Economic uncertainty and rising costs are creating savvy shoppers in India, who are eager to get the best value for their money without sacrificing the items they love, as per the recent study by Criteo.
Criteo, the commerce media company, has released “The Rise of Savvy Shoppers Study”, which was conducted with over 1,400 consumers in India, to see how inflation has impacted their shopping behaviour and preference.
The five major inflation trends for advertisers in India to consider, as per the study, are:
The study highlights that 81% of shoppers in India are spending more time online searching for the best offers and values before making a purchase compared to 71% of global shoppers. Also, 80% of Indian shoppers are finding products that are priced better online than in physical stores compared to 65% shoppers globally. According to the study, 77% of Indian shoppers said they are shopping more online now, compared to 57% of global shoppers.
Shoppers prioritise cost savings while also seeking out products of high quality. In fact, product quality is the most important factor for consumers, outpacing free shipping and discounts/coupons.
The study shows that 95% of Indian consumers consider product quality when making a purchase, 90% take free shipping into consideration, and 89% look for available discounts and coupons. Shoppers are looking for the best of both worlds - great products that are made to last and deals that don't compromise quality.
According to the findings, 51% of consumers buy gifts for future holidays or birthdays in advance because of price increase, compared to 40% of global consumers following the same trend. 59% of Indian consumers have cancelled or postponed plans to buy items due to price hikes.
74% buy essential items in bulk to get more value for their money. Additionally, 61% are purchasing high-value items like appliances and furniture sooner to beat potential price increases.
Taranjeet Singh, Managing Director, South APAC, Criteo, commented, “The recent inflation has affected the budget of many shoppers. This has given rise to smart shoppers who knows how to save their budget by utilising both online and offline channels and finding the best deals and offers. The study especially suggests the key role of online, as many shoppers spend time doing a thorough research before purchasing a product. It is important for marketers to build a strategy that covers every shoppable moment - all touchpoints throughout the customer journey need to provide a seamless and rich shopping experience to customers.”
A summary of the full report can be accessed by clicking here.