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The past four years have been stellar for consumer growth in India, but the next five to 10 years will be even more interesting. This phase will see a slew of insurgents (now being called \u201cchallenger brands\u201d) forcing larger incumbents to adapt.<\/p>\n
The rise in the consumer growth story will be supported by millions of first-time rural consumers and guided by the fourth industrial revolution. With increased data penetration, a rise in the per capita e-commerce spending, millennials\u2019 willingness to consume more and the rise of inclusive insurgent brands, the consumer landscape in India will evolve.<\/p>\n
A decade ago, insurgent brands were not part of your weekly or monthly shopping list. But, today, these same brands have been able to disrupt industries traditionally dominated by their larger counterparts.<\/p>\n
They have done this by capturing a disproportionately high share of growth, delivering value by redefining the costing benchmarks for their category and, in some cases, disrupting the profit pool.<\/p>\n
Incumbent (a term derived from politics) brands are established players in their category. They include both large multinationals and Indian corporations that have dominated the domestic consumer landscape for the past 30 years or more (e.g., Dabur, ITC, HUL, P&G, Coca Cola, Pepsi, etc.).<\/p>\n
The aggressive pace of growth among the insurgent brands makes us think that these are no less than Davids to the incumbent Goliaths. Furthermore, it is the strategy of nichefication (identifying unserved gaps) of categories and delighting customers that aid these insurgents.<\/p>\n
The Indian insurgent brands have two things in common. One, not only are they embedded with millennial culture in their DNA but are also driven by their consumption needs. They understand the needs, wants and problems of India\u2019s rising middle class.<\/p>\n
Also Read: How to set up your business processes for scaling your growth<\/a><\/strong><\/p>\n Two, they can inspire consumer advocacy by delivering a competitive consumer proposition using eye-catching consumer-centric marketing campaigns that enhance the recall value of their brands. Their goal is to nudge the consumers to refer to their brand while addressing a product category.<\/p>\n The growth of insurgent brands has been possible due to a host of factors:<\/p>\n These factors have contributed to reducing the barriers to entry and providing young brands with opportunities.<\/p>\n The further rise of insurgents will rest on five key growth drivers:<\/p>\n Though the rise of insurgent brands will redefine the way Indians consume, they might also be a catalyst for tackling India\u2019s unemployment puzzle. Insurgent brands, with venture funding, tend to attract an experienced talent pool to tackle the incumbents.<\/p>\n Insurgent brands are also paving the way for growth by creating blue-collar jobs and setting the foundation for the development of the gig economy as Indian brands redefine the way they do business and achieve scale.<\/p>\n Also Read: How can design-thinking promote consumer trust in the digital world<\/a><\/strong><\/p>\n Sales, warehouse operations, packaging, customer relationship management and support functions will employ a large section of the labour force that did not have access to these jobs in the past.<\/p>\n This being said, the incumbent brands are here to stay and will create value for their shareholders. But they need to understand and accept changes in the consumer. Being open to digital media, getting focused on e-commerce, stepping away from traditional marketing and achieving localised taste is critical.<\/p>\n Additionally, as insurgent brands emerge and engage consumers over the incumbent ones, the latter could employ mergers and acquisitions (M & M&A) activities to get a stronghold in a segment in which an insurgent might have secured a niche.<\/p>\n The synergy between incumbents and insurgents could be huge as leveraging a larger player\u2019s distribution and marketing know-how could serve the insurgent very well.<\/p>\n However, the key question remains: Will David be able to give Goliath a tough fight in the coming decade? And will the incumbent brands be able to adapt to consumer tastes to retain the market share that the insurgent brands had disrupted?<\/p>\n Coca-Cola\u2019s entry into jal jeera<\/em>, Danone\u2019s third India stint with the investment in Epigamia and the relaunch of HUL\u2019s ayurvedic brand, Ayush, to counter Patanjali\u2019s growth, along with its acquisition of the Indulekha hair care brand, show us how insurgents and incumbents are innovatively working towards increasing their market share.<\/p>\n The next few years will be a most exciting time in the consumer goods space in India. Entrepreneurs, investors, consumers, insurgents and incumbents will need to adapt and evolve quickly to capture the huge opportunity in rural and urban India.<\/p>\n This article first appeared in Hindustan Times.<\/a><\/em><\/p>\n –<\/p>\n Editor\u2019s note: e27<\/b>\u00a0aims to foster thought leadership by publishing views from the community. Share your opinion by\u00a0submitting<\/a> an article, video, podcast, or infographic.<\/p>\n Enjoyed this read? Don\u2019t miss out on the next insight. Join our WhatsApp channel<\/a> for real-time drops.<\/p>\n Image credit: Canva Pro.<\/p>\n This article was first published on November 22, 2022.<\/p>\n The post How insurgent brands are redefining India\u2019s consumer growth story<\/a> appeared first on e27<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The past four years have been stellar for consumer growth in India, but the next five to 10 years will be even more interesting. This phase will see a slew of insurgents (now being called \u201cchallenger brands\u201d) forcing larger incumbents to adapt. 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Redefining the way Indians consume<\/h2>\n