On the 26th of August 2021, the Senior Category Head at Parle Products Pvt Ltd, Krishnarao S Buddha, and the DGM Digital Marketing of Godrej Consumer Products, Altamash Khan joined Qoruz for a webinar on digital commerce: FMCG Brands Getting on the D2C Bandwagon- Go to Market Strategies.
With FMCG brands facing pressure from supply chains and the ever-increasing consumer expectations, digital commerce is a much-needed competitive advantage. The pandemic has given way to online buying, a trend that will continue. Riding on this trend, the FMCG companies are increasing their digital capabilities by hopping on to the D2C bandwagon by establishing a direct connection with the consumers. The webinar covers the market strategies for FMCG brands to accelerate their digital strategies.
As Indian consumers increasingly turn to e-commerce for purchases, FMCG brands are dipping their toes in the digital commerce space. Brands with existing digital channels have accelerated their digital programs.
A direct-to-consumer approach is about building one-on-one consumer relationships. Brands are leveraging technology to understand consumer needs. This can lead to relevant, personalized products, services, experiences, and offers. Which can efficiently drive increased consumer acquisition, conversion, retention, and advocacy.
Action in the D2C segment is heating up as some of the largest traditional FMCG companies are participating in the frenzy for digital-first brands. In the webinar, Mr. Krishnarao talks about the responsibility of brands to be on the lookout for evolving consumer trends. Brands must keep a close eye on digital channels to ensure products reach consumers in a seamless way. He emphasizes the need for brands to foresee what consumers might expect in the future.
The FMCG industry is known to follow a convoluted supply-chain model of wholesalers, distributors, and retailers. And is now experimenting with new distribution networks to sell directly to customers. The FMCG brands have made a fast journey from ‘bricks-versus-clicks’ to ‘bricks-and-clicks'.
Along with purchase power, there is behavior change, and staying relevant should be the topmost priority for a brand says Altamash Khan. The pandemic has accelerated the pace of digital adoption. Millennials are a fast-growing and influential consumer group. They are increasingly gravitating towards online shopping. As a result, if legacy players don’t adapt quickly, they could soon miss the bus.
It has taught brands that if the customer can’t come to you, you will need to go to the customer. Brands must listen to consumers to ensure a personalized connection with the consumer.
There are many factors brands have to take into consideration while going digital. For most brands, owning the customer experience is a completely new ball game. Digital commerce is enabling FMCG companies to tick several boxes on their checklists. It enhances availability, convenience and helps gauge consumer feedback.
The customer behaviour has changed dramatically in light of the pandemic. There is a shift in how products are created, marketed, and delivered. The brands who leverage digital commerce now could just make it their most profitable channel in years to come.
To learn more about going digital, leveraging tech in the most optimum way, and planning your market strategy you can tune in to the recording of the full webinar here.
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