We are a country in the midst of retail revolution: Ananth Narayanan
Ananth Narayanan delivered the 38th year Ayaz Peerbhoy Memorial Lecture. He spoke on 'Building disruptive digital brands’
“India has 600 million mobile phone users today and that is a revolution. To have a connected device in your pocket that has compute power is incredible. This is the reason why digital disruption is happening,” believes Ananth Narayanan.
Narayanan was speaking at the annual Ayaz Peerbhoy Memorial Lecture hosted by MAA Foundation and Ad Club of Bangalore on January 31. At the 38th edition of the memorial lecture, Narayanan spoke on the topic ‘Building disruptive digital brands’. He started the lecture by narrating his journey as a consultant in McKinsey to becoming the CEO of Myntra.
Speaking on digital consumers, Narayanan said, “Consumers are continuing to adopt technology at a rapid phase. India has 1.3 billion population today and by 2023, it will touch 1.4 billion. Today, 490 million people have access to internet and by 2023, it will touch 852 million. There are 229 million 3G & 4G users in the country and there will be 776 million users by 2023. But there are only 60 million shoppers across the e-commerce platform in the country. For a country with a billion people and 490 million people with internet access, it is a lot of forward-looking growth. The overall fashion & lifestyle market in this country is $100 billion. While the number seems large, it is very small compared to what you actually have. This sort of demographic trend of population, especially young population and internet usage through mobile phones, is fundamentally changing how consumers consume things.”
Speaking on the general consumption pattern, he explained, “Among the first 100 million online consumers, 60 per cent were young consumers, 70 per cent from the urban population, 72 per cent men, and 55 per cent English-speaking consumers. When the statistic of last 100 million customers where taken, 55 per cent of the consumers belong to the older generation, 50 per cent from rural areas, 45 per cent women, and 60 per cent of the consumers were speaking vernacular language.”
“We are a country in the midst of retail revolution. We have lots of consumption where young people, who have access to internet, know about different brands. The number of vernacular searchers on the e-commerce platforms has grown up enormously,” added Narayanan.
Talking about the India’s Genz population, he said, “India’s GenZ population will be 585 million by 2022 which will be 2x the US population. Brands are built so much socially now. The way in which Genz population is consuming the content is very different from non-GenZ population.”
According to him, Artificial Intelligence and technology are transforming fashion industry.
Speaking about the main challenges faced by the fast-growing business, Narayanan said, “Maintaining people culture while scaling business is important and a challenge.”
“India today is only a 20 per cent branded market, and by 2024 the numbers will go up to more than 50 per cent. Content and virality will increasingly define breakthrough success. Omni channel will continue growing and will have marketing implications,” added Narayanan.
Started in 1980 by MAA Group Chairman Bunty Peerbhoy in memory of his late father Ayaz Peerbhoy, who is remembered for his notable contribution to the advertising world, the event has over the years gained prominence for its thought provoking and insightful discussions, and has emerged as an excellent platform for networking and knowledge-sharing.
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