A study has found that 91% of shoppers in India are ready to share personal data with retailers for a more personalized shopping experience. According to a global MarTech and customer experience company Netcore Cloud study, consumers have two major expectations from the brands- free delivery and support. The study, “Ecommerce Mindscape India 2024”, mentioned that customers are ready to spend a little extra for “relevant recommendations, generous loyalty programs, and more frequent offers/ discounts”. However, around 86% of the shoppers expressed frustration over frequent notifications by brands. The surveyed consumers advocated for a maximum of three weekly interactions, and not more than once on channels like WhatsApp. 46% of the consumers said that brands show them “irrelevant offers and discounts”, and 43% of the consumers said they get irrelevant recommendations.
As per the study, the Indian e-commerce market is projected to reach $350 billion by 2030 from $99 billion as of 2024, propelled by major platforms like Flipkart, Amazon, and Myntra and the growth of Direct-to-Consumer (D2C) brands focusing on specialized and personalized products.
Tier 2 and Tier 3 cities leading in the online shopping surge with 9 out of 10 Indian consumers now making purchases online. While 86% prefer to shop on apps, mobile websites, and desktops. About 18% of shoppers take the ROPO (research online and purchase offline) path, the study mentioned.
As many as 70% of the CEOs are ramping up investments in Generative AI, enhancing data collection, analysis, prediction, security, and content creation capabilities to foster growth and innovation amid rising ecommerce sector. Marketers are prioritizing retention and repeat purchase strategies for sustained, profitable growth amid rising CAC to enhance profitability.
On the growth of India’s e-commerce market, Mahesh Narayanan, Chief Marketing Growth Officer at Netcore Cloud said, “Consumers today seek convenience and distinctive offerings, leading to a highly competitive landscape. With the Indian e-commerce market projected to reach $350 billion by 2030, although marketplaces dominate, D2C brands are making significant inroads with impressive 3X growth. This report is, therefore, essential for marketers as it highlights key strategies to navigate this evolving market and capitalize on emerging opportunities”.
Netcore study was based on more than 2,000 consumers across 10-plus countries.
