In view of the coronavirus pandemic and persistent concerns, the share of Indian consumers preferring online shopping over physical shops may rise to 64 per cent in the next 6-9 months, according to a survey by Capgemini Research Institute.
The report said that prior to the pandemic, around 57 per cent people preferred online shopping and the rate in the current lockdown situation stands at 46 per cent.
Further, in next 6-9 months, consumers in the country would decrease their shopping at physical retail stores and around 46 per cent of Indian will shop at physical retail stores compared to 59 per cent who did before the pandemic.
Around 72 per cent of Indian consumers will prefer to purchase from retailers which will offer delivery assurance as well as assurance of compensation for future cancellations and 74 per cent of Indian consumers will prefer to purchase from retailers offering delivery at flexible timing, it said.
Globally, the survey found that 59 per cent of consumers had high levels of interaction with physical stores before Covid-19, but today less than a quarter see themselves in that high-interaction category. In next 6-9 months, 39 per cent of consumers expect a high level of interaction with physical stores.
The report said that the Covid-19 pandemic has forced the consumer products and retail industry to review its core markets and operating model. The sector has had to reassess consumer preferences and behaviour in an era of great uncertainty and consumer nervousness about the economy and their own future.
“We are seeing a pattern shift in the way we consume and think about consumption, leading to a change in buying behavior. And, many of these behavioral changes may turn out to be permanent. At the same time, supply chains have received a significant shock and we have seen unprecedented demand for – and mass stockouts of – essential items,” said the report.