- Brands that prioritise innovation and align their products with consumer preferences will likely gain a competitive edge and achieve long-term success.
BENGALURU: The demand for novelty and customisation has emerged as a critical driver influencing purchasing decisions in India and signifies a departure from traditional consumption models, an industry expert said.
Savitha Kruttiventi, a consumer analyst at GlobalData, said that brands are compelled to explore new product segments to maintain consumer interest and secure a competitive advantage.
“The shift in consumption patterns necessitates continuous innovation and adaptation by brands to meet evolving consumer expectations and aligns their offerings with consumer desires for uniqueness and dietary consideration.”
A pertinent example is Keventers, an Indian milkshake and ice cream brand, which recently expanded its product line by introducing 100 per cent vegetarian waffles available in six distinct flavours.
“The strategic move not only caters to the growing vegetarian demographic but also allows consumers to personalise their experience by customising their waffles with preferred ice cream toppings. Such initiatives reflect a brand’s ability to leverage its existing image while tapping into emerging market segments,” Kruttiventi said.
Forging deeper connections
Moreover, she said the competitive landscape in India underscores the necessity for brands to prioritise innovation.
According to Francis Gabriel Godad, Consumer Business Development Manager at GlobalData India, manufacturers must launch products that resonate with consumer preferences to forge deeper connections.
Notably, GlobalData’s second-quarter consumer survey reveals that 74 per cent of Indian consumers consider novelty and uniqueness as essential factors influencing their purchase decisions. This statistic underscores the imperative for brands to embrace creativity and differentiation in their offerings.
“Customisation is another critical aspect of consumer demand in India. With 65 per cent of consumers indicating that their purchase decisions are frequently influenced by products that align with their personal needs and preferences, brands must adopt a consumer-centric approach,” Godad said.
By offering customisable options, he said that brands can enhance customer satisfaction and foster brand loyalty, thereby increasing their chances of success in a competitive market.
