BackNet savvy Indian consumers more price conscious: study
Net savvy Indian consumers more price conscious: study
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New Delhi: Post the economic downturn, internet savvy Indian shoppers have become more conscious about price than brands, and are spending more time online looking for attractive deals, according to a joint study by Microsoft Advertising and Aegis Media.
The study — Global Retail Index, suggests that after economic slowdown, 38% Indian shoppers have become more conscious about the price than brand.
It, however, did not specify the number of Indians polled for the global study that interviewed 19,000 shoppers, who are also Internet users, across 17 global markets to study in-store and online shopping behaviour.
According to the study, while 39% India shoppers spend more time looking for promotions and deals, 34% spend more time looking at stores to find greater value.
The study was aimed at understanding consumer behaviour in retail sectors such as groceries, apparel, home electronics and fast food.
“Gone are the days when traditional advertising alone was enough to capture the minds of consumers. Online brand building is what companies will have to pay attention in future," Microsoft Advertising, Director Neville Taraporewalla said in a statement.
With nearly 80 crore internet users residing in Asia Pacific alone, Asians outranked their counterparts in the US, with 59 per ce% nt of them using internet during pre-purchase decision process compared to 28% of consumers in the US, the study said.
In India consumers spent considerable time online for back-end research to learn about good deals, promotions, discounts and the best options in the market, it said.
As many as 75% Indian shoppers, who are also Internet users, used online services for price comparisons at local stores. While 66% used online services to locate products nearby, 75% conduct online restaurant searches.
By utilising the latest technology to target consumers during their decision making cycle, brands can now reach an engaged audience when and where it really matters.
According to the study, 50% of Indian shoppers expect to make online purchases, 39% expect to use their mobile phones for research whilst in store and 31% expect to make purchases directly using their mobile phones.
Between 69% and 79% of consumers read information online about specific products online and word of mouth is starting to shift to social networks, with approximately 20 to 30% of purchasers sharing their experiences online, study added.
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