26 Aug 2019
Posted in Consumer
62% Indian consumers pick digitally advanced products and services, says GlobalData
The consumer business in India has been driven by a new generation of 62% consumers craving for greater convenience, value and options through technology, hence, providing significant opportunities to the manufacturers, says GlobalData, a leading data and analytics company.
Emerging consumers living in a rapidly-growing digital world desiring for comfort as well as convenience, has brought about a quick mechanical change in the domain. With Indian consumers being receptive to this digital advancement, brands are relooking at their business models and working not only on digitalizing customer-facing part but also their internal operations.
Sumit Chopra, Consumer Research Director at GlobalData, says: “Digital savvy behavior of the consumers is the biggest objective behind the updation of digital formats’ for the brands. Hence, consumer companies are focused on innovating best means to continuously drive positive customer experience and offer products and services that are digitally advanced.
The next wave of consumer business will be conquered by those who understand the consumer journey and connect the dots from various touch-points and provide a cohesive experience that delights shoppers irrespective of where they interact with a brand.”
According to GlobalData, around 34% consumers in India often consider how digitally advanced/smart the product/service is, while making the purchase decision. Indian consumers are becoming increasingly dependent on digital solutions to assist with and enhance day-to-day life and personal management. The explosion in smartphone, internet, and social media usage has resulted in evolving behaviors and interactions, in turn reshaping the needs and attitudes of consumers.
Brands need to target the evolving behaviors of digital consumers through products, which can complement their needs. One such example is Licious, operated by Delightful Gourmet Pvt. Ltd., bringing innovation to the technology, challenged Indian meat market and streamlined meat sourcing and processing.
Chopra concludes: “In a scenario where technology and digital practices are evolving, companies are redesigning and realigning their business models from traditional and linear path into a constantly moving target with digital innovation at the center in order to meet consumer requirements.”