With a vast array of retail options and a rapidly evolving media promoting these varied goods, shoppers in India have become more demanding and harder to retain. But shifting that demand in your favor could be well worth the effort—the country's consumers currently command approximately $20 billion in sales. New findings from a Nielsen study, revealed at the Nielsen India Consumer 360 event in New Delhi, 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,” said 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.”
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.
Retailers 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. Align your promotions with 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 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.