The rapidly evolving aspirations of the Indian consumer amid ongoing significant advancements in physical and digital infrastructure are paving the way for rapid growth in the quick commerce segment in the country.
Amid this growing trend, fast-moving consumer goods (FMCG) major Procter & Gamble (P&G) said it is “investing in developing a deep understanding of the unique consumer behaviour on quick commerce.”
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During the inaugural session of FICCI Massmerize 2024, Kumar Venkatasubramanian, chief executive officer, Procter & Gamble India, said the preference for convenience among shoppers is growing, especially in metro and Tier-I cities.
To address this, the company is “building curated brand experiences and supplementing this with a supply chain model to support this unique business structure. Enabled by strategic customer partnerships that celebrate the best of data and analytics, we are able to grow quick commerce at two times,” he said.
He further stated that India is emerging as a destination of the most evolved supply chain capabilities and is catering to evolving shopper needs by enabling product availability where they want to shop and when they want to shop.
Talking about developing an efficient supply chain at the company, he said, “At P&G, we have been able to achieve 60 per cent fewer touchpoints than a few years ago by optimising our supply chain, leveraging seamless data, analytics, and automation. We have also moved to an artificial intelligence and machine learning ordering system for our distributors, which is helping us better predict distributor shipments and replenishment.”
The dynamics of India’s consumption-led economy are changing on the back of increasing disposable incomes, coupled with greater aspirations fuelled by access to information.
“Consumers are willing to pay for more evolved needs and make informed choices of superior propositions that fulfil their needs,” he said.
“The FMCG sector, as a key stimulator of our consumption-led economy, plays a pivotal role in driving double-digit growth and realising the vision of a Viksit Bharat,” he added.
First Published: Oct 07 2024 | 8:02 PM IST