As a brand, the need is for solutions on a day-to-day basis: Sachin Jain
Jain, President, Forevermark India, shared key insights on real retail, outcome-based economy, women economy and more
“It’s really about reflecting upon the time and era we are in,” said Sachin Jain, President, Forevermark India, at the exchange4media Conclave on Tuesday.
Keeping in mind the theme of this year’s Conclave, ‘Creativity First: Brand Engagement in the Connected Era’, Jain spoke about several key aspects and latest trends such as being limitless, automated real-time economy, outcome-based economy, real retail, women economy and sustainability.
Jain started his session by talking about celebrating creativity in this era of connectedness. “As Indians, as India, what is the change we can do?” Be limitless, Jain stressed as he made a reference to Modi 2.2 and the position of India being stronger than ever in the world.
“While the prediction is that we are going to be a 5-trillion economy, do all of us feel that we are a part of it? The industry of diamonds does. From the point of view of exporting idea, this is really our time,” he shared.
Talking about how consumers relate to the category of diamonds, Jain said, “How does a new-age consumer relate to our category? Connectedness on diamonds is a big challenge. Creativity and innovation are the heart and soul of the future of any organisation,” he added.
Jain spoke about a ‘frictionless environment’ in today’s world. Citing the example of Amazon Go Stores, he said all things that are futuristic are already realities. He said consumers are living today a life without friction.
Automated real-time economy
“There are things happening online, real time, right now.”
Jain spoke about how driverless cars in the future can get one to their destination in a given time by interacting with cars ahead, which then will make space and some physical exchange of money will happen in real time.
As a brand, the need is for solutions on a day-to-day basis as luxury of time will no longer exist, he added. “You got to be real time, ready and active to respond to the needs of brands and consumers.”
According to Jain, agencies will be increasingly asking brands to be a partner with them. He cited the example of Rolls Royce which is selling engines by the hour. Giving another example, he spoke about how in Spain, in an effort to up their economy, in stand-up comedy theatres, the audience ‘pays per laugh’. The revenues of the theatres in Madrid have gone up 170 per cent, and the consumer gratification has also gone up, he said.
“Consumers are willing to pay more if the outcome is better than what they had expected. That’s the trend that is coming.”
“The importance of real retail is stronger than ever,” said Jain. He gave the example of Starbucks Reservoir in Shanghai to elaborate on enhanced consumer experience. The other example was of Burberry Store in Regent Street.
How AI and creativity can play a role is interesting and there is a need to be ready for this change, he said.
Moving on, Jain said, “Women economy is the fastest growing economy in the world.” Earlier, the decision-making of a product was done by families but now there is a change where women are taking the decisions alone.
The Big Indian Wedding, he said, has been the “biggest time for diamond buys.” “But interestingly, in the last three years, we have noticed that self-purchase is the fastest growing segment, and that is already at 52 per cent.”
According to Jain, there is enough available wealth in the hands of women but it is important to understand how does that change a brand’s messaging. “Today $18 trillion is in the hands of women.”
In India, many organisations have stood for sustainability but it’s a long way to go, Jain said.
“We will work with younger consumers. Next year, 70 per cent of India will be millennial or younger. Sustainability or making the right choices or caring for the world are standard.”
He also spoke about De Beers’ concept of ‘Building Forever’ and that a consumer should be proud of the diamond they are wearing, Jain said as he signed off.
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