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The pandemic gave rise to panic buying. We heard instances where people were rushing to stores to buy toilet papers and groceries. The buy-online-pickup-in-store (BOPIS), contactless payment option, and self-checkout have become the new normal. In Q2 alone, companies experienced a digital growth of 71%, higher than the typical holiday season. Online shoppers in India have witnessed tremendous growth, and reports suggest that it will continue beyond the COVID-19 pandemic. McKinsey’s study reveals that 96% of online shoppers in India have tried a new shopping behavior, and about 60% of them will shop online during the festive season.
With such significant growth in online shopping, retailers need to brainstorm new strategies based on factual data and revamp their efforts.
Retailers saw their inventory levels go down during the heights of the pandemic. To avoid such situations in the future, retailers need to develop robust relationships with multiple partners and deploy technology to monitor the inventory levels — both in the retail store and on the e-commerce portal. Online shoppers in India won’t mind going to competitors’ shops if your store doesn’t have relevant products.
Reports suggest that Indian consumers are readily shifting to online channels for buying essential supplies. The Deloitte global state of the art survey reveals the spending intention for online shoppers in India:
a. 55% for groceries
b. 49% for household
c. 44% for medicines
d. 26% for books
If the pandemic taught one thing to retailers, it was that they needed to scale and leverage supply chains and logistics. Forming excellent relations with vendors, suppliers, and distributors is a must if you want to fulfill the demands of online shoppers in India. If you fail to do so, you will lose a fair share of your customer base.
It’s necessary to update offline and online shoppers in India about your inventory and any plans that you might have. Upload notices to your website and paste circulars on your store door to update people about your plans. A top-notch Customer Relationship Management (CRM) software will help you to update your customers at the earliest.
Thanks to the pandemic, online payments have substantially increased in India. Data reveals that 42% of online shoppers in India have made multiple online payments during the lockdown. You should integrate your website with numerous online payments channels such as:
a. Aadhar Enabled Payment System (AEPS)
b. Mobile wallets like Paytm
d. Internet Banking
e. PoS terminals
People have become mindful of what they touch and come in contact with. Thus, if you don’t give them the option to purchase products with devices that reduce/eliminate human-to-human and human-to-surface contact, you will most probably lose them. It’s high time that you use Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) devices that allow customers to view all product features from remote locations.
Online shoppers in India are increasing rapidly. If you want to compete in the present market scenario, you must start implementing online payment channels. Also, revamp your supply chains, fill your stockpiles, and keep your customers updated about new developments.
At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at firstname.lastname@example.org
Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.