86% of online consumers are willing to take up offers while only 60% of offline consumers uptake stands, reveals a Kantar report. The report revealed that online buyers are more price sensitive and avail more offers compared to offline buyers. It is important for marketers to optimise discount and promotion offers (own and with partners) considering channel dynamics and to understand the psychological thresholds to pricing, states the report.
It was also found that brand reputation is the primary factor, standing at the highest from an index of 100. Parameters such as ‘interest on earning’ stands at 47, ‘platform fee and charges’ at 43 and ‘cashbacks on all transactions’ at 18.
“India’s online shopper base is to be the 2nd largest globally by 2030, with nearly 500-600 Mn shoppers, as per Invest India. To capitalize this massive growth and be future-ready, it becomes even more important to listen to what consumers want from your category, brand and those you partner with.” Soumya Mohanty, MD and chief client officer, Insights Division, South Asia, Kantar, said.
The report states that while consumers purchase from e-commerce platforms, they look for foundational needs being met and hence delivery type and delivery charge stands at the highest out of an index of 100. Discounts stand at 61 while delivery time is at 52. This gives a clear indication to brands to keep a stronghold on these basics for customer loyalty and understand consumer’s maximum thresholds for delivery charges, delivery time and minimum thresholds for discounts, states Kantar. Furthermore, it also revealed that consumers would only be willing to pay for the services and features which fulfills an unmet need or have a tangible benefit.