FMCG companies and retailers in India must focus on hassle-free online payment mechanisms, cybersecurity, and sustainability to register healthy growth rates. The Deloitte-Ficci report highlights the need for personalized conversations, enhanced customer loyalty programs, and a robust cybersecurity regime for data protection. The pandemic has accelerated the need for ESG (environmental, social, and governance) adoption, and retailers must adapt their marketing plans to the evolved shopper journey, creating a seamless shopping and consumer experience for their customers across channels. With increased adoption of digital infrastructure and greater use of smartphones, the direct-to-consumer market has picked up significantly, with over 1.35 billion potential customers across regions. Retailers and FMCG companies are re-aligning their businesses to improve the consumer and shopper experience by building agility in distribution networks, accelerating the adoption of technology for omnichannel growth, and digitizing the supply chain through sustainable business practices.
Latest News: Focus on Hassle-Free Online Payment Mechanism, Cybersecurity and Sustainability to Boost India’s Retail Sector
According to a Deloitte-Ficci report, India’s retail sector can register healthy growth if it focuses on a hassle-free online payment mechanism, cybersecurity, and sustainability. The report highlights the rebound of FMCG and retail brands post-pandemic, with increased consumer spending and evolving consumer behaviour influenced by technology.
The report emphasizes the need for personalized conversations, enhanced customer loyalty programs, and a robust cybersecurity regime for data protection, given the ever-increasing demand for e-tailers. With increased adoption of digital infrastructure and greater use of smartphones, the direct-to-consumer market has picked up significantly, with over 1.35 billion potential customers across regions.
Retailers and FMCG companies are re-aligning their businesses to improve the consumer and shopper experience by building agility in distribution networks, accelerating the adoption of technology for omnichannel growth, and digitizing the supply chain through sustainable business practices. To stay ahead of the curve, retailers need to embrace the future, which is purely digital. They must use the ‘phygital retail’ strategy, which involves keeping an eye on health and wellness aspects and includes solid talent positioning in the new normal.
The report also emphasizes the need for retailers to adapt their marketing plans to the evolved shopper journey, creating a seamless shopping and consumer experience for their customers across channels. The pandemic has accelerated the need for ESG (environmental, social, and governance) adoption in the country and worldwide.
According to Rajat Wahi, Partner, Deloitte Touche Tohmatsu India LLP, those who introduce innovation and adapt to the changing landscape will be best positioned for success in this dynamic industry. In this regard, brands today are building agility in their distribution networks, accelerating the adoption of technology and processes to drive their overall growth, and continuously improving and digitizing the supply chain by focusing on sustainable business practices.
The report also includes news on the resignation of Colliers India CEO Ramesh Nair to pursue external opportunities and the potential announcement of a DA hike in the 7th Pay Commission next week, which could increase salaries.
FMCG Companies and Retailers Urged to Incorporate Sustainable Practices
According to a report, FMCG companies and retailers are expected to incorporate sustainable practices as an integral part of their business models. The report emphasizes the need for sustainable business practices, and the adoption of ESG (environmental, social, and governance) measures in India’s retail sector.
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