New Delhi, December 23 (IANS). There are 20 to 25 lakh digital creators (people who create online content) in India, who help more than 30 percent of consumers decide what to buy.
According to a Boston Consulting Group (BCG) report released on Tuesday, this fast-growing creator economy is already impacting an estimated $350-400 billion (about Rs 31.15-35.6 lakh crore) of annual spending and is expected to impact more than $1 trillion (about Rs 89 lakh crore) by 2030.
While the role of creators used to be limited to influencer campaigns (like promoting on social media), they have now become a core part of how people buy products. These creators promote various products like fashion, beauty, electronics and everyday items.
The report said that 60 percent of people regularly watch videos and posts from creators. 30 percent of these people believe that their purchasing decisions are based on the advice of the creator. This means that now people are buying things not by watching advertisements in the old way, but on the advice of creators.
“The creator economy in India has taken a new turn. Now these influencers are not limited to just social media, but 20-25 lakh creators influence 30 per cent of purchasing decisions and are influencing annual spend of $350-400 billion,” said Parul Bajaj, India leader of BCZ’s marketing, sales and pricing practice.
Parul Bajaj said that only those companies that see creators as their long-term partners and work closely with them will be able to take advantage of India’s digital growth in the next decade.
The report also says that companies should now partner with creators for a long time instead of just doing one-time promotions. With this, more people will know about their product and purchases will increase.
–IANS
DBP/ABS
