The report elaborates on the omnichannel preparedness, execution and outcomes of over 100 companies in India
‘India Phygital Index 2023’ report by omnichannel retail platform Fynd and Strategy&, a global strategy consulting firm and a part of PwC network powered by IMAGES Group, elaborates on the omnichannel preparedness, execution and outcomes of over 100 companies in India.
The report lists the reasons behind the continuous growth of e-commerce penetration in the country which varies across categories and also points out the factors driving the convergence of online and offline shopping.
The report further explains how to succeed in providing a unified and consistent omnichannel experience for consumers with personalised customer engagement, unified pricing and sales events, easy online/offline shopping and returns, and a consistent brand experience across channels.
Key findings of the report are as follows:
- Online retail market is to grow at 22% from 2022 – 2025 driven by food delivery and beauty and personal care sectors and will witness an increase buying in tier 2 and 3 cities.
- 77% percent of internet users are from tier 2 and below cities and 50% of online shoppers are from tier 2 and 3 cities.
- In FY (fiscal year) 2023, 40% brands achieved growth via online channels and 50% brands expected growth via online channels in FY2024.