Retail sector in India is evolving and so are the consumer expectations. Recent research studies reveal that consumer behavior in retail market is not ordinary or predictable as earlier times. Indian shopper has a particularly high desire for inspiration when compared to US, UK, or Chinese shoppers.
Recently Fitch conducted a study on shopping trends of consumers in seven different markets, China, India, Brazil, Russia, UK, USA, and UAE. 7250 shoppers participated in the survey and shared their shopping experiences. The study came out with the conclusion that Indian shoppers look for motivation and inspiration when they shop around. The survey showed that around 69% of Indians want to get inspired during shopping where as the percentage is 49% in UK and 51% in America.
Indian customers are more likely to draw emotional connections with a brand. When interviewed (by Fitch), 84% of the Indian women, with in the age group of 16-24 years, expressed their concerns with the lack of inspiration they get while shopping.
Study also disclosed the channels through which consumers like to shop more, which is mentioned here.
- In Store — 54%
- On Web – 30%
- Mobile Applications—13%
- Social Media – 7%
India’s enthusiasm for shopping is not exclusive to fashion, but also for other categories, as well. They are not much interested in shopping of traditional commodities like grocery, paints, etc. In case of grocery shopping, only 6% of the Indians expressed their concern. In contrast to this, 21% of US citizens and 27% of British expressed their interest in grocery shopping.
Indian retailers must be proactive to the dynamic behavior of Indian shopper and shape their marketing strategies accordingly. Today shoppers are showing an increased interest in shopping in physical stores. In future, this can be replaced by internet, social media and mobile phone apps, since they are more convenient alternatives when compared to the physical stores.
