New age consumer not shying from spending: Shubhranshu Singh
The new-age consumers are ready to spend more than the previous generation that believed in saving money, says Shubhranshu Singh, CMO, Visa
Published - Jun 20, 2012 9:54 PM Updated: Jun 20, 2012 9:54 PM
The consumer is evolving and the new age consumer is not shying from spending more as compared to an earlier generation, said Shubhranshu Singh, CMO, Visa, at the Pitch CMO Summit 2012 – South, in Hyderabad, yesterday.
Speaking on the topic, 'E-Commerce & the New Age Consumer: Shifting Realities', Singh the new age consumer is more comfortable spending online, and that has given a fillip to e-retail.
He put the consumers in three categories – young, the not so young and the old. He said while the young wouldn't think twice before spending, the not so old would think twice because responsibilities made them cautious towards saving, while the older generation was conservative in its approach towards spending, which focused more on saving.
He also, talked about the growing influence of digital, something marketers cannot ignore any more and traditional advertising will not be enough to reach out to people. “In every nook and corner, there are youngsters with mobile phones that have internet access. This spells an opportunity that is knocking at the door,” he said.
He agreed with Manisha Lath Gupta, CMO, Axis Bank, who made a presentation earlier in the day, that today digital marketing has come on top of traditional advertising. It is not that it has come as an alternative to traditional advertising.
He said that people ‘believed’ word more on social media rather than believe an advertisement. They would prefer a feedback from a friend about a service or product rather than an advertisement.
In agreement with Gupta, he said that brands could with just a click of an 'Unlike' button find themselves blocked out from the consumer's preference list.
“Consumer optimism and confidence are the two facets of growing institutional trust. If the trust is not achieved, then marketers are at a risk of losing the customer,” he added.
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