Swift technological advancements, changes in economic policies, opening of markets and growing demand have created the need for devising dynamic solutions in the consumer and retail sector. The outlook towards customer-centric business models have changed over the years, with adoption of superior technology.
Consumer products market is witnessing a boom, post increased market confidence, mass inoculation and upliftment of lockdown. Even during the pandemic, it was evident how consumer preferences had shifted towards e-commerce because of its convenience. Today, e-commerce platforms are sitting on a goldmine. The pandemic has accelerated the use of such platforms/apps, across various products and portfolios, hinting on higher acceptance and increased consumer trust.
In the past few decades, India has transformed into a global retail and e-commerce player. Digital transformation, artificial intelligence, forensics, understanding consumer behaviour, supply-chain management etc. have become crucial for consumer products brands. This sector is burgeoning with opportunities for all its stakeholders, yet it also has several challenges that need to be addressed at every stage of the business lifecycle.
The consumer, retail and e-commerce industry has undergone significant transformation over years. Technology, more purchasing power, accessibility etc. are some of the pertinent reasons driving a change in consumer behaviour. The outbreak of a pandemic in early 2020 altered the operations of the industry worldwide forcing everyone to reboot their strategies and derive new ways of reaching the consumer. Businesses have had to embrace digitisation, automation, revamp their supply chain management etc. The need of the hour is to build resilience, create solutions that not only increase revenues but also create a lasting impact.
Naveen Malpani Consumer & Industrial Products Leader, Grant Thornton BharatWe understand the consumer products business and its challenges. Our processes begin with identifying and defining the gaps in the business model and strategy. Automation, cross functionality, social listening, integrated reporting, data analytics etc. are certain core areas where we support our clients in business transformation and in meeting the requirements of an ever evolving industry.
We deal with business solutions and services for the larger industry, including:
As consumer demands evolve, businesses must find the right balance between success and growth. Consumer, retail and e-commerce companies must rethink on serving the smart consumer, build capabilities where data is at the heart of everything and be agile to respond to market change.
The team at Grant Thornton Bharat helps companies explore, identify and implement the strategic choices that will sustain their businesses today and transform it for tomorrow.
We work across businesses, e-commerce marketplaces, manufacturers, distributors and retailers, delivering solutions designed to promote growth and create value.
To gauge the market sentiments and better understand the expectations from Union Budget 2022, Grant Thornton Bharat conducted a pre-budget consumer and retail sector survey.
Download survey reportThe consumer and retail sector showed tremendous signs of recovery in 2021, after going through innumerable problems of supply-chain disruptions, high input costs, low consumer sentiments, etc.
Read moreOne thing is certain that the budget presented by the Finance Minister is forward-looking. With some focus on short-term initiatives, the tabled budget is expected to provide an impetus for growth with a vision to steer the economy for the next 25 years.
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