The Impact of Online Platforms on Consumer Buying Behavior

Abstract

A consumer refers to an individual or a group that buys products or services for newlinepersonal consumption, rather than for the purpose of producing or reselling them. Consumers newlinehave a crucial role in the economic system since their buying choices stimulate demand and newlineimpact output. Comprehending consumer behaviour is essential for organizations seeking to newlinecreate items, customize marketing tactics, and enhance client contentment. Consumers are newlineimpacted by a multitude of elements, such as individual preferences, cultural customs, newlinesocietal pressures, and economic circumstances. Through the analysis of these newlinecharacteristics, firms may enhance their ability to forecast market trends and develop newlineproducts or services that strongly appeal to their intended audience, so promoting growth newlineand competition in the marketplace. newlineAccording to the report of IBEF, The Indian e-commerce industry for groceries is newlineprojected to grow from US$ 3.95 billion in FY21 to US$ 26.93 billion in 2027, with a newlinecompound annual growth rate (CAGR) of 33%. The consumer digital economy in India is newlineprojected to reach a market value of US$ 1 trillion by 2030, up from US$ 537.5 billion in newline2020. This growth is mostly fuelled by the widespread adoption of online services like ecommerce newlineand edtech inside the nation. The current business environment has been newlinesignificantly transformed by the widespread use of internet platforms, leading to a newlinefundamental shift in how consumers make purchases newline