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LinkedIn Announces New Formats for Live Events

With the pandemic still disrupting live events, and forcing businesses and industry groups to seek alternative means of networking and community connection, LinkedIn has seen a big rise in live events hosted on its platform, with the creation Live Events in the app increasing by 150%, year-over-year. Which makes sense – LinkedIn is, after all, the professional social network, and where business leaders are increasingly looking to establish professional connections. And now, as it looks to maximize its potential on this front, LinkedIn is adding some new elements to its live events tools, which will provide more capacity for connection and interaction within the LinkedIn environment. First of all LinkedIn is launching an initial test of its own, Clubhouse-like audio events platform, which will enable users to tune into live discussions in the app, and participate by raising their virtual hand to join as a speaker, or posting likes in response to the chat.

WhatsApp Rival Signal Rolls Out Payments Via Cryptocurrency

Secure encrypted messaging app Signal also has a payment feature, just like its rival WhatsApp. Now, while WhatsApp’s payment feature works via UPI, the feature on Signal supports transactions through MobileCoin cryptocurrency. According to the app’s support page, MobileCoin is a cryptocurrency designed to be used as digital cash. The payments feature for Signal is available for users who use the app version 5.27.8 or later on Android and version 5.26.3 or later on iOS devices. Signal claims that the app cannot see any information about the transactions and all details about the transactions including the details of the sender, receiver, amount transferred, and messages. Now, the payments on Signal will require users to have their Signal PIN enabled to access the feature. Signal says that all fee is determined by MobileCoin, not Signal and a Coin Cleanup Fee is charged when the coins in a user’s possession cannot be combined to complete a transaction.

Gen Z, millennials more likely to shop from D2C brands

Gen Z and millennial shoppers are now more likely to order products directly from the brands, reveals a recent report. More than two-thirds (68 per cent) of Gen Z and over half (58 per cent) of the millennials have ordered products directly from the brands over the past six months, compared to 41 percent on average across all age groups. Only 37 percent of Gen X and 21 percent of boomer shoppers have ordered directly from a brand over the last six months. For those who have bought directly from the brands, almost two thirds (60 percent) cite a better buying experience as a reason for purchasing directly, and 59 per cent cite access to brand loyalty programs. This is according to a new Capgemini Research Institute report, titled What Matters to Today’s Consumer, which reveals the far-reaching impact of the COVID pandemic on consumer behavior and preferences.

Indian TikTok clones on a roll, attract 240 mn users

Homegrown short-form video platforms, which were hurriedly launched to fill the vacuum after the popular Chinese app, Tik Tok, was banned in India in 2020, have now become a force to reckon with, collectively attracting over 240 million active monthly users. Clearly, TikTok’s loss has been the home-grown startups’ gain. At its peak, TikTok had over 170- 200 million active monthly users in the country. It also had over 20 million active content creators who uploaded at least one video every month. The Indian short-form video players have built up their own user base of content creators, with Taka Tak attracting 9-12 million users and Moj boasting of as many as 10-15 million. Those who have joined the short-video-form party in India include ShareChat, which has so far raised $1.2 billion and also launched Moj; MX Player, which has launched MX Taka Tak; Glance, (funded by InMobi and Google), which has acquired Roposo; and Dailyhunt, which has raised $989 million and launched Josh. There are also the big global players such as Google Shorts and Facebook’s Reel, a platform where Indian users make 6 million videos a day.

Web3: A blockchain-based next era of internet

The promise of Web3, which empowers creators and reduces their dependence on large social media platforms, may become a reality in 2022, experts said. Indian content creators are set to embrace tools on Web3, which refers to a decentralized internet based on blockchain, as they race to develop their own brands and find alternative ways of making money. Use cases emerging from and on Web3 such as non-fungible tokens (NFTs) and digital avatars will be big themes in 2022, multiple online influencers and agencies representing creators. This will be especially so since top influencers will look to monetize their fan base more directly and build their brands. The complete realization of platforms on the internet may seem like a distant reality, but there will be a marked increase in the number of social tokens — creator-issued tokens that give fans a stake in their work — as well as NFTs in circulation, which will further attract a new generation of creators, said Mohammad Hasan, cofounder of TagMango, which is backed by Silicon Valley-based startup accelerator Y Combinator. TagMango is an audience monetization platform that seeks to reduce a creator’s dependence on platforms such as Facebook and Instagram for revenue generation. By buying into a creator’s NFTs or social tokens, fans would be invested in the creator’s future. “Web3 adds dimensions to how content creators can create monetary value through their content and community. Also, for the first time, the user can find monetary value in interactions with their associated creator,” Hasan said.

India’s FinTech market size at $31 billion in 2021, third largest in world

The Indian FinTech market currently stands as the third largest FinTech ecosystem in the world behind the US and China. However, India still remains an untapped market due to lower penetration of financial services. These untapped opportunities, along with a favorable ecosystem, create large growth potential for FinTechs in India. The overall size of the Indian financial sector in 2021 is estimated $500 billion of which the Fintech market comprises $31 billion according to a report.  In the next five years is expected to have a compounded annual growth rate of 22% and it currently stands as the third largest ecosystem in the world after US & China.

Social commerce industry is expected to grow three times as fast as traditional e-commerce

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. 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. 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. 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. Nearly eight out of ten social media users in India use social commerce to make purchases. Despite being a mature market, almost half of consumers in India are making more impulse purchases than planned purchases. 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.

The Good Creator Co – largest creator platform

Influencer management platforms Plixxo, MissMalini, Winkl and Vidooly have come together to form Good Creator Co, “India’s largest creator ecosystem”. Good Creator offers full stack influencer marketing and services solutions to India’s leading consumer brands and media agencies. Good Creator offers full stack influencer marketing and services solutions to India’s leading consumer brands and media agencies. The Good Creator Co (GCC) is co-founded by Malini Agarwal, Nowshad Rizwanullah and Mike Melli (from MissMalini Entertainment), Rahul Singh and Nikhil Kumar (from Winkl) and Subrat Kar, Nishant Radia and Ajay Mishra (from Vidooly). “As the Good Glamm Group, we have always believed that content and creators coming together with commerce is the future for direct-to-consumer brands. With this in mind we partnered with the best creator companies and welcomed MissMalini, Winkl, Vidooly and Plixxo to the Good Glamm family,” said Priyanka Gill, co-founder, Good Glamm Group and Founder and CEO, Plixxo.

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