Mumbai, Aug 6, 2024
A significant number of Indian consumers shopping online are worried about the possibility of data breaches, according to a report on Tuesday.
In the report by EY Future Consumer Index (FCI), based on responses from 1,000 Indian participants within a worldwide poll, 77 per cent of Indian consumers express profound concern about the possibility of data breaches when shopping online. About 73 per cent said they worry about their private information being disclosed.
A whopping 62 per cent of Indian consumers reported making online purchases influenced by AI recommendations as compared to just 30 per cent globally.
The report also revealed that 78 per cent of consumers prefer to shop on online platforms that provide human customer service support.
As much as 61 per cent were more inclined to share personal information with a human rather than through automated processes.
“To connect with today’s consumers, retailers must understand their evolving needs. As consumers become more discerning in their choices and empowered to demand fair value for their money, retailers need to step up to be able to satisfy these demands.
“While Indian consumers are putting a lot of faith in Artificial Intelligence and other technologies, the human touch through authentic, trustworthy connections and engagement is becoming more important than ever before,” said Angshuman Bhattacharya, Partner and National Leader – Consumer Product and Retail Sector, EY Parthenon.
“Data is king for consumer products companies and brands, but it is imperative for retailers to maintain transparency in their data usage practices and to simplify the opt-out process for consumers who prefer to keep their data private,” he added.
Further, the report showed that 60 per cent of Indian consumers find products recommended by influencers extremely trustworthy as compared to 27 per cent globally.
A whopping 84 per cent of Indian consumers have bought products solely based on an influencer’s recommendation or promotion.
Tangible benefits such as discounts and exclusive deals are driving the popularity of online shopping in India.
About 75 per cent of consumers acknowledged that they prefer to shop online and only visit stores that provide an exceptional experience, in contrast, only 41 per cent of global consumers feel the same.
In the last six months in India, 51 per cent of the consumers have downloaded a retail app compared to 31 per cent globally.
However, damaged goods (21 per cent), inadequate customer support (20 per cent), and obstacles in processing refunds (19 per cent) are also some concerns, revealed the report.(Agency)
