A Summary of ‘How India Shops Online 2023’ by Flipkart, Bain & Company Inc.
🌸 By Sanjana Padmanabhan
Of the top 10 global retailers in the world, 66% are online-first retailers. This number depicts the importance of having an online channel in the retail segment, and speaks volumes about consumer shopping preferences today.
The Covid-19 pandemic was a turning point for e-retail adoption globally. Companies were compelled to introduce a digital shopping space or close their retail shop doors entirely. Despite the pandemic’s intensity slowing down, the global trend of online shopping has persisted even after physical stores reopened.
1️⃣ Strong Fundamentals for Long-Term Growth
2️⃣ Diverse Consumer Segments Served
3️⃣ Innovative Business Models Emerging
4️⃣ Increased Focus on Profitability and Monetization
5️⃣ Generative AI as a Disruptive Force
There are 4 main aspects that trigger e-retail growth:
☑️ Increased physical and digital access through cheaper data and logistics reach
☑️ Enhanced affordability and convenience through lower logistics costs