Retail & Shopping Behaviour In 2021

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Rishabh Mehra, Founder, Digital Mall of Asia What are the prominent shopping behaviour changes evident? Many Indians' shopping habits have changed dramatically since the outbreak of the Covid-19 pandemic. As physical stores were forced to close to prevent the spread of the Coronavirus, the prominence of online shopping became a reality. As a result of the disruption, shopping habits changed so quickly that thousands of offline retail businesses were particularly hard hit, resulting in a massive crisis and job losses. Because most Indians prefer to shop online rather than go outside, the online retail industry is booming now more than ever. Consumers are receiving their deliveries safely at their homes thanks to the Indian e-commerce industry's upward growth trajectory. What has been the impact of changing shopping behaviour on retail sector? New shopping habits have been adopted by approximately 96 percent of consumers, according to a McKinsey report, and approximately 60 percent of consumers are expected to switch to online shopping on holidays and to continue in COVID-19 and beyond. Such massive expansion would not have been possible without the ever-increasing smartphone and internet penetration. A noteworthy fact is that as a result of this massive disruption, numerous retailers found themselves in hot water after being unable to adapt to unexpected customer demands without a proper infrastructure in place. Above all, the COVID-19 disruption managed to drastically alter the retail landscape in India, ushering in a slew of entirely new trends. What are the new trends in the segment? Personal health, hygiene and self-care are receiving more attention which is not just restricted to products but virtual tools such as meditation software or tools and apps geared toward self-care and mental well-being. As work from home continues the demand for such products and services will only increase. The spice of life is variety. People all over the world became part-time chefs as a result of the lack of culinary delights during the lockdown. It was a hobby for many, an indulgence and an experiment for others. This increased demand for gourmet foods and exotic vegetables. Pre-packaged and frozen foods have become a habit. How have brands changed their strategies? Many brands have begun offering their consumers exclusive and customised online experiences. Chatbots and interactive aids make a customer service option cheaper for brands. This makes it easier for customers to contact the brand 24/7. Virtual consultations provide the ultimate convenience to show the functions of a product, share product videos and gain customer confidence. Social commerce, or native shopping experiences on a social media site, provides shoppers with an even more seamless online shopping experience. Instead of going to a third-party website, users can make transactions directly from the social media app or blog. Influencer marketing used to be all about self-portraits, beautifully crafted captions, and highly edited product images. However, by 2020, we have seen a significant change in the way brands and influencers collaborate. Influencer content has gradually shifted to a rawer, authentic look, which is likely to continue into 2021. Platforms for Ecommerce Grocery have seen the greatest demand for such sites in terms of both consumers and seller registrations. Customers have the option of ordering online and having it shipped, or they can self-pickup, which saves time and reduces interaction and time. As customers' appetite for personalization and the presence of omni-channels with interactive experience grows, the industry will need to rapidly embrace technological advances such as Artificial Intelligence, Virtual Reality, and Augmented Reality, which has already begun in Western countries.