Research in consumer behaviour predicts 120 million Indian online shoppers in 2018

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Research in consumer behaviour predicts 120 million Indian online shoppers in 2018
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    Research in consumer behaviour predicts 120 million Indian online shoppers in 2018
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    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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    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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