75% of Indian consumers have changed their buying behaviour post-pandemic. A majority of consumers across demographics and geographies are reimagining their values and basing purchasing decisions on factors beyond price and quality, post the pandemic. 71% of those surveyed in India are coming out of the pandemic have reimagined their behaviours and values as consumers. They have re-evaluated what is important to them in life and are increasingly focused on their personal purpose. This is having a direct impact on what, how and why they buy, according to Accenture’s 16th annual research report. An additional 22% consumers in India seem to have evolving values and purchasing mindsets while the unprecedented experience of the pandemic has had no impact on the buyer values of only 7% respondents. Driving innovation and growth in a post-pandemic economy will require the C-Suite to structure the entire organization around experience and ensure all aspects of operations including marketing, sales, innovation, R&D and customer service and understand new consumer motivations. Experts say, it is extremely important to become a listening organization and invest continuously in data and analytics to understand changing consumer preferences.
Secondly, there is a substantial spike in eCommerce during this phase. E-commerce has transformed the way business is done in India. The Indian E-commerce market is expected to grow to US$111.40 billion by 2025 from US$46.2 billion as of 2020. By 2030, it is expected to reach US$350 billion. By 2021, total e-commerce sales are expected to reach US$ 67-84 billion from the US$52.57 billion recorded in 2020, a significant 30 percent jump from the sales in 2019 that registered a total value of $40.44 billion. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. As of July 2021, the number of internet connections in India significantly increased to 784.59 million, driven by the.
75% of Indian consumers have changed their buying behaviour post-pandemic. A majority of consumers across demographics and geographies are reimagining their values and basing purchasing decisions on factors beyond price and quality, post the pandemic. 71% of those surveyed in India are coming out of the pandemic have reimagined their behaviours and values as consumers. They have re-evaluated what is important to them in life and are increasingly focused on their personal purpose. This is having a direct impact on what, how and why they buy, according to Accenture’s 16th annual research report. An additional 22% consumers in India seem to have evolving values and purchasing mindsets while the unprecedented experience of the pandemic has had no impact on the buyer values of only 7% respondents. Driving innovation and growth in a post-pandemic economy will require the C-Suite to structure the entire organization around experience and ensure all aspects of operations including marketing, sales, innovation, R&D and customer service and understand new consumer motivations. Experts say, it is extremely important to become a listening organization and invest continuously in data and analytics to understand changing consumer preferences.
Secondly, there is a substantial spike in eCommerce during this phase. E-commerce has transformed the way business is done in India. The Indian E-commerce market is expected to grow to US$111.40 billion by 2025 from US$46.2 billion as of 2020. By 2030, it is expected to reach US$350 billion. By 2021, total e-commerce sales are expected to reach US$ 67-84 billion from the US$52.57 billion recorded in 2020, a significant 30 percent jump from the sales in 2019 that registered a total value of $40.44 billion. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. As of July 2021, the number of internet connections in India significantly increased to 784.59 million, driven by the
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Research in consumer behaviour predicts 120 million Indian online shoppers in 2018
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#Digitization #startups #ITMinister
Rapid Digitization shifting consumer behaviour
The sharp rise in the valuation of the companies and elevation of the start-ups to touch the so-called Unicorn status, all credit goes to the pandemic, which brings a huge shift to the digital medium. Rapid adoption of digital customer experiences and migration to online sales have resulted in a rapid shift in consumer behaviour that otherwise would have taken years to occur. And it’s clear this shift is not temporary. Reports from eCommerce media indicate that eCommerce sales should reach $908.73 billion in 2021, an increase of nearly 14% from last year, when retail sales alone grew by 33%. In fact, COVID-19 wasn’t just a catalyst for eCommerce acceleration: it represents a pivotal moment in history that has resulted in a massive, permanent shift in consumer behaviour toward self-serve, omnichannel experiences.
With this shifting of the behaviours may lead to impact on the retail industry. As we saw that even with the re-opening of many brick-and-mortar locations, the pandemic has forever altered the retail landscape. Shifting shopping behavior trends mean people often actively avoid visiting stores to buy products, especially essentials and commodities. The benefits of eCommerce growth, from saving time to comparing prices, have become not only a preference, but a requirement for consumers, as in-person store visits steadily decrease. Driven by advanced data practices, personalization and 1:1 marketing deliver on the customer’s expectation that retailers will not only know who they are, but predict their needs and guide them to the right products and services. Finally, this explosion in digital transformation means greater risks in terms of consumer safety and security. Retailers, even small ones, must assess security risks on an ongoing basis, including the need for data protection.
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Technology video | 106 views
Consumer confidence has dipped to a new low as the second wave of Covid-19 pandemic continues to take a toll on lives and businesses across the country, a new survey by the Reserve Bank of India (RBI) shows. The current perception compared with one-year ago fell to a record 48.5 in May from 53.1 in March, shows the survey where 100 is the level that divides pessimism from optimism.
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'Indian consumer confidence hits record low in May 2021 amid COVID second wave': RBI survey
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शिमला। सीएम जयराम ठाकुर ने आज यहां हिमाचल प्रदेश पुलिस आर्केस्ट्रा हार्मनी ऑफ द पाइन्स द्वारा बनाया गया आधिकारिक वीडियो कोविड मंत्र जारी किया। सीएम ने प्रदेश पुलिस के प्रयासों की सराहना करते हुए कहा कि यह म्यूजिकल वीडियो कोविड-19 मरीजों को शीघ्र स्वस्थ होने में सहायक सिद्ध होगा और प्रदेशवासियों को कोविड-19 उपयुक्त व्यवहार अपनाने के लिए प्रेरित करेगा। डीजीपी संजय कुंडू ने सीएम को अवगत करवाया कि प्रदेश पुलिस विभाग द्वारा स्वयं निर्मित इस वीडियो को लोगों को कोविड उपयुक्त व्यवहार के बारे में जागरूक करने के लिए बनाया गया है।
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Shimla (Himachal Pradesh) : CM Jai Ram Thakur released the official video COVID Mantra made by Himachal Pradesh Police Orchestra Harmony of the Pines here today. Appreciating the efforts of the State Police, the CM said that this musical video would prove helpful in speedy recovery of COVID-19 patients and would motivate the people of the state to adopt appropriate COVID-19 behaviour. DGP Sanjay Kundu said CM apprised this self-produced video by the State Police Department has been made to make people aware about the appropriate behavior of Covid. Himachal Pradesh Legislative Assembly Speaker Vipin Singh Parmar, Additional Director General of Police Ashok Tiwari, IG Training JP Singh, IG Administration DK Yadav, AIG Dr Monika and other senior police officers were also present on the occasion.
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India has become technology giver from technology consumer
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