Have you ever thought what makes, or for that matter, breaks a brand? Is it branding, marketing strategy, investments, distribution or something else? Well, today’s so-called millennial consumers and their expectations from retailers are way beyond the regular ‘shopkeeper -customer’ equation. If you think today’s consumers are just worried about the swag and not the product, then you are in a wrong state of mind. Millennial consumers are nothing but a blend of traditional shopper and new-age understandings.
In a recent survey report by the online coupon and cashback marketplace CashKaro.com it has revealed some facts on fashion retailing, highlighting the recent trends and what influences consumers buying decisions in India.
On the survey Swati Bhargava, Co-Founder, CashKaro.com said, “With the advent of online shopping Fashion as a category has blossomed with shoppers dedicating more time and budget to stay current with the new trends. CashKaro survey is a reflection of the buying habits of the Indian shopper clearly stating that majority of consumers now prefer to shop online as they have access to wide assortment, best Cashback & coupon deals coupled with the convenience to shop from anywhere.”
The Cashback & Coupons site has come up with some interesting facts in its latest report on online fashion consumption, preferred brands & other fashion stimuli based on a survey conducted pan-India. Here are some of the findings from the survey:
Quality beats celebrity influence
Indian shoppers, from the very beginning, have been very emotional with endorsements and its ice on the cake when they see their favourite actor, cricketer or singers promoting a particular product. Over the past decade we have seen brand ambassadors (mostly celebrities) being one of the most effective catalysts in the making a brand. Irrespective of its quality and durability, customers used to purchase it just because their icons were endorsing it. But with increasing brand awareness, eCommerce influence and whooping technological interference consumers have managed to free themselves from the celebrity endorsement hoax.
As per the above mentioned survey 78 per cent of the respondents feel celebrities don’t affect their buying decision unless what they endorse delivers ‘Quality’. Also 35 per cent of respondents prefer to shop for fashion online dismissing interest to shop offline
eCommerce dynasty has no monopoly
Gone are the days when online biggies such as Snapdeal and Flipkart used to rule the eCommerce world. As per research, the most preferred online shopping portals such as Jabong, Myntra, Limeroad, Abof and KOOVS have shattered the monopoly of eCommerce giants such as Flipkart and Snapdeal. Also some of the retail giants known for their quintessential brick-and-mortar store have full-fledgedly ventured into the eCommerce space, Tata CLiQ and Lacoste being the recent ones.
Who says it’s no more about Deals & Discounts
‘Deals and Discounts’ are still the crowned jewels with 71 per cent of the total respondents ranking it as the most favored factor for online shopping. However, Extra Delivery Charges and not having the ubiquity of quality inspection were cited as the main downsides of online shopping experience.
The survey further found that celebrities as brand ambassadors fail to lure customers unless what they endorse delivers Quality. Also, while advertising has greatly influenced buying decisions in the past, the millennials rank Word-of-Mouth over advertisements now.
Men are fashion conscious too!
Being fashion consciousness is not limited to women any longer as 29 per cent men said that they put special efforts into style and try to look fashionable. On the whole, 62 per cent respondents said that apart from feeling comfortable, they’d also like to look presentable and fashionable.
Most loved fashion brands
While private labeled brands are making it to the top, traditional brands such as Puma, Nike, Levis, Allen Solly and Vero Moda still tops the list of most loved fashion brands in India.
Blogs and movies are big inspiration
A lot of the respondents look for inspiration when it comes to shopping for apparel. While 27 per cent females read blogs such as POPxo for fashion guidance, 33% of the men surveyed derive inspiration from movies. Survey also shows that 67 per cent men spend an average of Rs 1000-Rs 5000 on fashion, while women take the lead with the number being more than Rs 5000 per month on an average.