Things are looking up for India’s retail and fast-moving consumer goods (FMCG) industry. The Economic Times reports that in Q3 2021, sales at top retailers such as Titan, Reliance Retail, Shoppers Stop, Aditya Birla Fashion & Retail, Avenue Supermarts, and Bata surpassed pre-Covid levels.
Meanwhile, the FMCG market expanded 10% in January, year-on-year from 2021. Even with discretionary products like televisions and refrigerators, leading companies saw double-digit sales growth.
Clearly, consumer confidence is rebounding. Yet a lot has also changed. Entire shopping journeys – from discovery, to buying, to service – have moved online. Purchases are being made across a variety of digital channels, from brand websites and apps, to social media and messaging platforms, to online marketplaces.
Yet, physical stores haven’t lost their appeal. Shoppers want to be able to touch and feel merchandise, make purchases immediately, and avoid shipping costs – all benefits that physical stores provide.
Shoppers have also become more conscious about what they purchase. They’re choosing healthier products, searching out the best prices, and buying locally wherever possible.
Most of all, they value great experiences. Sixty-six percent of consumers expect companies to understand their unique needs and expectations. And 80% of shoppers will abandon a retailer after three bad experiences.
So, what can companies do to up their game and create shopping journeys that customers love?
Take a leaf out of the books of these five retail and consumer goods Trailblazer who are setting new standards for customer engagement with Salesforce. They’re personalising in-store shopping experiences, simplifying online shopping, bridging physical and digital channels, and more.
Take, for instance, Titan Company. The retail colossus has unified the data of 20 million+ customers across 1,900+ stores and 18 brands onto Salesforce. So, the moment a customer walks into a Titan store, relationship officers can instantly pull up their data to provide personalised attention and recommendations. This has increased conversions by 3-4%.
Meanwhile, Praxis Home Retail Limited is delivering seamless, omni-channel experiences using Salesforce. Teams now have a 360-degree customer view. So, sales reps can tailor conversations to customer needs. And service agents can resolve cases faster. Already, net promoter scores (NPS) have increased 10%, while call time has reduced 40%.
Learn more about these other success stories, including:
All these stories can be found in our new ebook – Meet 5 Retail & Consumer Goods Trailblazers from India.