Latest Consumer Behaviour Trends in India

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Introduction

Consumer behaviour in India has undergone significant changes over the past decade, driven by a rapidly evolving digital landscape, changing social and cultural norms and the impact of COVID-19. As consumers continue to adapt to new norms and behaviours, businesses need to stay abreast of the latest trends to stay competitive and meet consumer needs.

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Flipkart, one of India's leading e-commerce platforms, launched the 'Big Billion Day' sale in 2014, aiming at boosting sales and capturing a larger share of the Indian e-commerce market. The sale offered steep discounts on a wide range of products, including electronics, clothing, and household items.

The sale was a massive success with Flipkart selling products worth over $100 million in just 10 hours. The sale helped Flipkart increase its market share and build brand loyalty among Indian consumers, who are increasingly looking for convenience and affordability in their shopping experience. The success of the 'Big Billion Day' sale also led to other e-commerce platforms launching similar sales, creating a new trend in the Indian e-commerce market.

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Analysing consumer behaviour trends is crucial for businesses to understand the needs, preferences, and behaviours of their target audience. Here are some reasons why analysing consumer behaviour trends is important:

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Helps businesses make informed decisions

By analysing consumer behaviour trends, businesses can make data-driven decisions about their products, services, and marketing strategies. This helps them understand what their customers want and tailor their offerings accordingly.

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Helps businesses stay ahead of the competition

Consumer behaviour trends can also help businesses stay ahead of their competition by identifying emerging trends and preferences. This can help businesses create innovative products and services that meet the evolving needs of their customers.

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Helps businesses optimize marketing efforts

Analysing consumer behaviour trends can also help businesses optimize their marketing efforts by understanding the channels and messages that resonate with their target audience. This can help businesses create targeted and personalized marketing campaigns that drive engagement and sales.

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Helps businesses improve customer experience

By analysing consumer behaviour trends, businesses can also identify pain points in their customer experience and take steps to improve it. This can help businesses build customer loyalty and drive repeat business.

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Helps businesses forecast demand

By analysing consumer behaviour trends, businesses can forecast demand for their products and services. This can help businesses optimize their inventory levels, manage supply chain logistics, and avoid stock outs and overstocks.

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Now that we know the importance of analysing consumer behaviour trends, here are the top latest consumer behaviour trends in India:

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E-commerce adoption continues to rise

E-commerce adoption in India has been growing at a rapid pace, and the COVID-19 pandemic has accelerated this trend. Consumers are increasingly opting for online shopping, driven by convenience, safety, and a wide range of product offerings. As per researches, the Indian e-commerce market is expected to reach $200 billion by 2026.

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Digital payments are on the rise

The government's push towards a cashless economy and the pandemic-induced shift towards online shopping has led to a surge in digital payments. The introduction of UPI (Unified Payments Interface) has made it easier for consumers to make online transactions, and the widespread adoption of mobile wallets has further boosted the use of digital payments. As per researches, the Indian digital payments market is expected to grow by 27% by the end of 2023.

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Health and wellness take center stage

The pandemic has heightened consumers' awareness of health and wellness, leading to an increased demand for health and wellness products and services. Consumers are now more focused on building immunity, maintaining a healthy lifestyle, and preventing diseases. This has led to a surge in demand for products such as vitamins, health supplements, and organic foods.

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Sustainability becomes a key consideration

Consumers in India are becoming more environmentally conscious and are increasingly looking for sustainable products and services. This trend is particularly evident among millennials and Gen Z, who are more likely to support environmentally responsible brands. Businesses that prioritize sustainability and social responsibility are likely to gain a competitive edge and win the loyalty of environmentally conscious consumers.

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Localization of products and services

Consumers in India have diverse cultural and linguistic backgrounds, and businesses that cater to local tastes and preferences are more likely to succeed. Localization of products and services has become increasingly important, particularly in the food and beverage industry, where regional cuisines and flavours are popular. Companies that are able to adapt their products and services to local markets are likely to see higher levels of customer engagement and loyalty.

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Influencer marketing gains traction

Influencer marketing has become a popular way for brands to reach out to consumers in India. With the rise of social media platforms such as Instagram and TikTok, influencers have become powerful voices in shaping consumer behaviour. Brands are increasingly partnering with influencers to promote their products and services, particularly in sectors such as fashion, beauty, and lifestyle. Influencer marketing has proven to be an effective way to reach out to younger audiences and build brand awareness.

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Personalization of products and services

Consumers in India are increasingly looking for personalized products and services that cater to their individual needs and preferences. This trend is particularly evident in the beauty and wellness industry, where consumers are looking for customized products based on their skin type and concerns. Personalization can also help businesses build customer loyalty by offering a unique and personalized experience.

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Conclusion

Analysing consumer behaviour trends is essential for businesses to understand their target audience and create products, services, and marketing strategies that meet their needs and preferences. This can help businesses drive engagement, loyalty, and revenue growth.

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Are you well informed about your customers’ needs and preferences?

What Consumer behaviour trends have you noticed in recent times?

How are you coping up with these Consumer behaviour trends?

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Cheers,

Jagmohan Rishi Singh