Deloitte report: Pandemic has affected consumer spending in India
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09 December 2021, Mumbai:
Consumers, as well as consumer goods companies in India, are taking the multi-channel approach after the pandemic changed customer habits causing a shift in the offerings by retailers, says a study by consulting firm Deloitte.
The way forward for retail will be a blend of brick-and-mortar stores with online selling platforms, with both likely to continue to grow in markets like India. Brands and retailers are recognising the transition and their strategies are being re-oriented to reflect this change. The pandemic has brought about permanent shifts in consumer behavior.
Although once lockdowns were lifted, shoppers returned to stores, yet they are far more demanding when it comes to accessing products of their choice. This means they are willing to shift to different platforms and shop across channels.
As a result, retailers, especially offline, have had to adapt to the new normal, developing alternative ways to engage with and reach their end customers, building new business models — including direct-to-consumer reach, enhancing their online presence quickly while still preserving their offline stores and footprint.
India’s overall retail sector has grown threefold in the past decade. As of now, it employs eight percent of the total workforce. By 2030, it is expected to create 25 million new jobs.
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