Adoption of digital technologies has significantly accelerated to compensate for store closures and the consequent reduction in customer engagement (due to lack of touchpoints) in the current times.
Amidst the massive disruption, the discerning Indian consumer has been seen to rather lead the narrative actively seeking information, comparing products available in the market, and taking informed decisions.
Speaking at the report launch, Rajat Wahi, Partner, Deloitte Touche Tohmatsu Limited(DTTILP), said, “The pandemic continues to transform consumer buying behaviour, making consumers more digitally inclined and demanding at one end, whilst becoming more health and socially conscious on the other.
Adding to this trend is the evolving technology-enabled lifestyle, better access to data, and the work from home and learn from home culture that often may lead to consumption uptick. Convenience continues to be an important factor impacting the shopper journey, and as per Deloitte’s Global State of Consumer Tracker, 73 percent consumers are ready to spend more on convenience, which is further driving online sales.
A new dimension in the world of retail known as retailtainment is also emerging, where shopper/consumer experience (CX) has become a key factor for consumers to differentiate between retailers – this implies that retailers and brands need to mine the consumer and shopper data better so as to provide best-in-class CX to their online and offline shoppers”.
Commenting on the report launch, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “One of the key behavioural changes driven by the pandemic has been the fast-track adoption of digital, both by consumers and retailers. This report focuses on the technology-driven future of retail and brings to life select inspirations from best-in-class peers. As the customer journey of the average Indian consumer evolves over the next few years, the tenets of Knowing your customers come to the forefront of business decisions”.
The reports lays a structured framework to thrive in the new normal including a deeper understanding of the market segments, understanding nuances of the consumers they target and adopting a Omnichannel strategy mapped to each consumer profile.
KNOW Your Consumer – What You See is What You Get (Excerpts from the Report) Winning with Consumers
Winning consumers’ loyalty in the digital and dynamic business age is a big challenge. Modern retailers need to make concerted efforts and investment in terms of time and effort to attract and retain modern consumers who are conscious, demanding, and picky. Consumers take interest in ethical practices of companies they buy from and do not base their decisions solely on one factor, i.e., price. In addition to logic, they give equal importance to emotions, brand image, product origin, environmental and social impact, and companies’ core values.
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