Consumers in India becoming smart shoppers due to rising inflation: Study

Commerce media company Criteo conducted a survey of over 1,400 consumers in India to see how inflation has affected shopping behaviour

Economic instability and rising prices are leading to changing consumer behaviour and preferences as they now look more for the best deals and discounts without sacrificing their wants, according to a new survey. 

In its latest report titled 'The Rise of Savvy Shopper Study', Criteo, a commerce media company, revealed that 81 per cent of buyers in India Compared to 71 per cent of global shoppers are spending more time online searching for the best offers and prices before making a purchase.

The report that presents findings of the survey conducted with over 1,400 consumers in India, to see how inflation has affected their shopping behavior and preferences, further highlighted, "80 per cent of shoppers in India are finding products that are priced better online than in physical stores compared to 65 per cent shoppers globally. As many as 77 per cent of shoppers in India said they are shopping more online now, compared to 57 per cent of global shoppers."

Taranjeet Singh, Managing Director, South APAC, Criteo, said, “The recent inflation has affected the budget of many shoppers. This has given rise to smart shoppers who know how to save their budget by utilising both online and offline channels and finding the best deals and offers. The study suggests the key role of online, as many shoppers spend time doing thorough research before purchasing a product. It is important for marketers to build a strategy that covers every shoppable moment - all touchpoints throughout the customer journey need to provide a seamless and rich shopping experience to customers.”

According to the report, shoppers prioritise cost savings while also seeking out products of high quality. "Product quality is the most important factor for consumers, outpacing free shipping and discounts/coupons," the report underlined.

The study showed that 95 per cent of Indian consumers consider product quality when making a purchase, 90 per cent take free shipping into consideration, and 89 per cent look for available discounts and coupons. Shoppers are looking for the best of both worlds - great products that are made to last and deals that don't compromise quality.