ADVERTISEMENT
  • News
  • Technology
  • Culture
  • Entertainment
  • Sport
  • Travel
  • Music
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Thursday, November 30, 2023
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home Business

Impact of shift in consumer spending and behavior a challenge for CEOs in the retail and consumer goods sector

The FINANCIAL by The FINANCIAL
September 2, 2016
in Business
Reading Time: 4 mins read
A A
0
PwC Joins RE100 Committing to 100% Renewable Power for Its Electricity Consumption
Share on FacebookShare on Twitter

The FINANCIAL — The changes to Indian consumer behaviour are being driven by increasing incomes, the younger profile of consumers and growing access to the internet. According to the FICCI-PwC report, Shaping Consumer Trends, the greatly increased use of smartphones, consciousness concerns about health and the environment, technological innovations and the rising complexity of decision-making due to the proliferation of products and points of sale are key areas of change that will impact consumer and retail businesses.

ADVERTISEMENT

According to the report, these drivers are reshaping where, what and how consumers’ make purchases and how they want to be served. The key business trends that are visibly unfolding and creating a large number of opportunities for consumer-driven companies are:

Changing purchase patterns: The shift in purchase behaviour towards online buying, dominated by mobile phones, has been very evident over the last few years. Preferences are now clearly extending beyond the original product categories of electronics and fashion to include food and grocery as well as local origin products.

RelatedPosts

New concept and image campaign of Liberty Bank – Chveniani (One of Us)

Navigating Forex Markets Amidst Global Conflicts: A Beginner’s Guide

Subway® and Wissol Group Partner to Expand Subway’s Presence in Georgia

Protected: How do businesses identify, assess, and mitigate different types of risks?

Evolving desire for service: Consumers are now seeking a clutter and trouble-free experience, enabled by technology and better quality sales people.

Switch to health and wellness-driven choices: There is a marked consumer shift towards products and services that are perceived to be relatively healthy and less harmful or enhance people’s sense of physical and mental wellness and the environment.

Rise of convenience: Cash-rich and time-starved consumers are seeking a new dimension in ‘convenience by knowledge’ to help them navigate to the right products and services that are relevant for them.

Growing social networks: The concept of ‘crowd clout’ is gaining significance as consumers realise that their collective networks are enabling them to demand improved products and services from companies.

Discussing about the report, Anurag Mathur, Partner and Leader – Consumer & Retail, PwC India, said, “India is in a strong position in the world where a growing consumption capacity, demographic shape and lifestyle changes will propel double digit growth for consumer business over the next decade. However, the Indian consumers selective participation in global consumption trends & concerns coupled with local infrastructure challenges will require a unique response from companies to win and leapfrog on the growth cycle

India has come a long way in regulating its policies and promoting ease of doing business, and has huge potential for growth in the sector. As per the report, the Government is actioning policy reforms by liberalising foreign investment norms and creating a single window clearance policy to facilitate business in the country. But there is a need for further investment under the Make in India campaign for India to compete with the developed nations of the world and make a mark in the sector.

Commenting on the steps the Government has taken so far, Akash Gupt, Partner & Leader – Regulatory Services, PwC India, said, “Globally, investors are looking at India not only for its market size but as a destination with significant long- term potential. The evolving regulatory framework and the dynamism of the Government have opened new avenues and have twofold benefits on fulfilling objectives of make in India, and of increasing consumption demand in the country.  This is the time when most regulations are and should be created around consumers. In particular, the food and beverages segment has opened up the extensive scope of manufacturing and trading in the country. And with the implementation of 100% FDI in retail trade of food products, we can expect to see an enhanced consumer basket and a utility-driven consumption trend.”

Adding to this, Krish Iyer, Chairman, FICCI Retail and Internal Trade Committee said, “The continued focus on ease of doing business by the Government augurs very well for India’s industries across sectors. We’re seeing lot of reforms by the government, not only related to FDI, but also for removing several structural & systemic bottlenecks. So while India remains one of the most attractive markets for businesses worldwide due to its favorable demographics, size of the population, growing purchasing power and the growing consuming class, effective implementation of the progressive policy reforms will further boost the economy and create an ease of doing business environment in its true spirit.”

Key regulatory recommendations made in the FICCI-PwC Report:

Give the FMCG and Retail sector industry status so that companies are eligible for priority sector lending

Continue to focus on improving ‘ease of doing business’ in the country to improve the regulatory environment and India’s rank on the global index

Implement GST early to achieve cost efficiency in the procurement and supply chain

Provide fiscal incentives to the industry, including on backend infrastructure and supply chain

Introduce a unified agriculture marketing ePlatform to actualise its objective of providing the ‘best possible price to the farmer’

Implement a unified retail policy on a pan-India basis and introduce a time-bound functional single window to help businesses meet compliance-related requirements for all bye-laws and guidelines (This would also entail one-stop clearance for registration of entities and reduce multiple layers of approvals for critical licenses and permits required to set up shops and businesses.)

Harmonise various laws such as Legal Meterology, BIS and FSSA (Any confusion on these, specifically on labelling and related issues, should be pro-actively dealt with.) and create a mechanism to address issues arising due to the multiple laws

Governing the sector under the existing FDI policy on retail sector, the sector is segregated between single brand retail trading, multi brand retail trading, wholesale cash and carry trading and e-Commerce. With a view to streamline this with the global trends and practices, the government may consider having a product specific policy for foreign investment in the trading sector – to give example, liberalisation of policy by removing conditionalities applicable to single brand trading in case of luxury products which will allow such companies to set up shops in India. This will create a niche brand presence in the country.

 

ADVERTISEMENT
The FINANCIAL

The FINANCIAL

Related Posts

New concept and image campaign of Liberty Bank – Chveniani (One of Us)
Press Releases

New concept and image campaign of Liberty Bank – Chveniani (One of Us)

by The FINANCIAL
November 27, 2023
0

Few days ago, Liberty Bank launched the #chveniani (One of us) campaign and presented an opening video of the new...

Read more
Navigating Forex Markets Amidst Global Conflicts: A Beginner’s Guide

Navigating Forex Markets Amidst Global Conflicts: A Beginner’s Guide

November 14, 2023
Subway® and Wissol Group Partner to Expand Subway’s Presence in Georgia

Subway® and Wissol Group Partner to Expand Subway’s Presence in Georgia

November 8, 2023
7 Vital Skills For A Successful Career In Finance

Protected: How do businesses identify, assess, and mitigate different types of risks?

November 7, 2023
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Jeff Schwartz on Emergence and Evolution of Private Debt Markets

Jeff Schwartz on Emergence and Evolution of Private Debt Markets

October 18, 2023
mobile-banking.jpg

The experts at Symple Lending discuss how rising interest rates are make paying down credit cards more difficult.

September 6, 2023
Subway® and Wissol Group Partner to Expand Subway’s Presence in Georgia

Subway® and Wissol Group Partner to Expand Subway’s Presence in Georgia

November 8, 2023
EasyJet to fly to London from Stockholm Arlanda

The London Diplomatic List, Addresses, Contacts & Working Hours

January 23, 2023
Tegeta Holding won two nominations in the Corporate Sustainability Award Competition

Tegeta Holding won two nominations in the Corporate Sustainability Award Competition

October 23, 2023
Thalidomide: Australia gives national apology to survivors and families

Thalidomide: Australia gives national apology to survivors and families

November 29, 2023
Find out how the Levelling Up Home Building Fund can support you

Find out how the Levelling Up Home Building Fund can support you

November 29, 2023
The planet added another record-breaking month to 2023, with October ranking as the warmest October in the 174-year global climate record.

The planet added another record-breaking month to 2023, with October ranking as the warmest October in the 174-year global climate record.

November 29, 2023
2023 Atlantic hurricane season ranks 4th for most-named storms in a year

2023 Atlantic hurricane season ranks 4th for most-named storms in a year

November 29, 2023
Renting ‘need not be a poor relation to home owning’, says report

Hud and Sensus Bureau Report New Residential Sales in Oct 2023

November 29, 2023

Popular Last 24h

  • WashingtonUSA

    FHA Announces 2024 Loan Limits, Empowering Homebuyers Amidst Rising Home Prices

    48 shares
    Share 19 Tweet 12
  • “Your assets are protected”

    17 shares
    Share 7 Tweet 4
  • Thalidomide: Australia gives national apology to survivors and families

    16 shares
    Share 6 Tweet 4
  • HUD Awards $25 Million to Public Housing Agencies to Expand More Housing Choices for Families

    16 shares
    Share 6 Tweet 4
  • The experts at Symple Lending discuss how rising interest rates are make paying down credit cards more difficult.

    602 shares
    Share 241 Tweet 151
  • The London Diplomatic List, Addresses, Contacts & Working Hours

    1629 shares
    Share 652 Tweet 407
  • Alejandro Betancourt López Credits Social Media With the Success of Hawkers

    45 shares
    Share 404 Tweet 253

LATEST POSTS

Thalidomide: Australia gives national apology to survivors and families

Thalidomide: Australia gives national apology to survivors and families

November 29, 2023
Find out how the Levelling Up Home Building Fund can support you

Find out how the Levelling Up Home Building Fund can support you

November 29, 2023
The planet added another record-breaking month to 2023, with October ranking as the warmest October in the 174-year global climate record.

The planet added another record-breaking month to 2023, with October ranking as the warmest October in the 174-year global climate record.

November 29, 2023
2023 Atlantic hurricane season ranks 4th for most-named storms in a year

2023 Atlantic hurricane season ranks 4th for most-named storms in a year

November 29, 2023
Renting ‘need not be a poor relation to home owning’, says report

Hud and Sensus Bureau Report New Residential Sales in Oct 2023

November 29, 2023
HUD Awards $25 Million to Public Housing Agencies to Expand More Housing Choices for Families

HUD Awards $25 Million to Public Housing Agencies to Expand More Housing Choices for Families

November 29, 2023
WashingtonUSA

FHA Announces 2024 Loan Limits, Empowering Homebuyers Amidst Rising Home Prices

November 29, 2023
US military aircraft with six aboard crashes off Japan island

US military aircraft with six aboard crashes off Japan island

November 29, 2023
This Is Spinal Tap’s Long-Awaited Sequel Will Be Filmed In 2024

This Is Spinal Tap’s Long-Awaited Sequel Will Be Filmed In 2024

November 29, 2023
Food price inflation continues to be at historically high levels, despite falling to 10.1% in October 2023.

Food price inflation continues to be at historically high levels, despite falling to 10.1% in October 2023.

November 29, 2023

LATEST INTERVIEWS

Lighting the path for sustainability in Georgia

Lighting the path for sustainability in Georgia

by The FINANCIAL
August 14, 2023
0

Toyota Plays a Crucial Role in Contributing to Georgia’s Zero Emissions Challenge

Toyota Plays a Crucial Role in Contributing to Georgia’s Zero Emissions Challenge

by The FINANCIAL
July 12, 2023
0

ESG stands for Environmental, Social, and Governance

ESG stands for Environmental, Social, and Governance

by The FINANCIAL
July 12, 2023
0

“EU membership might attract European banks and other financial institutions to enter Georgia”

“EU membership might attract European banks and other financial institutions to enter Georgia”

by The FINANCIAL
May 15, 2023
0

Main risks facing banks in 2023

Main risks facing banks in 2023

by The FINANCIAL
May 15, 2023
0

‘Russia cannot be treated as a reasonable and reliable trade partner

‘Russia cannot be treated as a reasonable and reliable trade partner

by The FINANCIAL
February 13, 2023
0

We should increase our joint efforts to assist the growing tech sector here in Georgia

We should increase our joint efforts to assist the growing tech sector here in Georgia

by The FINANCIAL
February 13, 2023
0

‘Georgia has much to offer to UK investors

‘Georgia has much to offer to UK investors

by The FINANCIAL
February 13, 2023
0

Newsletter

ADVERTISEMENT

GET IN TOUCH

E-mail your company news at:

news (at) financial.ge Letters to the Editor: editor (at) finchannel.com

Local Marketing contact:

(+99532) 2252 275 | 76 EXT: 1 (+995 558) 03 03 03 (mobile) marketing (at) finchannel.com

Requests from abroad:

(+99532) 2252 275 | 76 EXT: 7 (+995599) 96 52 52 Email: zviadi (@) finchannel.com Contact video editor: E-mail: video (at) financial.ge

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.