A research study about consumer awareness and purchase intention towards mutual fund and stock market investment app ‘GROWW’ in India

Abstract

There has been tremendous surge in digital payment apps in India since last few years. Moreover, India has one among the world’s highest household savings rate at around 30%. However, these factors fail to translate into investment in Indian stock market. India is still at a nascent stage in stock market investments with just 2% penetration. Pandemic outbreak has encouraged more Indians to invest in trading instruments than ever before. Mobile investment platform apps have scaled new heights by increasing their customer base multiple fold during the lockdown. Our objective of this project is to understand the factors influencing the purchase intention of mobile investment platform app ‘Groww app’ in India. We did our project by sharing a questionnaire to users and non-users to understand the awareness about mobile platform apps and critical factors influencing their buying behaviour towards such apps. We did factor analysis to understand correlation between different independent variables and multiple regression to introduce a model which explains the factors influencing the buying behaviour. From our study, we have analysed that ‘zero Commissions’ is the most importance factor, and ‘User Experience’ is the second most important factor influencing Purchase Intention of customers. Groww app should increase their brand awareness and communicate their ‘zero commissions’ on trading and ‘easy user interface’ to increase their customer base.