Monday, June 23, 2008

Changing Buying Culture of Online Shoppers!

What does the Indian customer's shopping basket consist of? Durables? Jewelry? Music? Electronics or Grocery? Is he looking out for a one-stop shopping destination? How is he paying for his purchases? Does he wait for promotions and markdowns? Do customers living in different metros have similar likes?

Such questions certainly tend to loom large upon any business which is trying to establish its roots in the online circuit. Getting an answer to each of these, thus becomes imperative if you, as an entrepreneur intend to address the fast-changing needs of today's Indian Consumer.

Multiple income households
Exposure to international lifestyles and media
Easier Financial Credit
Upbeat Economy

These are some factors which have given consumer aspirations and consumption a real high! Now let's see how are these driving this new breed of consumers to dive into the ever-evolving world of the web.

Latest consumer studies reveal that people today buy more clothes than computer hardware on net, demonstrating that customers have reached a new level of comfort buying merchandise over the web.

Internet is increasingly competing with other media as it is now drawing away more and more of consumer's time otherwise taken by other media.

Growing broadband penetration has made access to richer sites, easier and more efficient.

The trend of user-generated content is increasingly taking control over the traditional media. From dwelling in a world where few people rule our thought process, we are now moving towards collective wisdom of the crowds. Thus social networking is one of the fastest growing categories, which is indeed having many interesting implications on the potential (online) consumers as well.

People have discovered the convenience of buying and selling shares, paying bills, booking travel online, even connecting with their friends through video calls to ease their efforts and save time too.

Businesses on net going local, i.e. their strategy to address the unmet needs of their local consumers, have greatly boosted the buying spirit of the small-town shopper as well.

With the Internet spreading its wings by the day, Indian entrepreneurs can highly benefit from establishing their presence online.

For all those who think that luring offline shoppers is tougher, it is time to re-think. Online shoppers are smarter as their knowledge banks are richer and approach more progressive.

His shopping basket consists primarily consists of electronic gadgets, travel booking followed by accessories and apparel.

He is always in search of a one-stop destination which can answer all his buying needs.

Most shoppers (65%) find debit cards more comfortable followed by credit cards (35%).

They make maximum purchases during discounts and combo deal offers.

And customers in every city spell a different story of demand. Mumbai leads in all categories except jewelry which tops the Delhi purchases. Kolkata scores highest on music sales.

1 comment:

Dharma Designs said...

Namaste! Great blog - with lots of great insights and advice! :-)