A new global commerce study has found that over one billion digital native consumers are going to emerge from the eight fastest-growing countries in the next decade.
The study said that India was among the list of eight emerging markets expected to contribute to this growth. Other countries in the list include Bangladesh, Egypt, Ethiopia, Indonesia, Kenya, Nigeria and the Philippines.
The report noted that the digital consumers from these countries are between the ages of 6 and 26 and represent 36 per cent of their populations. The behaviour of this demography offers key insights for companies looking to capture the next wave of commerce-driven growth.
Interestingly, the Accenture report said that most multinationals will not be ready to attract the billion-plus digitally native consumers from these eight markets.
“[..] the research also found that despite digital commerce revenues having quadrupled in these markets since 2017 — equating to USD 211 billion in 2022 – most multi-nationals are not set up to serve these digital-first consumers,” the report mentioned.
These emerging markets reportedly have unique challenges that need to be addressed by digital, fully harmonised cross-channel ecosystems and the multinationals were not prepared for this.
In order to tap into these markets, companies also need to be capable of applying insights in real time from rich data analytics and influence their ecosystem partners to do the same.
In a statement, Vineet R Ahuja, Managing Director and Accenture Song Lead in India said, “To win consumers’ hearts, minds and wallets, companies need to develop deeply digital, fully harmonized cross-channel ecosystems for their brands. This will require data insights, technology and partnerships to power agile business models and commerce operations to remain relevant and resonant to the changing needs and aspirations of consumers.”
Key Findings From Indian Market
Trends that dominate the Indian consumer market included the use of online channels such as search engines, social networks and videos to research products or services before purchasing. A majority of 79 per cent respondents surveyed attested to undertaking these practices.
Moreover, the report found that “Likes” and “good comments” on social media influenced 81 per cent of the Indian consumers’ online buying decisions. Also, it was discovered that more than half of emerging consumers in India prefer shopping on social media apps to other purchasing platforms – making a case for social commerce.
On the payments front, nearly 65 per cent of consumers in India prefer to use online payment methods. They also say that convenient delivery options, such as “click and collect” (80 per cent) and free delivery (83 per cent), are critical drivers of their online purchase.
