Wednesday, July 24, 2024
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Capterra Survey Reveals Indian Consumers Prioritize Quality Over Cost

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Capterra’s  survey finds that a majority of Indian consumers now prioritize quality over cost when making purchasing decisions, challenging the long-held belief that India is predominantly a price-sensitive market.

Key findings from the report include:

· Trusted Brands: 67% of respondents prefer trusted brands when exploring new products or services, underscoring the importance of brand trust in consumer decisions.

· User Reviews: 57% of consumers are influenced by user reviews in their online purchase decisions.

· Discounts and Promotions: 43% of consumers are swayed by discounts and promotions.

· Quality vs. Price: A significant 83% of brand-loyal consumers attribute their loyalty to the quality of products or services they receive. Despite 65% acknowledging the importance of price, 73% place quality above cost.

Sukanya Awasthi, Analyst,Capterra, said “India’s online consumer base is dynamic and multifaceted. Their behaviors are ever-evolving, driven by rapid technological adoption, a keen eye for quality, sensitivity to value and price, and a strong inclination towards mobile commerce. Additionally, social media influence and personalized shopping experiences play a significant role in shaping their purchase decisions. As a result, businesses must continually innovate and adapt their strategies to keep pace with changing consumer expectations and preferences.”

Other notable influences shaping consumer behavior include:

· Loyalty Programs: 54% are influenced by loyalty or rewards programs.

· Social and Political Issues: 37% consider social and political issues when making purchase decisions.

· Recommendations: 52% are influenced by recommendations from family and friends.

· Social Media: 69% of consumers use social media for product discovery, although only a fraction complete their purchases on these platforms. Instead, 67% prefer dedicated e-commerce sites, and 56% choose retailer websites or apps for their final transactions.

In terms of payment preferences, digital wallets have overtaken traditional methods, with 74% of consumers opting for them during online transactions. Credit and debit cards follow at 68%, while 49% prefer bank transfers.

For more information and in-depth survey findings at  https://www.capterra.in/blog/6479/online-shopping-trends-and-landscape

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