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In March 2022, Josh, a short video platform by Dailyhunt, is water testing the live commerce feature on the platform at a time when the live commerce space is all heated up. With more than 145 million active users on its platform, Josh is a late entrant into the live commerce space as compared to other players. The platform will basically focus on technology on multiple fronts in order to connect creators. This will enable live commerce to reach a wider and right set of audiences which can help them to monetize better. Moreover, the platform is working to improve the its augmented reality camera lenses in order to create experiences on its app.
Over the last one or two quarters, social commerce start-ups have been heavily investing in immersive features such as AR and VR to bring product personalization or visualization by attracting more customers on these platforms. Since video and live commerce has exhibited the strong potential of monetization, creators and influencers are over-enthusiastic about engagement with their fans to buy the products by boosting higher sales. Apart from the ad platform, the social commerce player has partnered up with key e-commerce players to step up their influencer-led live commerce.
Another short-video social platform, Moj, also announced the launch of Moj LIVE, the live video streaming platform of the social commerce player. This new platform will allow the creators to showcase their talent and engage with their users in real-time. Specifically, through Moj LIVE, creators will be able to create content in several formats and users can also engage with them directly during live sessions. Here, the platform has the provision for the users to appreciate and reward their favourite creators using 3D digital tokens. Interestingly, these sessions can also be made in their preferred languages by the creators together with the platform-supported tools to manage these sessions on a large scale. Therefore, creators will be able to monetize their content by promoting several brands and reaching out to their fans and followers.
Last year, Moj collaborated with e-commerce giant Flipkart to enable video and live commerce experiences at scale. Moj had a monthly active user base of around 160 million members which can acquire and engage the e-commerce giant’s customers also. Therefore, it is expected that this platform will witness significant adoption amongst the creators over the next few quarters seeing top-line growth in this business vertical. Other players are facing cut-throat competition from the new entrants and are adopting different strategies to attract customers.
According to PayNXT360 estimates, the gross merchandise value of live or video commerce through short video platforms is expected to reach between US$5.7-6.6 billion by 2026 and therefore, more players are entering the space in India, vying for the lucrative market opportunity. On average, an Indian user consumes around 38 minutes of short-form content each day. Therefore, PayNXT360 expects, with the consumers’ higher propensity to view short-form videos, more players will launch live commerce on their platforms, witnessing phenomenal growth over the next few quarters
To know more and gain a deeper understanding of the social commerce market in India, click here.
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