India is set to become the fastest-growing economy of the world, thus offering millions of business opportunities. All this is primarily on account of the fact that our growth opportunities are based on internal consumption demand, which is consistently growing due to various factors such as population growth as well as the increase in consumer confidence and spending across various sections of the society.
The new generations are a key component firing and pumping the growth engine today. Their importance in fuelling the economy stems from the fact that they constitute the biggest demographic bulge in the country at present. Their consumption and spending patterns are significantly different from that of the earlier generations thanks to the availability of different kinds of opportunities and their confidence to tap these initiatives for generating income and boosting market confidence.
It is therefore important to take note of the choices and preferences of the newer generations in order to grow one’s business on a continuous basis. Hence there is a need for a better understanding of what the young consumers of today want as well as our readiness to make those wants easily available and accessible.
The best way to go about doing it is by building and offering newer assortments, in exciting and varied ranges and by being both innovative and imaginative.
New consumers of today are looking at something new every time they make a buy. They are interested in new concepts and they are excited of the new ranges on off er as it allows them to explore their choices better.
New consumers’ awareness and alertness towards health have given a big fillip to the companies dealing in such products. The evidence is before our eyes: we are seeing a steady growth in the consumption of healthier foods and beverages be it organic, brown, gluten-free or coarse grains.
At the same time there has been a decline in products such as carbonated drinks across all major consuming areas. Th e growth in beverages, particularly tea and juices on the health platform, like green tea, Tulsiginger mix and juices infused with Alo Vera, Amla, etc, have been significant.
These health ingredients are being adopted by almost all players who want to capitalise on the trend for healthier foods. Progressive grocers, be it the retail chains or standalone supermarkets across the country, need to be alert to these changes well in time.
They need to align their strategy with the prevailing trends so as to offer new concepts and products to the discerning consumers of today. This helps in retaining the consumers as well as growing the shopping basket size for better returns on the business.
The tie-up between Future Group and Patanjali Ayurveda, wherein the products of the latter will be available across the complete Future Group’s retail chain is a prefect example of the growing trend towards healthier consumption.
Similar tie-ups have been reported by national and international companies as well– Godrej Nature’s Basket, FoodHall and Spencer’s have all gone for collaborations, which help to enhance the health appeal of the assortments they sell. New initiatives like these add to the bottomlines.
Consumers of healthy products are not looking at bargains or offers but regular availability of such products at the shelves. With the advent of online and other Omnichannel platforms, the reach of new concepts and products has multiplied several times. But Indian consumers always prefer to have a better understanding of products before making the buying decision and that too after touching, feeling and interacting with products at the buying platform, which is possible mainly at brick-and-mortar stores.
Thus, it’s all the more important for the physical models of retail to be alert to the new trends and engage with consumers for growing the business. It can surely generate additional footfalls– particularly from new consumers as well as new business from existing categories and offerings – if the message is communicated to all stakeholders in an appropriate manner.