How content creators are leading the charge to disrupt the face of the retail industry
The global retail and e-commerce industry has seen drastic changes over the past few years. According to the Indian Brand Equity Foundation (IBEF), the Indian e-commerce sector is growing at a rate of 51%, the highest rate in the world, and is expected to peak at $200 billion by 2026. The growth of this rapidly changing industry is driven by healthy economic progress, changing consumer tastes and lifestyles, increasing disposable income, and dynamic demographics. Customers today are well aware of changing industry trends and their highly ambitious and experimental tastes help them adapt quickly to trends. Each change calls for a rapid evolution of the market and the distribution and e-commerce sectors are also propelling themselves towards various means to support consumers.
At a time when brands were going through a tough time retaining their followers, influencers were effortlessly engaging with them on a daily basis. This has led to them being considered in campaigns, where they often become the face/brand ambassadors of top brands. International brands planning to build a market in India are now reaching out to Indian content creators first to reach their target audience in a short period of time.
With over 50 million influencers around the world, the “creator economy” has become one of the main ways to monetize content over the years. After the big jolt of the pandemic-induced lockdown, the creator economy has seen a spike in the growth of content creators, as small and large multinational companies are now incorporating social media into their marketing mix to drive growth.
Content in the form of CTVs, billboards, and brochures has been around for ages with consumers. However, brands are now focusing on new forms of media and no longer relying on conventional and traditional means to increase brand awareness and reach. Audiences have also become aware of the content they consume and are changing their preferences based on their interests on their social media feeds.
The creator economy is booming as audiences are more receptive to relevant, contextual and authentic content, which is in line with current trends. The pandemic has almost changed the way media is consumed and the majority are more inclined towards digital media. Content creators spotted this timely opportunity and started creating niche and personalized content which eventually led to higher engagement rate among the audience, thus influencing their buying habits.
India is a diverse country with a rich culture and heritage, famous for the number of languages and dialects spoken. India has over 800 million internet users, and each of them prefer content in their own language. For a content creator, creativity is not just limited to language or area of interest. Social media provides an opportunity for every individual to post unique content and engage with audiences in a timely manner. Thus, with the rise of affordable smartphones and increasing internet penetration in rural markets, an increase in the engagement of Tier II and Tier III cities has been observed in recent years, as well as an increase in non-bilingual content.
With the creator economy impacting all sectors, it has now become an important aspect of business success. This has definitely changed the face of the retail industry in India and globally as they are not just leveraging a single medium but are available on different platforms to have a better reach. They no longer create content for their passion, but work hard and strive to make it a lucrative career option in today’s age of technology, monetizing their expertise by creating engaging and meaningful content. Today’s creators have the power to influence trends and are regularly updated with the right skills, technology and tools to be above the rest. The future of the retail industry is dynamic and driven by the creative economist as it changes course based on changing social and economic factors.