FICCI and Deloitte Touche Tohmatsu India recently launched the fourth edition of their joint report called REBOOT.
The report reveals the need for the consumer brands to R.E.B.O.O.T their businesses due to the current situation of pandemic, which has led to the changing consumer behaviour.
It further states that the retailers need to realign their business models and partnership, use technology and analytics to enhance consumer experience, build resilient distribution, develop omnichannel presence, increase focus on sustainability and operate efficiently.
The report also jots down six key impacts of pandemic on consumer market including acceleration in e-commerce, increase in demand from rural markets, increased focus on health, hygiene and nutrition, focus on omnichannel models, adopting phygital approach and increased focused on sustainability.
Rajat Wahi, Partner, Deloitte India, mentions that retailers in order to survive the massive disruption caused by pandemic have adapted by building agile business models and innovative marketing strategies along with increasing their digital presence to reach out to the customers.
Also, the prolonged lockdown was a major reason behind the transformed consumer buying behaviour and increased health and hygiene concerns, he further added.
This shift in the consumer buying behaviour has opened new opportunities for businesses to develop hyper-local delivery models, use conversational artificial intelligence (AI) and build omnichannel retail to acquire and serve customers.
Dilip Chenoy, Secretary General, FICCI, mentions that India is one of the world’s fastest-growing major economies and has immense potential. “Increased involvement and participation of businesses with the help of supportive policy measures will help capitalise on this potential and achieve the societal goals of inclusive growth and empowerment of the people.”