TechManch 2019: Digital world defining consumer behaviour: Suresh Narayanan, Nestle India
Narayanan, Chairman and MD, Nestle India, delivered the valedictory address at TechManch 2019 and spoke on ‘Building a Future Proof Marketing Organisation’
At the third edition of TechManch 2019, Suresh Narayanan, Chairman and MD, Nestle India, spoke about ‘Building a Future Proof Marketing Organisation’ in his valedictory address.
Narayanan spoke about the shift in economy which is now skewed towards digital and how businesses need to look at different models to come to terms with the changing market dynamics.
“If you look at the current trends, we are increasingly becoming a digital economy and increasingly the consumer behaviour is getting defined by the digital world,” he said.
“Selling is going to be very swift, different in terms of channels and different in terms of capabilities. Companies that are today looking at single retail model will have to look at different models. Business to Consumer (B2C), C2B (Consumer to Business) etc; different combinations are happening in the world of business models. This means you will need to have capability to work with different business models and that is always a challenge for many organizations.”
According to Narayanan, the pace at which digital connectivity is taking place today is bound to shape a new purchase economy by 2030 and also impact the way businesses operate.
“India today consumes more data than China. Also, the rise in video viewing and the convergence of aspirations is becoming the new reality of consumer behaviour. It is going to become extremely important for companies, not only start-ups, but for mature organizations too, because if you don’t adopt it, you will be history,” explained Narayanan.
He also spoke about how the economy of the future is more likely to be a gig economy in a scenario where the rising middle class is offering new opportunities to marketers.
“Today, we have a more middle class world than a poor world and in India around 57 per cent of the population can be classified as middle class. So this is the time of opportunity for marketers,” added Narayanan.
He also emphasized how connectivity would play a big role in the success of businesses and how experiences created by brands will differentiate the long lasting from the temporary.
“Today, the proclivity for premiumisation is huge. One of the biggest trends that I’m observing in the market is that there is convergence of aspirations. Tier 2 and tier 3 towns are no longer lesser brothers and sisters, they have the same aspirations.”
Concluding his address with the biggest challenge that brands are facing owing to lower attention spans of customers, Narayanan had this word of advice.
“With lower attention spans you need enormous amounts of content to make things happen and the quality of the content is more important than the length of the content.”
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