While shopping in India is undoubtedly loved by all, there is no denying the fact that the emergence of e-commerce platforms such as Amazon, Flipkart have made consumer information readily available. No wonder, 82 per cent of Indian consumers stated that protection of personal data is one of the crucial factors in building trust as per PwC’s Voice of the Consumer Survey 2024.
The survey advises businesses to safeguard personal data and use it responsibly to enhance personalised services without compromising privacy. It highlights six key imperatives essential for building consumer trust and specific actions for businesses to meet these expectations are personal data, health and well-being, social media, purchase journey and value, climate change and artificial intelligence (AI).
Ravi Kapoor, Partner and Leader – Retail and Consumer sector, PwC India said, “Indian consumers’ optimistic sentiment shines through the survey with 75 per cent consumers saying that they will increase spends in the clothing/footwear/grocery and health and beauty categories in the next six months. Our survey reveals three main drivers of building trust; firstly, how well do brands make life easier for their consumers; secondly, how well they connect with their consumers and finally how do they ensure inclusiveness with their consumers. In our survey, protecting consumer data has therefore not surprisingly been voted by 82 per cent of consumers as the most important factor that will help build trust.”
The survey further highlighted that the Indian consumers are optimistic about spending outlook and prefer to spend for in-store retail experiences as 75 per cent of consumers expect an increase in spending on clothing and footwear, followed by grocery. In fact, 56 per cent of consumers reported purchasing products through physical stores frequently.
Furthermore, 83 per cent of consumers say that it is important that they know the devices are keeping their information private while 74 per cent are happy for their data to be used to deliver useful features and services. Interestingly, 66 per cent are willing to share data in order to get more personalised services and experiences.
In addition to this, 58 per cent of consumers have purchased products directly through social media. At the same time, consumers are questioning its safety and reliability, ranking social media their least trusted industry. In fact, 77 per cent of consumers discover new brands through social media. Contrary to this, 56 per cent of consumers purchase from physical stores, while only 47 per cent shop online.
From: financialexpress
Financial News