Agile and technology-driven strategies to recharge the consumer industry
Deccan News
, Oct 28, 2020
Brands will have to adapt a ‘fygital’ approach with omni-channel presence, a Deloitte-FICCI Reboot report said on Wednesday.
The report analyzed the changing pattern of the retail market during the pandemic and highlighted case studies on successful branding strategies that worked for businesses during this difficult period.
It emphasizes the importance of omni-channel presence, while maximizing the consumer experience.
The fourth edition of the report is based on a six-step approach, namely that businesses need to ‘Adjust’ their models and partnerships, ‘Improve’ consumer experience through technology and Analytics, ‘build’ resilient distribution, their Omni-channel presence must develop, ‘Do’ effectively and ‘thrive’ by focusing on sustainability.
‘While the pandemic has brought disruptions, most companies have adapted by building agile business models and innovative marketing strategies, along with expanding their presence through online platforms to reach their consumers. The prolonged closures have also dramatically changed the buying behavior of consumers, while making them more health and socially aware. It has created new opportunities for businesses to develop hyper-local delivery models, use conversational AI, build omnichannel retail, and so on to acquire and serve customers, ”said Rajat Wahi, Partner, Deloitte India.
It cited certain trends that place a visible appearance on the market. This includes acceleration in e-commerce sales, as the home phenomena have caused significant purchases through e-commerce, increasing demand from rural areas. Covid-19 led to massive reverse migration, which in turn fueled demand for the rural lands, favoring enterprises with a strong rural distribution.
The focus of consumers on health, hygiene and nutrition has increased. Health concerns and the need to build up immunity have led consumers to buy household products and immunity-enhancing products.
As a result, these categories have experienced great growth since March 2020 and are likely to continue until 2021.
The pandemic has also put sustainability in the spotlight and companies are now seeing sustainability in terms of growth and the bottom line, using their sustainability initiatives to better engage with their customers.
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Event:
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