<p>The fast increasing social media users hooked onto networking sites like Facebook and Twitter are set to give a big boost to the already burgeoning domestic e-commerce market that has touched the Rs 50,000 crore-mark last year.<br /><br /></p>.<p>According to latest Internet & Mobile Association of India numbers, with 150 million online population, India is the third largest in terms of Internet users after China and the US.<br />Out of this, 50 million are on Facebook and 13 million on Twitter, taking the size of social media universe to 63 million.<br /><br />This also makes the country the second largest Facebook market after the US, while the sixth largest for Twitter, ICICI Merchant Services and First Data general manager Amrish Rau said, adding that most of these social media members are also actively taking up e-commerce transactions.<br /><br />“Going by the current growth rates, social e-commerce is the next step in evolution, combining the comfort and ease of use of social media and e-tailing,” Rau said.<br /><br /> He says since social networking sites are accessible on mobile phones, it is easy for both individuals as well as organisations to expand their e-commerce strategy into the social commerce realm.<br /><br />According to a recent report, 82 per cent of online buyers consider others’ opinions. A Forrester study shows that when online retailers suggest relevant products, they increase the average basket by 47 per cent and the number of products sold by 27 per cent.<br /><br />Rau said social e-commerce improves online shopping by offering product suggestions from people personally known by the users. <br /><br />But social e-commerce takes such recommendations to the next level by informing the user that his/her close friend has bought the same mobile phone or electronic gadget as well and would be able to see the recommendations from people the user knows personally, he said.<br /><br />For retailers, social e-commerce enables them to engage with their buyers on a personal level, thereby obtaining perception and views in an easier manner.<br /></p>
<p>The fast increasing social media users hooked onto networking sites like Facebook and Twitter are set to give a big boost to the already burgeoning domestic e-commerce market that has touched the Rs 50,000 crore-mark last year.<br /><br /></p>.<p>According to latest Internet & Mobile Association of India numbers, with 150 million online population, India is the third largest in terms of Internet users after China and the US.<br />Out of this, 50 million are on Facebook and 13 million on Twitter, taking the size of social media universe to 63 million.<br /><br />This also makes the country the second largest Facebook market after the US, while the sixth largest for Twitter, ICICI Merchant Services and First Data general manager Amrish Rau said, adding that most of these social media members are also actively taking up e-commerce transactions.<br /><br />“Going by the current growth rates, social e-commerce is the next step in evolution, combining the comfort and ease of use of social media and e-tailing,” Rau said.<br /><br /> He says since social networking sites are accessible on mobile phones, it is easy for both individuals as well as organisations to expand their e-commerce strategy into the social commerce realm.<br /><br />According to a recent report, 82 per cent of online buyers consider others’ opinions. A Forrester study shows that when online retailers suggest relevant products, they increase the average basket by 47 per cent and the number of products sold by 27 per cent.<br /><br />Rau said social e-commerce improves online shopping by offering product suggestions from people personally known by the users. <br /><br />But social e-commerce takes such recommendations to the next level by informing the user that his/her close friend has bought the same mobile phone or electronic gadget as well and would be able to see the recommendations from people the user knows personally, he said.<br /><br />For retailers, social e-commerce enables them to engage with their buyers on a personal level, thereby obtaining perception and views in an easier manner.<br /></p>