Source: GlobalData
Consumer demand for novelty and customization compels brands to explore new product segments in India, finds GlobalData
Posted in Consumer
Novelty and experimentation trends have changed the consumption patterns of consumers. Consequently, brands are continuously innovating in line with the growing personalization trend to maintain consumer interest while gaining a competitive edge over the rivals in India. New market disruption will help the brands tap into emerging markets and enhance their relevance, says GlobalData, a leading data and analytics company.
Savitha Kruttiventi, Consumer Analyst at GlobalData, comments: “Brands need to ensure they meet consumers’ needs and expectations of novelty and uniqueness along with the important dietary considerations. In line with this, Keventers, an India-based milkshake and ice cream brand, launched waffles for the first time as part of its expansion strategy. These 100% vegetarian waffles are available in six different flavors and cater to consumers who have special dietary preferences such as vegetarians. The brand also allows consumers to customize their waffles with their favorite ice cream toppings. The manufacturer leveraged its brand image to enter a new product segment.”
Francis Gabriel Godad, Consumer Business Development Manager, GlobalData India, notes: “In the current competitive landscape, it is extremely important to prioritize innovation to thrive. Manufacturers must focus on launching products that are innovative and align with consumers’ preferences to create deeper connections with them. In GlobalData’s 2024 Q2 consumer survey, 74% of Indian consumers admit that they find novelty/uniqueness to be an essential feature influencing purchase decisions^.
“Consumers in India are actively on the lookout for the brands that give them options to customize according to their interest. 65% of Indian consumers admit that their purchase decisions are always or often influenced by products’ alignment with their needs and personality. Hence, brands need to embrace customization to have a higher chance of enhancing their customer satisfaction and brand loyalty among consumers.”
Kruttiventi concludes: “Consumers are seeking novel products that align with customization and personalization trends. This highlights the need for the brands to adapt and innovate to retain their customer base. Brands that emphasize these factors tend to gain a competitive edge and attain success in the long run.”
^GlobalData 2024 Q2 Consumer Survey – India, published in July 2024, with 897 respondents