As Indian consumers experience a vast array of retail options and a rapidly evolving marketing and promotional platforms, shoppers in India have become more demanding, harder to retain and are increasingly turning towards the digital side in order to gain knowledge towards making informed decisions. India’s expansion of telecom infrastructure to sizable locations is also playing a big role here in terms of making sure that proper broadband connectivity is enabled at least in bigger cities of the nation.
Even though it is a difficult task, shifting this demand in a brand’s favor could be well worth the effort as according to market research firm Nielsen, the country’s consumers currently command approximately $20 billion in sales. New findings from a Nielsen study highlighted three key strategies for companies to better reach India’s increasingly empowered consumers.
“The share of the Indian wallet is highly influenced by factors in your direct control,” says Adrian Terron, executive director, Nielsen India. “In the fast-moving consumer goods space alone, 80 percent of shoppers will buy a different item than originally planned. Today’s shoppers are empowered by choice, and they refine their decisions based on marketplace disruptions. Knowing which factors motivate shoppers to action will ensure that you stand out.”
Increasing Influence of Digital Decisions
While “e-tailing” is still in its infancy in India, more than half of consumers on average are logging on as part of their pre-purchase decision making process. Digital, when leveraged correctly, can disrupt brand behaviors and shift demand to the tune of $14 billion in sales. A word of warning, however—web-based strategies are most effective alongside traditional ones, because shoppers are more inclined to buy online when they are already aware of a brand.
Finding the Best Deal
In such a scenario, retailer enterprise need to make smart deals to persuade consumers to buy more, buy earlier, and choose their products more frequently. So what tactics work for Indian consumers? Sales shouldn’t be disruptive. Retailers need to align promotions keeping in mind their consumer experiences during their path to purchase and time them to create consumption opportunities that make routine and festival purchasing patterns more exciting. Such strategies could pay off—the right deals have the power to influence $10 billion in sales.
The Value of Human Intelligence
The trend in marketing lately has been digital, digital, digital. However, delighting consumers with a good in-person experience can turn a plan into a purchase. What’s more, it can prompt pleased patrons to tell others about their experience. This kind of brand advocacy promotes positive feelings that extend far beyond the initial sale and often represents the life-blood of strong brands. To build these types of quality connections, it’s about getting down to the basics—be friendly, approachable and never rush to close the deal.
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