Digital will be the main disruptor in the retail space as it enables firms to explore news models to stay relevant and ahead of the curve. It is also changing the way consumers research and buy products
NEW DELHI: A year of covid-19 induced restrictions is bound to reset consumer experiences as they move forward seeking more convenience, greater need for digital touch-points along with improved shopping experiences, according to a report by consulting firm Deloitte
Convenience continues to be an important factor impacting a shopper's journey, according to Deloitte’s Global State of Consumer Tracker, with 73% respondents ready to spend more on convenience. This, it said, will drive online sales.
The need for convenience will also lead to an expansion of convenience store formats along with heightened expectations around delivery timelines. For companies this in turn will lead to increased supply chain complexity, the report said.
The coronavirus pandemic led to greater adoption of e-commerce. This, according to Deloitte, has created a bigger need for retailers to be digitally present through the entire purchase journey of consumers.
Digital will be the main disruptor in the retail space as it enables firms to explore news models to stay relevant and ahead of the curve. It is also changing the way consumers research and buy products. Now they browse products, understand their features, research on different websites, compare prices, and purchase through mobile phones, computers, and other devices anytime, it 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," said Rajat Wahi, Partner, Deloitte Touche Tohmatsu Limited.
Deloitte also pointed to consumers seeking more elevated retail experiences going forward. This includes using better technology for product discovery, virtual trials at stores, personalised events etc.
“In today’s ultra-competitive market, consumers look forward to an enhanced shopping experience where they are immersed into a completely new dimension and get to know about new products and features, engage with technology and devices, experience delectable global cuisines, get absorbed into virtual entertainment, special events, and product launches, etc," according to the report.
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