97% Indian Shoppers Drive Retailers To Invest In Digital Tech
Convenience is fundamental to Indian shoppers, reports recent research from Oracle. Results from Oracle’s 2015 consumer research report Retail Without Limits – A Modern Commercial Society: Indian Responses reveals that as technology becomes more pervasive, shoppers increasingly require retailers to invest in delivering converged commerce experiences that connect digital and store channels.
Findings, based on responses from 500 Indian participants, reveal shoppers want transparency and convenience within their shopping experience, from research and purchasing, to fulfilment and returns. In response, Indian consumers are willing to share personal information and are keen for retailers to use technology to improve engagement strategies and service levels. As eager and advanced users of mobile, social and other online technology, Indian shoppers are easily frustrated by disjointed commerce experiences and lack of information. Their loyalty is influenced by convenience in relation to product availability and fulfilment.
The Indian results reveal that convenience, driven by technology, has become today’s ‘invisible hand’, driving a borderless and limitless retail market. Retailers are challenged to capitalize on these findings and make associated changes by following three simple principles: learn, adapt and execute.
“Indian shoppers are challenging retailers to invest in technology that enables convenient and converged retail experiences,” said Jill Puleri, senior vice president and general manager, Oracle Retail. “Giving consumers the product they want, when and how they want to purchase it will ultimately inspire loyalty and increase spending in this highly competitive market.”
The research reveals the following:
Indian consumers say convergence of commerce is critical: 97 percent of respondents want retailers to invest in technology, and 67 percent stated that converged commerce is key to enhancing their shopping experiences. 84 percent say their use of technology to shop has increased over the last year, most notably with mobile (86 percent) and social media (65 percent).
Indian consumers want to share information but still face a privacy conflict: All respondents understand the benefits of sharing personal information with retailers and 52 percent are happy for retailers to track their movements in-store or online, but 47 percent have concerns with retailers doing so. 62 percent want retailers to communicate with them via social media channels.
Indian consumers want transparency: 84 percent of respondents say visibility to product to enable them to purchase anytime, anywhere adds most value to their shopping experiences, while 67 percent of respondents value a connected cross-channel experience that ties channels with service and fulfilment.
Indian consumers are drawn to the global market: 64 percent of respondents have purchased goods from offshore international retailers, but most consumers say that quality, price, availability, choice and convenience is more important than location of the retailer.
Indian consumers say convenience influences loyalty: 66 percent of respondents say the convenience of getting the right product at the right time and place every time influences their loyalty.
Indian consumers prefer online but still value the store: 42 percent prefer buying online and but still use the store as regularly as online. 65 percent are inclined to make a purchase if a store assistant uses mobile technology and 43 percent are encouraged to spend more if an assistant engages them in-store.
- Indians Lack Awareness Of Malicious Cryptomining: Study
- CXOs Struggling To Turn Digital Strategies into Performance
- Home Is Where IoT Is: Life In A Smart House
- For Most Firms, Digital Workplace Is Still Distant Dream : Gartner
- The Digital Messiah: Inside Accenture's Innovation Hub
- Do Indian Techies Stand Exposed To The Current Tech Evolution?
- E-Waste Management Can Redefine Urban Mining
- Edge Computing Drives Internet Of Thing's Growth: Study
- Indus OS To Become Default Platform For Internet Content: CTO
- Embrace And Adapt, The New Mantra For Digital Enterprises