An organization’s ability to learn fast, unlearn faster, and relearn fastest is the ultimate competitive advantage.
The advent of digital media, particularly social, has given birth to not just another channel or modus-operandi but to humongous insights slithering to be adopted and tested. It’s not uncommon to witness horde of e-commerce companies designing strategies around the digital media. And, one market which has become a cauldron of e-commerce companies is India. From regional minnows to international heavyweights, the market has become a beehive buzzing with strategic decisions and tactical plans. A large market size (1.2+ Billion Population), young and aspirational consumer base, ever increasing digital revolution, and adoption of new age technology are some of the factors adding to this line-up.
[panel text="The evolving online consumer landscape is driven by a northward shift in education, age, income, economic scenario, and technology."]
In a recent research report titled “Retail in Emerging Market” by KPMG, the firm has uniquely identified the new age customer segments and their characteristics. Youth, undoubtedly is one of the key segment driving the growth of e-commerce companies.
[panel text=”This segment has high aspirational values and is driven by word-of-mouth from influencers.“]
Next customer segment in line of sight is the aspirers at the “Bottom of Pyramid”. These Low Income Value Explorers, L.I.V.E, are driven by value for money in every purchase they make. All thanks to the media & technology penetration, this is one segment which is exposed to brands much more than they ever used to.
[panel text=”A customized offering creating pull factor is the magic potion to reach out to this segment than adopting a push model.“]
Another customer segment which holds lots of promise and is capable of giving e-commerce companies a dream run is of emerging affluent consumers.
[panel text =”This is segment with digital DNA and adapt any new technology as soon as it gets launched.“]
The next segment which can’t be missed to be a part of the blog is “The Online Consumer”. This is one segment which is uniformly present across the landscape, with different preferences and values.
“Typically urban and above-average in affluence, India’s digital shopper isn’t regarding e-commerce as just an alternative channel ~ Nielsen Insights 2012”
The next customer segments which we aren’t covering in this blog is the “Value Conscious Customer” and “Rurban Customer”. We’ll try to come back with the next blog ASAP and cover the traits of other remaining segments. However, you can get the research report either from the KPMG’s website or contact us from here to receive it in your inbox.
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