Syed Ali Asgar Razvi Comments On The Future Of Consumer Goods Marketing
The COVID-19 pandemic has created a surge in the markets and hugely reshaped consumption habits. Growth in 2021 was driven meaningfully by volume, because of elevated consumer demand during the pandemic. Buyers decided to the make do with physical and digital support in order to face lockdowns.
Syed Ali Asgar Razvi, the renowned entrepreneur who is currently heading the fast moving consumer goods business in which his family has been involved in for decades, is highly hopeful about the future of consumer goods industry in the successive years. He feels that as the year of 2021 had been a victorious advancement for them, they must continue to invest in winning brands that are in attractive categories in order to keep this winning streak going.
“The companies must prepare for a world that looks very different from today’s, as it is clearly driven by the ever changing trends. We need to rebuild our talent and potential thereby processing to adapt to a shift in the upcoming market. In the later years, upheavals in global consumer and supply markets are likely to produce as many losers as well as winners among consumer goods companies. We must prepare ourselves to be nimble enough to adapt to new consumer demands. Especially putting a huge importance on increasing online presence”, says Syed Ali.
As Syed Ali observes the recent technological support that has surged in these years, he believes that slightly automating the work in the industry and making using of artificial intelligence will significantly reduce the need for physical and manual skills as well as basic cognitive skills. This will inturn create new types of work with job growth in a range of high-skill roles. Partial automation should be kept mandatory as the workload keeps getting bigger with increasing consumption.
He adds to his idea for a brighter future by saying, “The companies must get ready to venture out of their comfort zones to explore new markets which will eventually help them to reap rich rewards. We must create strategies to manage the prices of their inputs. Using the channels of social media and online marketing as I mentioned earlier. They should be considered crucial for brand-building.”
Keeping an eye on the fluctuating market values, he also feels that there will be no development if you stay at the same place for a long time. Growth comes only when people are ready to start walking from their place of stability and get ready to take risks. “We need to keep our brands interesting. India’s FMCG sector is worth $35 billion and is the fourth largest of its economy. To be among the top tiers of the industry we always have to keep moving and change according to the demands of time and buyers”, adds Syed Ali.
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