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7 Trends That Will Define Shopping and Payment in India in 2024

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India's shopping scene is booming in 2024, as digital payments rule, subscriptions surge, local brands shine, and tier 2 towns rise. Secret: stay sustainable & omnichannel for success.

India's consumer landscape is undergoing a dynamic transformation, driven by rapid technological advancements and evolving customer preferences. Understanding the key shopping and payment trends in 2024 is crucial for brands and businesses to navigate this dynamic marketplace effectively.

Trend 1: The Rise of Digital Payments

Digital payments continue their unabated rise. Capgemini forecasts that the digital payments market will triple itself to US$10 trillion by 2028; UPI transactions have already outpaced credit and debit card transactions, as both mobile penetration has reached near 100%. An ET report predicts that the integration of UPI with India's homegrown RuPay credit cards is further expanding its potential.

Open banking, facilitated by the account aggregator framework, promises deeper financial integration and innovative payment solutions.

Trend 2: Boom in Subscriptions

A Razorpay report suggests that subscriptions, a hitherto untapped market targetting repeat buyers, are booming, poised to reach ₹39.81 lakh crore by 2025. Brands are thinking beyond discounts (which attracts a short-termist, not-too-loyal customer) and offering value-added experiences in a bid to maximize customer loyalty.

Trend 3: Buy Now, Pay Later

Though not a new trend, BNPL services like LazyPay and Simpl are gaining traction, particularly among young urban consumers. By 2024, over 50 million Indians are expected to use BNPL, potentially capturing 15-20% of e-commerce payments. An RBI report from 2023 demonstrated a rise in consumer exuberance as credit-driven purchases (through loans as well as credit cards) soared.

Convenience and affordability are driving this trend, but it can be short-circuited by irresponsible and predatory lending. Credit card dues have surged to a six-year high, gold loans have shown growth above 15%, while loans for vehicles and homes have driven an expanding market, enhancing the risk of credit defaults.

Trend 4: Be Global, Buy Local

With large-scale migration breeding nostalgic buying, local and regional brands are poised to seize an advantage over national and multinational ones. Technology has enabled such brands to scale rapidly, while they retain the home advantage in understanding cultural preferences, resonating with local and diasporic buyers.

Trend 5: Small Towns, Big Money

As 5G brings faster internet to smaller towns, both disposable incomes and demands are on the uptick. Related to this is the growth of e-commerce, allowing buyers to access premium products not available through traditional distribution channels. Brands quickly tailoring their offerings and marketing strategies to cater to this diverse segment, are seeing the sales graph turn blackwards.

Trend 6: Ethics Matter, Rupees Follow

With rising sensitivity to sustainable practices among globalized customers, eco-friendly materials and ethical sourcing practices trump the old mantra of ‘sundar, sasta, tikau’ among a growing segment of young, moneyed customers (once derided as ‘yuppies’). Brands demonstrating ESG norms increasingly resonate with these buyers.

Trend 7: Anywhere, Anytime, Any Device

AKA the omnichannel experience, customers demand seamless integration between online and offline sales channels. In-store experiences should complement online browsing, offering value-added services and personalized interactions.


For the Indian shopper, 2024 promises an exciting and evolving landscape, with increasing choice in both products and payments. Three factors will decide a brand's ability to negotiate the pace of change:

  1. Adapting to evolving buyer trends, from sustainability to luxury;
  2. Embracing technology such as AI to understand customer buying cycles, and,
  3. Understanding customers' social and cultural needs.