The Indian markets need to understand the new Generation..

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.

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2 thoughts on “The Indian markets need to understand the new Generation..

  1. The more I think about this, the more I realize that companies need to become proactive and instead of following and sensing what kids want, they should be more adventurous and work on creating images and brands. A hit book, or a great movie makes money not only on theater and dvd sales, but on supplemental merchandise like t-shirts, stickers…and who knows what! You cannot keep sensing wants. You can sense needs. You need to create wants…induce purchases and build that customer base. What say?

    • These are latent ‘needs’ that become visible as ‘wants’ on being identified and catered to. Market creation is an ongoing (adventurous) activity for customer responsive companies whom you term as ‘proactive’. Sustained sales of any new product will depend on needs of the target ‘audience’ that was never identified or present earlier!It is a complex subject all together and is customer-focused in today’s times…needs are changing too fast in global markets of variants…and it is difficult to create/ retain market shares.

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