Panelists at a session on "Innovations towards Sustainable Consumer Markets", at the 24th India Economic Summit jointly organized by Confederation of Indian Industry and World Economic Forum highlighted the challenges facing India in the development of its consumer markets.
James Scott, Regional Operating Officer, Asia, Metro Cash & Carry International, Hong Kong SAR said that India's consumer market is in transformational state with dynamic changes in the demand pattern. In this context, he pointed out that it's the bottom of the pyramid where innovation will lead to sustainable consumer markets. Mr. Scott pointed out that the supply chain particularly the cold chain needs to be developed along with bringing about efficiency in agriculture and better linkages to the local markets. In addition, an encouraging regulatory environment and more physical investment are required to stimulate development.
According to Kalendu Patel, Executive Vice - President, Emerging Business, Best Buy, USA, no such thing as "average consumer" exists in today's consumer markets. He said that understanding the diversity in terms of type of consumers is very important along with connecting to the consumers locally. Customization according to the local needs of the customer and simultaneously tapping the existing global opportunities is a big challenge facing Indian retail business today.
Several resource constraints will provide the opportunity to rethink existing business and product models, said Mr. Aron Cramer, President and Chief Executive Officer, Business for Social Responsibility, USA. He further added that diversified product range, recreating value chain according to consumer needs and increased communication with the consumer are some of the ways that can help grow the consumer markets. He also pointed out that India needs more innovative models like e- chaupal developed by ITC.
Sanjiv Goenka, Vice - Chairman, RPG Enterprises, India, described the Indian consumer as being highly ambitious and in this regard he considers change in consumer expectations to be one of the major challenges facing the Indian retail business. Mr. James Lamont, South Asia Bureau Chief, Financial Times, United Kingdom, while moderating the session said that India being one of the most promising consumer markets faces a great opportunity for organized retail sector
