Today, it’s no longer sufficient for retailers to passively cater to consumer needs; instead, they are actively engaging with consumers and becoming an indispensable part of their daily experiences
In a world where connections are paramount, we are flipping the script. It’s not just about putting consumers at the core of what we do; it’s about becoming the core of their lives,” experts discuss.
“Consumers have always been at the core and will remain so in times to come especially for retail,” says Lacoste India MD & CEO, Rajesh Jain.
In today’s fast-moving world, the reach-out to the core of consumers has increased as the loyalty factor which existed a few years ago has vanished. Jain believes, “The phrase itself, ‘core of the consumer,’ is divided into two parts – core set of consumers and heart of the consumers.”
From understanding the consumer needs to anticipating their desires, retailers have been immersing themselves in the heartbeat of their consumer base. The dynamics of consumer-business relationships continue to shift, a profound transformation is taking place – one that transcends mere consumer-centricity to embed businesses at the very core of consumers’ lives.
Mayank Mohan, CEO, Mohanlal Sons says “agar customers ke dill tak pahunchna hai to just smile at them.” With this he emphasises cracking the code of personalisation to reach the consumer’s heart, beginning with a smile on the face. From serving them a mere cup of tea to presenting them with their needs in as much variety as possible is the need of the hour.
Mohan further explains that this shift is signifying a fundamental change in the retailer’s perspective. It’s no longer sufficient for companies to passively cater to consumer needs; instead, they are actively engaging with consumers, becoming an indispensable part of their daily experiences. This evolution is not merely about delivering products or services; it’s about creating immersive, personalised experiences that resonate deeply with consumers.
“Today it’s very difficult to evoke a sense of loyalty with consumers as they are buying anything and everything on the go or at one click”, says Rahul Jain, Co-founder of Beanly Coffee, while he explains this scenario, linking it to the beverage industry. Being a fairly new brand in the market and not having the backing of a legacy framework, he feels that engaging customers to attract them into becoming repeat customers has been a tiring task for them. But somehow, they have been trying to crack this code by actively engaging with people over calls who disliked their product. This has helped them strengthen their loopholes and attract mere first-time tasters.
On the contrary, Rajat Agrawal, CEO, Barista Coffee believes, “Today even a middle-class man wants to be counted in the premium list of brand’s targeted audience hence the biggest shift to attract should be by customising premium needs for our consumer base.”
By analysing consumer behaviour and preferences, retailers today are anticipating consumer needs and tailoring offerings to individual tastes, creating a seamless and intuitive shopping journey. Take for instance the case of contact lens industry. “Today only 6-7 per cent people out of 100 require numbered glasses in form of lenses. But with the coming in of coloured lenses, the target audience for us is almost anyone,” says Sanjay Bhutani, MD, Bausch & Lomb India.
The shift towards becoming the core of consumers’ lives is not without its challenges. It requires a fundamental re-evaluation of business practices, organisational structures, and ways to put a blanket on data privacy. Rajat Tiwari from Avit explains, “data will always be with you irrespective of whichever industry you are catering to, but it the ethics and values of a company who has access to that data. And the purpose of the usage of that data should always be knowledge-oriented rather than promotional gimmicks.
The journey from consumers at the core to the core of consumers represents a seismic shift in the way businesses approach customer-centricity. By embracing this evolution, companies can forge deeper connections with consumers, driving brand loyalty, advocacy, and sustainable growth. As we navigate this new frontier, let us remember that at the heart of every transaction lies a human connection, and it is this connection that ultimately defines the success of businesses in the 21st century.
