The invention of internet has created a paradigm shift in the traditional way of shopping. The behavior of Buyers is changing rapidly and thus leading to a change in how brands are trying to capture the target market across all verticals to adjust and conform to the interactive world. In the current scenario nearly all the consumers have shifted their regular activities to digital in some way — from listening to music, to shopping, to booking restaurant, ticket reservations and so on.
Increased use of smartphones, health and environment concerns, technological innovations and the rising complexity in the decision-making process are some of the key areas of change that will impact retail businesses.
We are living in a consumer- driven market, where marketers are trying to understand the needs and wants of consumer and do business across channels and devices.
These days, brands are recognizing the importance of customer satisfaction and trying to ease the buying process.
- One-on-one communication – The focus has shifted from advertising to improving the customer experience by understanding the needs and wants of customers throughout the purchase cycle.
- Availability of various media channels – The number of media channels available in the market has created a big problem for marketers to determine when and where there is a customer is located.
- Make the experience easier – The marketers are trying to create platforms which are easy to access and provide all the relevant information to the buyer.
- Availability of Various payment methods – with the increase in number of mobile wallets the marketers are trying to ease the buying process.
India has come a long way in regulating its policies and promoting ease of doing business, and has huge potential for growth in this sector. As per the report, the Government is working on policy reforms by liberalising foreign investment norms and creating a single window clearance policy to facilitate business in the country.
Sakshi Vig -Faculty