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If you were asked to choose between your wallet and your phone, what would you pick? Secondly would you be open to, sharing your data for discounts?
Today consumer behaviour has evolved drastically over the last few years and the concept of ‘one size fits all’ doesn’t exist anymore. Consumers are looking for personalised experiences and companies are using different methods to analyse, innovate and create different products/services to address their rising expectations.
To discuss what companies are doing and what they should do in the future to gauge the changing behaviour of the consumers, an august set of experts sat down for a panel discussion on -Consumer Insights 2019.
Experts Amit Sharma, Co-founder & CEO, ShopX; Rohit Malkani, Vice President, Marketing, Crompton Greaves; AD Singh, Managing Director, Olive Bar & Kitchen and Harsha Razdan, Partner and Head- Consumer Markets & Internet Business- KPMG in India, spoke about how and why data should be refined to understand basics.
“Data is the new platform on which the new economy is being built. Everything from deciding what brands to build, to what kind of customers to target, to how to target them, how to provide them relevant and limited set of options, in an age where all of us suffer from too many options, right down to extending credit for example to businesses and consumers it’s all being powered by data today,” said Sharma.
Technology in today’s time plays a big role in deciphering consumers. It also helps in reaching out to masses and building an emotional connect.
“The big trend that we are likely to see over a period of time is moving from WWW (World Wide Web) to Works With Voice (WWV) because voice conveys so much more emotion. This is going to be a big thing that is going to impact all our lives especially with so many voice assistants coming into the picture. If you are looking at insights from consumers, that’s (voice technology) going to be a huge rich source. Our consumers are going to get even more complicated. There’s no herd mentality anymore,” said Malkani
Meanwhile, a report released by KPMG in India- ‘Me, My Life, My Wallet’, stated that Indian consumers are prepared to trust and companies need to tread carefully to build it.
“87% of the Indian consumers were willing to share their personal data for some kind of discounts or some kind of an improvement in customer experience. Very different from most other countries, in Europe, Latin America and the US. The only country that came close to that was China at round 89% .The Indian consumer is still evolving, they love to engage, they seek value, but I think it’s up to corporates to try to engage and understand how they can enagage and deal with this data and build trust in a way that the consumer can hang on to them,” said Razdan.
Food and beverages is one such market that consumers have begun to trust. The businesses under this umbrella have started researching before taking any step forward.
“Now because the market has grown so much and there is so much competition, we have started hiring research agencies. So now we research every location and see what kind of spends are there, office-goers, residences, destination, etc. By and large as a company we are putting all our brands into places with already higher footfall,” said Singh.
The experts also said that companies today should use technology to give a simplified view to consumers and make every engagement with the consumer count.
Also, as per KPMG in India’s Me, My Life, My Wallet report 55 % of Indian consumers said they would rather lose their wallet than their phone.
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