Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

How Festival Purchasing Habits Evolved Over The Years?

The biggest change or ‘evolution’ in purchasing habits is the shift to e-commerce from local brick & mortar stores and malls. Over 50 per cent of customers have effectively moved to e-commerce, especially with an increased threat of COVID-19 in the past few months.

Photo Credit :

1491459783_eTTkAA_hotelreu470.jpg

Representative images

The festive season has been historically linked to shopping. Whether it is consumer electronics, clothing, or décor items for households, an average Indian consumer has always waited for the festive season for various reasons. Festivals bring several offers and discounts, which make purchases worthwhile. Furthermore, there is an increased zeal for buying something at this time of the year. However, along with improvements in technologies and lifestyles of consumers, festival purchasing habits have also evolved in the past few years.

The biggest change or ‘evolution’ in purchasing habits is the shift to e-commerce from local brick & mortar stores and malls. Over 50 per cent of customers have effectively moved to e-commerce, especially with an increased threat of COVID-19 in the past few months. There are, however, many factors that could help in explaining an overall change and development in purchasing habits of customers:

1. Online shopping ‘festivals’ are something that people wait for the entire year: In the past few years, major e-commerce companies have tried to tap into the tendency of increased festive spending, as demonstrated by most consumers. Based on this, a weekly or fortnightly festival is often introduced, which lures customers to spend more through e-commerce websites that are easy, affordable, and save them a significant amount of time.

2. More information about products: Festival purchasing is no longer restricted to stores and a single product demo. People have a significant amount of information about a product they are willing to purchase. The festival season keeps getting grander every year, and this season has an imperative cause, as we’ve already discussed. A survey by Juni Khyat Journal found that nearly two-thirds of the people waited for an online festival sale to purchase a product, and about 84 per cent of people scour through alternative options online before making the purchase.

3. Role of banks and financial institutions: If you have recently received an affirmation by your bank increasing your much-awaited credit card limit, it indicates that banks are closely working with companies to ensure that your spending increases during the festive season. From UPI-based payment systems to improved security during online payments, an overall change in payment method has also been reflected in the purchase behavior.

4. Data analytics and festival shopping: The evolutionary consumer behavior is predominantly explained by operant conditioning. This process measures the effect on the response rate as a determinant of prior consequences of a behavior. Banking on this operant paradigm in marketing, there are multiple e-commerce platforms and even brick-and-mortar stores, for that matter, who are taking full advantage of the Behaviour Perspective Model. Companies are using data analytics like never before, as data is the real currency in this disruptive digitized era. 

5. Social media’s role in changing shopping trends: We have all seen the transformation of social gatherings to social media platforms and the debilitating impact it has had on our 21st-century generation. The effect of the pandemic has hit this section of our society the hardest. The underlying reason is rapid digitalization, but the tipping point was the pandemic-induced lockdowns. The most obvious choice for these people is to venture into the fundamental markets and experience the physical touch of buying apparel and other things they couldn’t get easily convinced to buy online. The retail stores are also up-to-speed with the suggested online shopping trends and have revamped their physical stores with a technological overhaul to match their micro-persona-type clientele.

There are a few changes in the way we live our lives due to the disruptions caused by digital technologies. Festival shopping is another area, which has been revolutionized due to it and so is the shopping habits. With an increased demand for products during the festival season, people are now looking forward to e-commerce platforms to provide the best quality products at attractive discounts and offers. Along with improvements in digital technologies, this change in consumer behavior is expected to continue in the future.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


Tags assigned to this article:
festival india COVID-19

Madhav Kota

Founder & Director at iGRiD

More From The Author >>