target="_blank" class="" href="https://www.businessinsider.com/deinfluencing-is-the-anti-influencer-trend-rich-with-paradoxes-2023-1">de-influencing</a>" mindset — focusing on not buying things and the dopamine hit of saving money rather than spending it needlessly.<a target="_blank" class="" href="https://www.businessinsider.com/gen-z-micro-spending-on-concert-tickets-to-collectibles-2024-10">Gen Z's interest in micro-spending</a> could signify a shift — spending small amounts on collectibles and items that reflect their personal tastes and don't break the bank."Make it trendy not to buy things," Baeckström said. "Make it trendy to think about the sustainability of your consumption patterns, for you, and for the environment, and, of course, for your money."

Micro-trends are taking over social media, and keeping up can be really expensive

<ul class="summary-list"><li>Insider is compiling a list of the leading startups boosting social commerce in the US.</li><li>We want to hear from you on the companies best positioned to help social shopping take off.</li></ul>The age of social shopping is here. Or at least, the top social platforms hope it is.YouTube has introduced a variety of commerce features in recent months, making shopping a centerpiece of its <a target="_blank" href="https://www.businessinsider.com/top-takeaways-from-vidcon-creator-economy-influencer-conference-anaheim-2023-6#social-shopping-took-center-stage-3">VidCon presentation</a> in June. TikTok rolled out its dedicated shopping product to US users earlier this month after testing the feature for nearly a year. And Pinterest is similarly <a target="_blank" href="https://www.insiderintelligence.com/content/pinterest-pins-its-hopes-on-shopping">making social commerce</a> a top focus.The aim for many of these companies is to replicate the success of social shopping in Asia, where in-app commerce features and livestream influencer sellers help drive tens of billions in product sales each year.With that lofty goal in mind, TikTok and other platforms are leaning on third-party startups to help guide brands, merchants, and influencers on how to succeed in social shopping.Insider is compiling a list of these upstarts who specialize in areas like livestream selling, commerce logistics, and other areas unique to the social-shopping space.We want to hear your thoughts. What are the companies that are best positioned to help social shopping succeed in the US? Please submit nominations for the list through <a target="_blank" href="https://forms.gle/tS3PYESRp18NSzGEA">this form</a> (or below) by October 4:

Seeking nominations for the top social-shopping startups powering the next wave of e-commerce 

<ul class="summary-list"><li>At CreatorIQ Connect, a marketing conference in LA, industry leaders shared tips and best practices.</li><li>YouTube exec Bridget Dolan spoke about why the platform is betting on short-video to drive shopping.</li></ul>While livestream shopping is booming in Asia, the trend has yet to make waves in the US. Platforms like TikTok and YouTube are still betting on e-commerce, but have instead shifted some focus toward short videos driving sales instead of hours-long livestreams.At the latest CreatorIQ Connect conference series in Los Angeles, the marketing platform hosted panels with industry professionals like Michelle Miller, senior vice president of global marketing at K18; Bridget Dolan, global managing director of YouTube Shopping; and Jackie Pimentel, senior global marketing director at Meta.Dolan spoke about how the tech giant is thinking about social shopping and why her team is betting on short videos to drive sales over livestreams."Shoppable short-form video is on fire," Dolan said,<a target="_blank" href="https://www.creatoriq.com/connect2023-creators-and-online-shopping"> speaking on a panel about creators and online shopping</a>. "We had over 150 billion views in 2022 of videos with products tagged — shoppable videos on YouTube. Shopping shorts are growing a lot faster than shorts are growing."Dolan added that shopping content performs best on YouTube when it doesn't look overly staged, or have a high production value, and highlights a single product or brand in a vertical 15-to-30-second short."It's basically like a quick review of why this product is amazing," Dolan said.YouTube has over 150 brands as part of the platform's new affiliate program. To join as a brand, the company must have a relationship with affiliate networks Rakuten, Impact, or CJ Affiliate.YouTube first began quietly testing shopping tools in 2021 like <a target="_blank" rel="" href="https://www.businessinsider.com/bridget-dolan-david-katz-leading-youtube-social-commerce-push-2022-4">product pins with a small group of creators</a>.The new affiliate program, which launched in June, lets creators earn commissions when they tag products in their videos, from shorts and long-form content to livestreams.<h2>Wooing creators and best practices to drive sales</h2>Not every product — or creator — can drive e-commerce sales. Instead of leaning on top creators like MrBeast, YouTube is working with a group of <a target="_blank" href="https://www.youtube.com/channel/UCkYQyvc_i9hXEo4xic9Hh2g">tech, fashion, and beauty influencers to drive its shopping efforts</a>."150,000 or 1 million subscribers on YouTube are hard earned," Dolan said. "It does not come fast, and it doesn't come easy, but when they build an audience like that, they really listen and they have that trust."What's worked are exclusive drops, as well as concert and sports team apparel, Dolan said. Throughout 2023, <a target="_blank" rel="" href="https://www.businessinsider.com/youtube-partners-with-coachella-to-sell-merch-livestream-shopping-2023-4">YouTube partnered with both Coachella and the</a> NFL to sell exclusive merch, and the company <a target="_blank" href="https://www.youtube.com/watch?v=c9f96W4TOXQ">hired creators to drive buzz</a> around the launch of Google's Pixel 8.Last month, YouTube invited 100 top beauty and fashion creators to its LA office to shop from brands available on the affiliate program and get tips from execs on how to sell in an authentic way."Yes, they love the brand deals, and they love having those relationships, but this is the opposite," Dolan said of affiliate marketing. "This is them coming up with what they'd like to talk about. They're creating on their own."

'Shoppable short-form video is on fire': YouTube's head of shopping shares why the platform is betting on shorts to drive social commerce

<ul><li><keyword id="3005928" type="General" weightage="20" keywordseo="fastag" source="Orion">FasTag</keyword> technology is adapting to a new market</li><li>Your FasTag can now pay for more transactions like fuel and food</li><li>Startups like <keyword id="4064372" type="General" weightage="20" keywordseo="numadic" source="Orion">Numadic</keyword> are enabling this ecosystem with new products </li></ul> FasTag technology has been around since 2014, with the earliest rendition of the tech being limited to toll tax payments. Like any fast e-commerce technology in India, like UPI, our country was quick to adapt to Fastag as well. Almost 10 years in, Fastag’s adaptation to more payment gateways have been fairly slow, with most famously being adapted to car parkings. This might change soon, and if startups like Numadic are to be followed up, the autonomous vehicular payment sector is a booming business. FasTag as it exists - Let’s talk numbers As per official data as of January 2021 54.6 lakh cars on roads are enabled by FasTag in India. Since then the number has only increased. As of today The FASTag system has expanded its coverage to encompass 1,228 toll plazas, which includes 339 state toll plazas. With a penetration rate of approximately 97 percent, the system has issued over 6.9 crore FASTags to users. What does Numadic do? NUmadic has formed partnerships with Hindustan Petroleum and Indian Oil to implement FASTags for fuel payments. The platform has witnessed significant growth, handling close to $1 million in vehicle transactions on a daily basis. The pilot phase commenced in October 2021. Notably, ICICI and IDFC First Bank have initiated the rollout of FASTag-enabled fuel payments at specific outlets through collaborations with petroleum giants such as Indian Oil and Hindustan Petroleum. Additionally RFID technology streamlines electric vehicle (EV) fleet management. By placing RFID readers in the vehicles and employing RFID tags for driver identification, managers can enhance route optimization, monitor vehicle usage, and boost overall efficiency. The future for gateway payments is only expanding and we will be covering it more moving forward. Our readers can also expect a video depicting the format soon. For more informative content make sure to check out our <a href="https://www.instagram.com/businessinsiderin/reels/">social media</a>.

Cars and commerce - How payment gateways in cars are changing

<ul><li>A rapidly evolving technology landscape and consumer trends will shape how businesses perform, going forward.</li><li>A report by Wavemaker titled Spotlight23 has underlined the major trends that businesses will have to adapt to this year.</li><li>Some of the most prominent emerging technologies and consumer trends to watch out for in 2023 include artificial intelligence as a service (<keyword id="6355999" type="General" weightage="20" keywordseo="AI" source="Orion">AI</keyword>aaS), generative AI like ChatGPT and increasing use of Reels.</li></ul>A rapidly evolving technology landscape and quickly changing consumer trends require businesses to evolve with them at the same pace or risk falling behind. From the way customers interact with businesses to how businesses attract customers with new innovations, several emerging trends like artificial intelligence as a service (AIaaS), and increased focus on privacy and free speech have been identified in Wavemaker’s report titled Spotlight23. While ecommerce has existed for a long time, the Covid-19 pandemic changed how Indians look at it. According to a<a href="https://economictimes.indiatimes.com/small-biz/sme-sector/covid-pandemic-hot-housed-e-commerce-growth-across-amea-region-survey/articleshow/94643528.cms"> survey</a>, 83% of Indian consumers have increased their purchases from ecommerce platforms in the last three years, and this momentum is expected to gain pace. But that is just one aspect of the evolving technology and consumer landscape. Here are other hot and emerging trends of 2023, according to the Spotlight23 report. <cmsannotation type="cmsannotation" annotationid="Generative AI to grow 10x in the next three years" comment="subhead" text="Generative AI to grow 10x in the next three years">Generative AI to grow 10x in the next three years</cmsannotation> Generative artificial intelligence (AI) solutions, like ChatGPT and Dall-E are expected to see a massive uptake in the next three years, growing from 1% of the data generated to 10% by 2025. Generative AIs like Dall-E, ChatGPT generate images and text using the inputs provided by users. For instance, ChatGPT can write articles, code or even compose music based on the inputs provided by users. OpenAI, which launched both Dall-E and ChatGPT, said that the latter was used by over 1 million users within the first 24 hours of its launch. <cmsannotation type="cmsannotation" annotationid="AI as a Service (AIaaS)" comment="subhead" text="AI as a Service (AIaaS)"><keyword id="16177246" type="General" weightage="20" keywordseo="AI-as-a-Service" source="Orion">AI as a Service</keyword> (AIaaS)</cmsannotation> The gaining traction of low-code/no-code artificial intelligence (AI) tools has given businesses an opportunity to implement off-the-shelf AI tools in their services, instead of developing an in-house AI. This brings down the costs and also allows businesses to see what works and what doesn’t. Some of the use cases of AI as a Service include optimizing campaigns, predicting customer churn and engaging customers based on their usage patterns as predicted by the AI model. <cmsannotation type="cmsannotation" annotationid="Privacy and free speech to continue to gain prominence" comment="subhead" text="Privacy and free speech to continue to gain prominence">Privacy and free speech to continue to gain prominence</cmsannotation> Users are increasingly worried about their privacy, with 66% of internet users globally worried that their identity will be stolen, according to<a href="https://www.statista.com/statistics/296700/personal-data-security-perception-online/"> Statista</a>. Further enactment of privacy-focused laws like General Data Protection Regulation (GDPR) has put the spotlight on data privacy. The Spotlight23 report states that businesses will invest in privacy-centric technologies as customers become increasingly sensitive about their data. Another aspect that has gained prominence is free speech, as evidenced by the Twitter takeover by Elon Musk, and the rise of decentralized social media platforms like Mastodon, which has seen an 800% increase in users since October 2022, with the user base now standing at 2.5 million. However, the report adds that advertisers will likely stay away from Twitter until a balance between free speech and brand safety is found. <cmsannotation type="cmsannotation" annotationid="Reel it – engagement and social commerce is evolving rapidly" comment="subhead" text="Reel it – engagement and social commerce is evolving rapidly">Reel it – engagement and social commerce is evolving rapidly</cmsannotation> Instagram Reels’ rise in popularity can be explained with this metric alone – in Q3 2022, Meta reported over 140 billion reels were played, which means over 1.55 billion reel plays every day during the quarter, or 1.08 million reels played every minute. This makes it critical for brands to create Reels to drive user engagement, according to the report. The opening up of WhatsApp Business API to everyone provides business with another opportunity to generate new leads. Many of those examples are already live – for instance, JioMart’s catalogue can be browsed through WhatsApp, allowing them to place orders and make payments. Reliance’s media arm Viacom18, which bagged IPL streaming rights, could help Jio accelerate social commerce via partnerships with brands, leveraging its user base of over 450 million. <cmsannotation type="cmsannotation" annotationid="Social commerce growth to result in increased influencer collaborations" comment="subhead" text="Social commerce growth to result in increased influencer collaborations">Social commerce growth to result in increased influencer collaborations</cmsannotation> Gaining prominence of social commerce is expected to result in an increase in brands collaborating with social influencers. According to Statista, sales through social media stood at $992 billion in 2022, and they are expected to increase to $2.9 trillion by 2026. “Influencer collaboration can boost a company's revenue. For instance, Petco worked with Gabby Douglas and used livestream shopping events to reach and engage customers,” the Spotlight23 report said. Conversational AI is also expected to further drive user engagement, with several brands like H&amp;M, Levi’s and others already using chatbots to give personalized recommendations to buyers. <cmsannotation type="cmsannotation" annotationid="VR, AR and XR to deliver a more immersive shopping experience" comment="subhead" text="VR, AR and XR to deliver a more immersive shopping experience"><keyword id="6380951" type="General" weightage="20" keywordseo="VR" source="Orion">VR</keyword>, <keyword id="11853" type="General" weightage="20" keywordseo="AR" source="Orion">AR</keyword> and <keyword id="1786062" type="General" weightage="20" keywordseo="XR" source="Orion">XR</keyword> to deliver a more immersive shopping experience</cmsannotation> Technologies like virtual reality (VR), augmented reality (AR) and extended reality (XR) are expected to enhance the shopping experience of users and make it more immersive. These technologies allow users to try on products virtually to see if they suit them or not – for instance, Lenskart has a 3D try-on feature that lets users check out eyeglasses and sunglasses virtually before buying them. Asian Paints’ app allows users to take a photo of their wall and picture how it looks with the diverse range of colours and textures offered by the company. <cmsannotation type="cmsannotation" annotationid="ONDC could realize its potential in 2023" comment="subhead" text="ONDC could realize its potential in 2023">ONDC could realize its potential in 2023</cmsannotation> During a<a href="https://www.businessinsider.in/retail/news/democratising-commerce-ondc-could-be-the-upi-moment-for-small-retailers-msmes/articleshow/95393032.cms"> panel discussion</a> in November 2022, Thampy Koshy, the Chief Executive Officer of ONDC, said that Open Network for Digital Commerce (ONDC) is the Indian government’s attempt to democratise commerce. ONDC is an open platform that allows sellers to make their catalogues visible to every buyer on the platform. Koshy likened ONDC to UPI, saying “what UPI did was to essentially streamline and democratise the payment side of it. What ONDC is trying to do is a similar kind of transformation on the transaction side of goods and services.” ONDC is currently live in 83 cities, and it has 25 network participants along with over 700 merchants onboard. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2023-morgan-stanley-sees-focus-to-be-on-fiscal-consolidation-investment-led-growth/articleshow/97082715.cms">Budget 2023: Morgan Stanley sees focus to be on fiscal consolidation, investment-led growth</a> <a href="https://www.businessinsider.in/business/corporates/news/competitive-intensity-a-big-risk-for-dmart-say-analysts-after-company-misses-streets-q3-forecast/articleshow/97052145.cms">Competitive intensity a big risk for DMart say analysts after company misses Street’s Q3 forecast</a> <a href="https://www.businessinsider.in/business/corporates/news/hiring-by-it-cos-down-96-in-q3-compared-to-preceding-7-quarters-even-as-attrition-cools/articleshow/97023873.cms">Hiring by IT cos down 96% in Q3 compared to preceding 7 quarters even as attrition cools</a>

AI as a Service to free speech platforms and social commerce, these are the big emerging trends of 2023

<ul><li>China will remain the most advanced market both in size and maturity, yet the highest growth will be seen in developing markets such as India and Brazil.</li><li>Nearly eight out of ten social media users in India use <keyword id="623994" type="General" weightage="100" keywordseo="social-commerce" source="Orion">social commerce</keyword> to make purchases.</li><li>Despite being a mature market, almost half of consumers in India are making more impulse purchases than planned purchases.</li><li>Shoppers in China, India and Brazil care more about features that help them discover and evaluate potential purchases – both areas where social features enhance the existing experience.</li></ul>A new study by Accenture found that the $492 billion global social commerce industry is expected to grow three times as fast as traditional ecommerce to $1.2 trillion by 2025. Growth is predicted to be driven primarily by Gen Z and Millennial social media users, accounting for 62% of global social commerce spend by 2025. According to Accenture’s report, “Why Shopping’s Set for a Social Revolution,” social commerce means a person’s entire shopping experience — from product discovery to the check-out process — takes place on a social media platform. Just under two thirds (64%) of social media users surveyed said they made a social commerce purchase in the last year, which Accenture estimates to reflect nearly 2 billion social buyers globally. “Driven by mobile-first consumer preferences and the launch of new hyperlocal social commerce platforms, the emerging success of social commerce in India is a testimony to the power of people and communities,” said Anurag Gupta, Managing Director and Lead - Strategy &amp; Consulting, Accenture in India. “To take advantage of this growing opportunity, it will be crucial that these social commerce platforms offer consumers the right experience built around trust and satisfaction, and broaden their appeal through the use of local languages and video interfaces. Furthermore, brands need to work with a thriving ecosystem comprising platforms, creators, influencers, resellers that helps users discover and evaluate potential purchases.” <div type="image" title="image001 (1)" msid="88685169" hostid="261"></div>While the opportunity is significant for large businesses, individuals and smaller brands also stand to benefit. More than half (59%) of social buyers surveyed said they are more likely to support small and medium-sized businesses through social commerce than when shopping through ecommerce websites, Furthermore, 63% said they are more likely to buy from the same seller again, showing the benefits of social commerce in building loyalty and driving repeat purchases. Half of social media users surveyed, however, indicate they are concerned that social commerce purchases will not be protected or refunded properly, making trust the biggest barrier to adoption, as it was for eCommerce at its beginning. Who is Buying What Accenture’s report found that by 2025 the highest number of social commerce purchases globally are expected in clothing (18% of all social commerce by 2025), consumer electronics (13%) and home décor (7%). Fresh food and snack items also represent a large product category (13%) although sales are nearly exclusive to China. Beauty and personal care, although smaller in terms of total social commerce sales, is predicted to quickly gain ground on e-commerce and capture over 40% of digital spend on average for this category in key markets by 2025. Among the study’s other findings: <ul><li>Consumers in developing countries are more likely to use social commerce and do so often. Eight out of ten social media users in China use social commerce to make purchases for a given category, while the majority of social media users in the U.K. and U.S. have yet to make a purchase via social commerce.</li><li>Shoppers in China, India, and Brazil care more about features that help them discover and evaluate potential purchases while those in the U.K. and U.S. place more importance on pricing and discounts. </li><li>Trust is more important to older generations than younger generations. Older shoppers emphasize security features and value brand familiarity while younger generations are attracted to livestreams and put more faith in buyer reviews.</li></ul>

Social commerce industry is expected to grow three times as fast as traditional e-commerce to $1.2 trillion by 2025: Accenture report

<ul><li>Paving the way for immersive and informative shopping with its <keyword id="623994" type="General" weightage="80" keywordseo="social-commerce" source="Orion">Social Commerce</keyword> proposition, <keyword id="319719" type="General" weightage="20" keywordseo="myntra" source="Orion">Myntra</keyword> believes that the charter is likely to engage ~50% of its monthly active users in the next 3-4 years.</li><li>Myntra aims to churn out close to 1000 hours of live video content per month for deeper consumer engagement, contributing exponentially to the creator economy phenomenon.</li><li>To shape the future of optimised engagement for brands, by blending elements of product discovery, personalization, ease of purchasing, community, and edutainment.</li></ul>Myntra today announced its foray into Social Commerce at scale, to cater to the rapidly evolving content consumption patterns and shopping preferences of consumers. As a part of this launch Myntra also unveiled M-Live, bringing a first-of-its-kind, interactive, and real-time, live shopping experience to the fingertips of millions of shoppers in the country. With the launch of its Social Commerce charter, Myntra is looking to transform the way consumers shop by bridging the gap between inspiration and commerce while bringing both under one single platform. Under this charter, Myntra will target fashion and social media savvy young men and women who are looking to have access to the best-in-class fashion advisory and in-demand trends. Myntra’s Social Commerce proposition: Today, social platforms are considered to drive ~70% of purchase decisions for fashion-forward consumers with fashion and beauty being the most popular categories in the Social Commerce realm as per industry reports. Pivoted on community, connection, and trust, Myntra believes that as the future of shopping, its Social Commerce charter is likely to play an important role in defining the way its customers shop. Myntra’s Social Commerce Business has three distinct propositions that add immense composite value to consumers, creators, and brands alike: <ol><li>M-Live - With M-Live, its pioneering proprietary live video streaming, and live commerce platform, Myntra is further paving the way for the future of shopping that resonates with today’s social media savvy, fashion-conscious generation. M-Live aims to facilitate a real-time engagement between consumers and brands by allowing influencers and experts to host live video sessions of product and styling concepts curated by them, on the Myntra app, enabling viewers to shop instantly. M-Live is also the nearest to an expert-assisted offline shopping experience that is fully experienced online. The core benefit is the users’ ability to get interactive descriptions of products independently curated by experts they can trust and identify with while getting instant advice on various aspects like styling, fitment, product quality, and material. With several concurrent users joining the live sessions, it also gives users the opportunity to shop as a community and benefit from the community’s knowledge, observations, questions, and comments, enabling a more confident shopping decision that is backed by social validation.</li></ol> <div type="image" title="image004" msid="87868167" hostid="261"></div> 2. <keyword id="9063941" type="General" weightage="20" keywordseo="myntra-studio" source="Orion">Myntra Studio</keyword> - As an unparalleled, widely sought-after personalised content destination on an e-commerce platform that provides users with access to 20,000+ original, inspirational, and shoppable fashion, beauty, and lifestyle content assets at scale, Myntra Studio has helped establish Myntra as a frontrunner in innovative content-led commerce. The platform has grown by 25X in the last 6 months itself. Some of the leading brands on Myntra have 2-3 times larger communities on Myntra-Studio and witness a 3-4X higher engagement, in comparison to other similar influencer-led platforms. The in-house built platform has managed to attract and induce shopping among the younger and premium shoppers from across the Metros as well as Tier 2 towns and beyond. With Myntra Studio, Myntra became one of the early e-commerce movers to solidify its positioning in driving a content-led approach, strengthening its fashion proposition and consumer engagement. 3. Myntra Fashion Superstar - As season 3 goes live, this unique, fully shoppable digital reality show continues to churn out some of India’s popular fashion and beauty influencers. With every passing edition, this show has enabled Myntra’s vision of empowering the creator economy. This year’s theme ‘I Wear My Story’ showcases the hunt to find India’s next big fashion influencer and leverages the synergy between iconic fashion trends and social media. Myntra Studio currently engages ~20% of Myntra’s monthly active user base and Myntra expects this to grow to 50% in the next 3-4 years as it scales its Social Commerce charter. A Powerful Enabler for Brands: For brands, Myntra’s social commerce proposition, ensures popular influencers and experts help in establishing more meaningful connections with one of the largest communities of fashion-forward customers. This enables them to offer real-time and on-demand demonstration of features and other aspects while creating visibility for brands in an otherwise crowded environment. This enhances their potential to propel sales by trends and quality as against through pricing alone. Additionally, the brands get the rare opportunity to connect with leading influencers on a commerce platform who drive the conversation for them. It potentially also serves as an engine that increases traffic and stickiness to the platform, resulting in a higher frequency of customer visits, higher demand, and an attractive destination for newer, younger audiences along with better ROI. Unlocking The Creator Economy Phenomenon: The influencer ecosystem in India has begun to significantly scale up with new digital-first content creators emerging across geographies. With its foray into Social Commerce, Myntra is set to create a new ecosystem for consumer-influencer engagement by providing the necessary turf for hundreds of talented influencers to engage with and acquire new followers under one roof while widening their horizon of value creation and also building significant monetisation opportunities for themselves by partaking in the sales outcomes and creating measurable business impact. In addition, with M-Live, Myntra will start by supporting multiple concurrent live streams, and will steadily scale this, with an aim to churn out close to 1000 hours of live content per month in the near future. On Myntra, the influencers would also get the opportunity to partner with leading Indian and global lifestyle brands. It will propel the rise of a different segment of creators who are relatable, engaging, and confident sellers. Pioneering in-house Product-Tech Play: With Myntra Studio’s success as a frontrunner in innovative content-led commerce, M-Live has also been developed in-house with Myntra’s product-technology team working from the ground up. This allows for better customization and planning for the future and to help scale the proposition at will, alongside developing and introducing new innovative features to cater to the ever-evolving needs of the customers. Myntra Studio is slated to be the mothership of all of Myntra’s in-app content-led commerce initiatives. Speaking on the launch of its Social Commerce charter, including M-Live, Achint Setia, VP and Business Head, Social Commerce, Myntra said, “With Myntra Fashion Superstar, Myntra Studio, and now M-Live, an immersive live video shopping experience, we are heralding a new age in fashion and beauty, making big strides in the Social Commerce landscape, with our path-breaking tech-pivoted solutions. At the heart of our Social Commerce initiative, is our desire to offer unparalleled content-led shopping formats to our customers, while harnessing the power of the creator ecosystem and technology. Built for today’s consumers who are gradually progressing from text-based or catalogue-based shopping to influencer-guided interactive experiences, the charter also offers brands an avenue to build salience with a highly engaged fashion-forward customer base, for new launches, collaborations, and showcase hero products along with a host of other benefits. ” Social Commerce, which is a $1.5 billion to $2 billion GMV market in India today, will be worth $16 billion to $20 billion in just five years, with fashion and beauty commanding the lion’s share of this market at over 50-60% as per industry reports.

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