Per capita consumption in India is very low but there is headroom to grow, expert pins hope on the marketers to leverage the business
“India is a consumption-driven economy and from our perspective consumption has started seeing an uptake.” said, Chandan Mukherji, Director & Senior Vice President, Strategy, Marketing & Communication, Nestle India. He was speaking at the Festival of Marketing, organised by BW MarketingWorld in New Delhi on Friday.
Mukherji said there is a great potential for consumption but stressed the way to get there is much more complex with many more variables and levers to look into. He further underlined the AI boom which along with digitalisation is likely to bring big change, the Director added.
Echoing these sentiments Virat Khullar, Group Head Marketing, Hyundai India said, ‘We are changing consumption’, which means consumers in personal and official space are not only changing their brand consumption but also their consumption of media.
Khullar further emphasised the drastic consumption pattern that took place during and after Covid. He said, “Today everybody is reformatting to the new world as we speak. As a marketer, it is their responsibility to understand who will buy - what, how, why, and from where the purchase is done.”
Asserting the consumption pattern, Himanshu Khanna, Director of Digital Experience & Commerce, at HCL Software said, it is important to understand consumers thinking for a better business. He said it is about concentrating on how sentiments are attached to a certain brand because that brings a big business change.
He said, today businesses are associated with tech. It is not wrong to say that AI is in business now. But as the majority of people fail to understand the advanced technology it disrupts the ecosystem.
Speaking on AI, Mukherji said, artificial intelligence is not a new technology, it is just evolving now and is the hottest topic today. We need to understand it's not about ‘Human or/and Machine’ neither it is ‘Human Vs Machine’. But it is human with the machine.
Acknowledging Mukherji, Khullar said even if AI has many good things a marketer needs to be cautious about its cons as well. Striking the right balance to attract consumers for building a profitable business is a must, added the Hyundai Marketing Head.
Shedding light on brand building Khanna said, companies are helping brands to sell better which is a key metric to drive business revenue. Technology today is also helping brands retain and grow their identity. So, it is nowhere wrong to attribute that businesses are tech-driven.
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