Online shopping is progressively taking over as the preferred mode of sales across the globe. Especially, for those purchasing premium products, these platforms attract shoppers and generate sales by giving attractive deals and exclusive product ranges.
According to a report by NielsenIQ (NIQ), 60 per cent of businesses view online stores as their most critical sales platform. Sixty-seven per cent of medium-sized businesses said that e-commerce is their primary channel of sales, followed by small businesses at 51 per cent.
In the apparel sector, more and more consumers are shifting to online shopping. Gen Z and millennial customers contribute to a major chunk of buyers, as e-commerce facilitates convenience and a varied product range. This transition to e-commerce highlights the increasing dependence on digital platforms to reach the masses, especially among emerging brands.
While online channels lead the way for SMBs, convenience stores are also experiencing significant growth in India, with a penetration rate of 48 per cent, which is quite above the global average which is around 18 per cent.
