To gauge the market outlook and consumers’ sentiments pertaining to four key verticals – Gold (Jewellery), Consumer Electronics, Automobile (two-wheelers), and Apparel, Aroscop conducted intensive pan-India studies and released reports based on responses from thousands of individuals.
Aroscop – MarketStudies
All four studies suggest high demand and willingness to purchase products in the mentioned verticals during the festive season and indicate an accelerated adoption of E-commerce. Thanks to the higher vaccination uptake, lower infection rates, and general awareness among people, the country largely seems to have come out of the pandemic fear.
Here are some key insights from the reports –
When asked about their willingness to purchase gold, most (55%) of the respondents stated that they are looking forward to buying gold and gold jewelry in the upcoming festive season. Most (37%) participants said the auspicious occasion (Dhanteras) would be their primary reason for buying gold. 34% of the respondents will be looking at the offers and sales as a good time to invest in gold. The rest, 29% of the respondents, will be buying gold given a marriage in their families.
As far as Consumer Electronics are concerned, 68% of respondents said they plan to purchase consumer electronics products this Diwali. Almost 65% of them will be using online channels to place their orders. The accelerated digital adoption across the country for the past 18-20 months may help eCommerce get a bigger pie in sales this season.
Offers, especially ‘free service‘ of purchased goods, come at the top when asked about the deciding factor while shopping for consumer electronics products.
People are as open to purchasing a second-hand two-wheeler in the automobile segment as they are to a brand new one. While choosing the vehicle, the rural population cites mileage as their top priority, while urban dwellers believe that on-road price will help them decide.
Of over 2,500 respondents in the study focusing on the apparel vertical, 70% said they would be shopping for clothes, shoes, and accessories this festive season. 63% of them will be purchasing apparel online. eCommerce stores may see some new segments coming online and placing orders since a third of (probable) buyers are willing to consider going online for the first time.
While the rural population cites discounts as their crucial motivator whether buying apparel online or offline, the urban population has different reasons to buy online and in a physical store. They buy online for discounts, while the ability to “try the products before buying” takes the front seat in an offline store. In-store shopping can see more takers in the southern states compared to other regions in the country.
The studies were conducted in nine different languages cutting across age groups, locations, gender, income brackets, and residential setups (urban & rural).
The research objective was to understand the market on multiple dimensions – key drivers & barriers to shopping, price sensitivity, preferred channel to buy, and impact of COVID on purchasing decisions.
The studies leveraged Aroscop’s consumer insights tool called Ask1, data science, and audience cohort planner tools. Ask1 is specifically designed to identify micro-cohorts of users with certain behaviors and ask them questions using specially designed interactive creatives. The data science and cohort planner tie the responses back to individual users to generate a detailed persona.
The solution suite is helping some major brands from various industries to find answers to questions that would have been difficult to get answered otherwise due to the nature of the questions or the elusive audience cohorts that may be difficult to find.