Let us accept that the ‘new generation’ consumers have born in the age of ‘plenty’…in india. They are exposed to large multi-floor shopping malls, latest multiplexes, global internet era, freedom of media, DTH satellite television, latest video games/ gadgets, besides ‘spare money’ in DISK ( double income, single kid) families. They are being exposed to a plethora of products in every category they are interacting with whether electronics, consumer durables, FMCG or any other etc.
This generation kids love ‘options’ that enables them lot of flexibility to choose what they ‘want’ ( note that it is not what they ‘need’). The new scene has taken many companies by surprise as they are confused about what to stock, running cost of working capital, how to gather consumer data amidst complex media options, what product development schemes will succeed, and basically whether to accept the fact that buyers/ consumers call the shots now.
I had written in an another post regarding ‘sense and respond’ approach adopted by markets in the western ‘developed’ countries wherein the options of wide range of products are dished out to the consumer every morning in form of catalogs with the newspaper to study their behavior. Malls in the west are carrying radioactive tags on each product kept/ displayed on the shelf to gather likes/ dislikes, affordability, interests in the western countries. You could call them ‘smart’ tags similar to smart cards in technology aspect. Now this market-penetration activity has become essential and such data collected consistently over prolonged period of time enables the market research team to propose product development or R&D of ‘in demand’ wants.
Needless to say, the consumers are constantly exposed to a very vibrant, enthusiastic media that has grown by leaps and bounds post reform era being in a global market scenario.Now, such growth has consequently created an intelligent consumer who is well aware of the available options.
That is what i mean when I say Indian Markets need to understand the NextGen buyers.