78% rise in online banking in India: Ipsos study


According to a study conducted by Ipsos Global Advisor in 24 countries around the world, with over 19,000 respondents, making travel reservations online has increased to 72 per cent (a 32 per cent increase in three years) and buying books online has increased to 61 per cent (a 9 per cent increase in three years).

India is experiencing a spike in digital and convenience-focused alternatives, following a global shift toward online shopping and a fall in the use and presence of physical retail outlets, but it does make exceptions when it comes to entertainment, banking, and beauty treatments.

“Dual causes have contributed to this behavioural shift among Indian consumers: One was fueled by the Modi government’s determination to encourage digital payments and cashless transactions in the aftermath of demonetisation, which compelled many Indians to use online banking for transactions.

Second, the Jio impact compelled many Indians to switch to digital transactions when telecom giant Reliance Jio acquired a huge piece of the market through mass marketing of free internet time,” said Amit Adarkar, CEO of Ipsos India.

Consumers worldwide report seeing fewer traditional “Main Street” stores and prefer shopping online.

Bookstores (reportedly seen less often by 39 per cent of the more than 19,000 customers questioned internationally), newsstands (37 per cent), and furniture stores are the sorts of businesses that are rapidly disappearing from local shopping centres (34 per cent).

People worldwide, on the other hand, report seeing more or about the same number of drugstores and pharmacies (73%), businesses or restaurants providing ready-to-eat or takeaway food (66%), and any form of chain or franchise store (66%). (66 per cent).

Banks (71%) are visited more frequently by restless and outgoing Indians, as are sit-down restaurants (70%) and stores selling ready-to-eat takeout food (70%), drugstores and pharmacies (68%), hair and beauty salons (65%), movie theatres (65%), coffee houses and coffee bars (64%) and any franchise store (60 per cent).

Bars and pubs that serve alcohol (42%) and furniture stores (51%), for example, are more miniature on their radar.

“While there is a type of desertification of “main street” in more developed countries such as the United States, Europe, and Latin America, Indians are more inclined to be out and about during their leisure time.” It’s a contradiction.

“While online shopping has become popular, actual visits to banks, marketplaces, bookshops, and restaurants remain the norm here,” Adarkar remarked.

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