Comparative analysis of the consequences of purchasing models transformation within the global digitalization of the economy

Abstract

Nowadays consumers have become intelligent and changed the traditional way of the decision making process. Social networks have become more powerful: the consumer trusts reviews and peers' opinions more advertising. The current study is focused on clarifying the changes in the model of consumer behavior when shopping online. The research methodology is based on one the Engel, Blackwell and Miniard (EBM) model of consumer behaviour in the view of global digitalization of the economy. The study used data from statistical, information and research agencies and other researchers carried out in India and Russia comparatively. The study presents the current trends of on-line purchasing and the key factors that affect the decision making process. It was discovered that in India young shoppers are more active online shoppers than the olders. They are mostly driven by affordable prices and discounts. Older shoppers' alike, consider significant factors like convenience and product quality as vital reasons while shopping online. In Russia among the important parameters of choice, consumers noted a detailed product description available on the web site, the security of online payments, the presence of several payment methods and the fast delivery of goods. The independent reviews of other peers are the source of trust. Considering the global trends it was concluded that the strategic vector of trade development should be connected with omnichannel business models. Joint solutions in the field of payment, delivery and support of online purchases (including smart voice assist systems, chatbots and smart devices) only strengthen consumer loyalty to retailers.