Study: 80% of Shoppers Discover Better Options through Online Shopping
Everything You Need to Know in Less Than 50 Words
Criteo, a commerce media company, conducted a study called “The Rise of Savvy Shoppers Study” which reveals how economic uncertainty and rising costs are impacting the shopping behavior and preferences of Indian consumers. The study surveyed over 1,400 Indian consumers and found that 81% of shoppers in India are spending more time online searching for the best offers and values before making a purchase compared to 71% of global shoppers. Furthermore, 80% of Indian shoppers are finding products priced better online than in physical stores compared to 65% globally.
Tell Me More
The study shows that Indian consumers prioritize cost savings while also seeking out high-quality products. Product quality is the most important factor for consumers, outpacing free shipping and discounts/coupons. The study highlights that 95% of Indian consumers consider product quality when making a purchase, 90% take free shipping into consideration, and 89% look for available discounts and coupons.
The findings suggest that Indian consumers are becoming more forward-thinking in their purchasing habits due to economic uncertainty and rising costs. To save money, 51% of consumers buy gifts for future holidays or birthdays in advance because of price increases compared to 40% of global consumers. Furthermore, 59% of Indian consumers have cancelled or postponed plans to buy items due to price hikes, while 74% buy essential items in bulk to get more value for their money. Additionally, 61% are purchasing high-value items like appliances and furniture sooner to beat potential price increases.
Taranjeet Singh, managing director, South APAC, Criteo, commented on the study, saying, “The recent inflation has affected the budget of many shoppers. This has given rise to smart shoppers who know how to save their budget by utilizing both online and offline channels and finding the best deals and offers. The study especially suggests the key role of online, as many shoppers spend time doing thorough research before purchasing a product. It is important for marketers to build a strategy that covers every shoppable moment – all touchpoints throughout the customer journey need to provide a seamless and rich shopping experience to customers.”
In conclusion, the study suggests that Indian consumers are becoming more savvy shoppers due to the economic uncertainty and rising costs. They are prioritizing cost savings while also seeking out high-quality products. To save money, they are becoming more forward-thinking in their purchasing habits by buying gifts in advance, purchasing high-value items sooner, and buying essential items in bulk. Furthermore, they are spending more time online searching for the best offers and values before making a purchase, which highlights the importance of providing a seamless and rich shopping experience to customers across all touchpoints throughout the customer journey.
Source: Brand Equity