Consumer behaviours are quickly changing grocery shopping in multiple ways. This was one of the many engaging themes that was discussed at the recently concluded India Food Forum. Picking on the theme, one of the speakers – a top executive at Coca-Cola India – drew the attention to the bewildering variety of beverage options available today. He observed that beverage buying pattern today is very different from what existed about a decade ago: “Today, there are increasing numbers of people who go for exotic juices, re-hydration products and more…they are into many evolved products like ice teas, juice with milk and many more.”
To be sure, such instances of change and churn are dime a dozen. So much so that the industry feels that the ground is shifting beneath their feet, but is unsure of what lies beneath and what lies ahead. The fact of the matter is that both challenges and opportunities lie in store. The challenges include finding the ways and means to make the right adjustments to customer choices and preferences. Factors like price sensitivity, customer time deficiency, and instant access to promotions and product information will keep putting greater pressure on retail and product companies to shift with consumer demands.
In terms of opportunities, there will always be new vistas for growth. Insofar as retailers and brands will keep increasing their understanding of the customer and use of new knowledge tools and technology, there will always be a growing pipeline of new solutions coming into the market, which will serve the interests of the market and consumers in an equal measure.