Rapidly Changing Customer Shopping Behaviour and Preferences
3 years, 2 months ago
In general, the normal trend of shopping was to go to regular/specific shops and make all the purchases but with the development of new technologies Indian retail is going through complete business transformation that not only boosting the changes in customer shopping behaviour and preferences but also increasing the customer expectations.
Today's customer needs and expectations are completely different from the normal trend, they don't want just a normal service, they need more efficient, convenient and timely services that can also cater to their specific or unique needs (personalized services).
Customers are fast decision makers and continuously look out for businesses that give better services and if they find one that meets their expectations they are quick in making the purchases. If they don't then they are quick in taking away their business to someone who provides it. This could also mean that they don't shy away to even breaking the normal trend of going to regular/specific shops that they use to make all their purchases sometime back.
The subsequent sections highlight the motivations for rapidly changing customer shopping behaviour and current customer shopping trends.
Motivation for changing shopping preferences and behaviors
If we look back into the history there were hardly few brands in the market, due to globalization today there are millions of brands in the market that increased the competition and created loads of options for customers. Since its a competition world and every business wants to succeed hence each of these businesses have their own branding and marketing strategies that can easily tempt the customers to try out their product atleast once. Its works out better as today's customer love to explore new products.
Below are some of the key motivation factors
- Globalization - New products to markets
- Development in technology space -Social Media,Online Shopping
- Access to Internet and affordable subscription plans and mobile devices
- Literacy
- Economy / Employment
- Urbanization - More people migrating to Cities and development in Tier 2 & Tier 3 cities
- Nuclear Families - Working Couples
- Rise in purchasing power
- Wide range of shopping options
Today's Customer Shopping Behaviors and Preferences
Here are some of the observations on customer shopping behaviors / preferences
- they want to try out new products
- they want to explore about the products and want to have regular updates
- they want information to be easily accessible and available anywhere, anytime
- they want value for their money
- they want efficient services that can help them to make buying decisions faster
- they want competitive prices and quality
- they buy less but more frequently
- efficient, convenience and timely in the service
Overall the conclusion is today's customers expectations, shopping behaviour and preferences are dynamic in nature and they keep evolving based on the developments in the technology and sometimes due to uncertain situations such as recent pandemic.
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