“Store retailers who were already suffering from the advent of online shopping have been under additional stress due to the outbreak of the coronavirus pandemic.”
The deadly disease has created fear amongst people. Customers who were once eager to go out are skeptical to step out for non-essential things today. This change in behavior of people might lead to changing preferences. According to a survey conducted by Capgemini, Indian customers might want to shift to online buying in the next 9 months.
The survey was conducted in the initial weeks of April and saw some drastic results. According to the report, 46% of people now choose to shop through physical channels as compared to the previous 59%. 72 percent of Indian consumers will prefer purchasing from retailers which will offer delivery assurance as well as the assurance of compensation for future cancellations in the next 6-9 months.
The majority of the customers voted for online shopping as it would be more convenient and safe post lockdown. More than half the respondents say they would now want to consider the safer mode of buying products. They also want to restrict their purchases to grocery and medical supplies. The economic impact of the pandemic has left people to pivot their spending patterns.
Online retailing has witnessed a huge surge since its advent. The convenience-driven attitude of the millennials has proved to be a great boon for online retailers for years. But, as the widespread of the pandemic locks everyone in their homes, even the older generation is reconsidering their choices. For them, online is not just about convenience but flexibility as well. As the market reopens, customers would initially be hesitant to go out, fearing that they would catch the disease. This is where online retailing comes into play. The online retailers would benefit from this fear of Indian customers for the next 9-12 months.
This change in consumer behavior has shaken many offline retailers. Even big brands and retail names are expanding their online reach and trying to be active during the lockdown period. As the experts predict that the retail industry will take at least 6-12 months to bounce back, even the report suggests so. 75% of Indian consumers are highly optimistic, about recovery in the next 6 months, compared to 48% of consumers worldwide.