Hansa Cequity released India’s first Omni-Channel Shopper study to understand customer behaviour and how India shops. The survey received 1,368 responses from 86 Indian cities and towns.
The report, launched in association with the Retailers Association of India (RAI) during the ‘Cequity Conclave: Data Driven CMO’, revealed that with increased choices, higher disposable incomes and exposure to global shopping formats, the Indian shopper is changing. The findings highlight in detail why data will drive the decisions of the future CMOs.
According to the study, 74% respondents’ exhibit omni-channel behaviour (they have shopped in all formats -local retailer, large department and online). The research further reveals that around 40% of the urban Indian shoppers’ shop regularly using modern trade, the numbers have more than doubled as compared to 2012.
The study also revealed that the level of penetration of omni-channel behaviour in the next multi-billion Rupee markets – small towns – is sluggish. However, optimistic signals with some retailers already taking measures to address this latent need of shoppers both by trying to extend the omni-channel experience and by increasing service levels was also observed.
Commenting on the report Ajay Kelkar, Co-founder and COO, Hansa Cequity said, “The Indian shopper has changed. She is as comfortable haggling with the local vegetable seller as much as she is tapping open apps on her smartphone to scour ecommerce stores for the best deals. As consumers embrace new technologies, the shopping experience has become increasingly sophisticated, enabling new ways for leading retailers to reach their audience. By integrating and aligning channels – stores, e-stores, mobile apps and social media – omni-channel retailing provides a flexible and seamless shopping experience to customers.”
“With multi-channel shopping interfaces: physical stores, malls, e-commerce platforms, social-enabled shopping experiences, and smartphone app based services consumers have so many ways to discover and buy the things they want to. Our first omni-channel retail study has been aimed at understanding the customer behaviour and tries to capture in the way Indians shop,” said S Swaminathan, Co-founder and CEO, Hansa Cequity.
Kumar Rajagopalan, Chief Executive Officer, Retailers Association of India added, “RAI is the unified voice of retailers in India and works towards continuous updating of modern retail trade practices in the country. We recognise that today's customers have multiple channel options to buy and this report reemphasised the need for retailers to adopt an omni-channel approach to interacting with consumers. A nation of shopkeepers, India has been on the high-growth trajectory, and retail in India has seen generational shifts as it modernises and shifts gears. We are glad to be associated with the first research report on the omni-channel retail in India.”
The retail sector in India accounts for 10% of the country’s GDP and supports over 8% employment. A recent study by Retailers Association of India estimates that by 2020, the Indian retail market is expected to nearly double to $1 trillion at an estimated CAGR of 12% driven by growth in disposable incomes, favourable demographics, urbanisation, technology and behavioural shifts.
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