The “Retail Without Limits – A Modern Commercial Society: Indian Responses 2015” report by the global software and cloud major reveals that the Indian shoppers want transparency and convenience as they shop – from research and purchasing to fulfillment and returns.
“Nearly 97 percent of respondents want retailers to invest in technology and 67 percent stated that converged commerce is key to enhancing their shopping experiences,” the report stated.
“Indian shoppers are challenging retailers to invest in technology that enables convenient and converged retail experiences,” said Jill Puleri, senior vice president and general manager (Oracle Retail) in a statement.
“Giving consumers the product they want, when and how they want to purchase it will ultimately inspire loyalty and increase spending in this highly competitive market,” he added.
Nearly 84 percent of the respondents said that their use of technology to shop has increased over the last year, most notably with mobile (86 percent) and social media (65 percent).
The findings, based on responses from 500 Indian participants, revealed that the Indian consumers are willing to share personal information and are keen for retailers to use technology to improve engagement strategies and service levels.
As eager and advanced users of mobile, social and other online technology, the Indian shoppers are easily frustrated by disjointed commerce experiences and lack of information.
“Their loyalty is influenced by convenience in relation to product availability and fulfilment,” the report stated.
The results reveal that convenience, driven by technology, has become today’s “invisible hand”, driving a borderless and limitless retail market.
“Retailers are challenged to capitalise on these findings and make associated changes by following three simple principles: learn, adapt and execute,” the report pointed out.
Indian consumers are drawn to the global market, the report found, adding that 64 percent of respondents have purchased goods from offshore international retailers.
“But most consumers say that quality, price, availability, choice and convenience is more important than location of the retailer,” it added.
Nearly 66 percent of respondents said that the convenience of getting the right product at the right time and place every time influences their loyalty.
Most of the Indian consumers prefer online shopping but still value the store experience.
“While 42 percent prefer buying online but still use the store as regularly as online, 65 percent are inclined to make a purchase if a store assistant uses mobile technology,” the report stated.
The Oracle consumer research report was conducted by Redshift Research, a leading British business market research company and agency.
The study involved 5,000 respondents from 10 countries using an online consumer panel.