Startups in 2024: Understanding the 'Phygital' Consumers of Gen Z!

Global and fast fashion brands like H&M, Zara, UNIQLO, Lifestyle International Pvt Ltd, and Marks and Spencer witnessed remarkable sales growth, despite a slowdown in the demand for non-essential products

The success of these brands is attributed to their aspirational value for consumers and their ability to manage unsold inventory and offer attractive discounts

E-commerce constitutes over 25% of the sales for these brands, highlighting the importance of a strong online presence

Key factors shaping Indian consumption include the youth as market shapers, shifting consumer expectations towards lifestyle and brand narratives, and brands adapting to changing discretionary spending patterns

The fusion of physical stores with online platforms, known as the 'phygital' era, is crucial for the retail sector

Innovations such as virtual try-ons, AI-powered styling recommendations, and immersive online experiences are reshaping consumer engagement in the fashion industry

The surge in e-commerce within the FMCG sector is driven by a habit change for convenience and reduced price differences between offline and online channels in the smartphone arena

Despite a slowdown in non-essential product demand, top global and fast fashion brands experienced substantial sales growth, reaching percentages as high as 60%

The article emphasizes the importance of understanding and navigating the shifting tides of the Indian consumer landscape for startup entrepreneurs

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